As Indian Railways planning to introduce travel insurance for the journey, the Railways has shortlisted 17 companies, Sameer Dixit of Zee Business reports.

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For Optional Insurance Scheme 19 insurance companies participated in the IRCTC's bidding process. Out for which, two companies were disqualified as they failed to meet the parameters. 

For the rest of 17 companies, the financial bid opened on Tuesday. The final selection of the bidder will be done in two-three days i.e. likely by Friday.

IRCTC may select more than one insurance company for Railways Optional Insurance Scheme. 

The 17 shortlisted insurance companies are: 

1. Bharti Axa Life Insurance
2. HDFC Agro
3. United India
4. National insurance
5. Bajaj Alliance
6. Apollo Munich
7. Cholla MS
8. Sriram General Insurance Company Ltd.
9. Royal Sundaram General Insurance Company Ltd.
10. TATA AIG General Insurance Company Ltd.
11. Oriental Insurance Company Ltd.
12. Future Generali Total Insurance Solution
13. Reliance General Insurance Company Ltd
14. IFFCO Tokio General Insurance Company Ltd.
15. Star Health and Allied Insurance Company Ltd.
16. New India Assurance Company Ltd
17. ICICI Lombard General Insurance Company Ltd.

As ZeeBiz earlier reported that according to Railway Minister Suresh Prabhu's plan a passenger will be asked to pay a reasonable amount of Rs 20 during the booking of tickets to get an insurance of Rs 10 lakh. 

READ MORE: Now Railway passengers can buy travel insurance!

This optional insurance for travellers is likely to begin from August 1. 

Under the scheme, a passenger will get an insurance cover of Rs 10 lakh in case of permanent disability or death, Rs 7.5 lakh for partial disability or injuries and Rs 5 lakh for hospitalisation.