Now pay Re 1 to a Rs 10 lakh insurance while travelling on Indian Railways

Indian Railways has introduced the insurance scheme at last. 

Now, travelers will be able to opt for Railway insurance worth Rs 10 lakh by paying just Re 1, Sameer Dixit of Zee Business reports. 

The scheme has been introduced as part of Railways' Optional Insurance Scheme. 

READ MORE: Indian Railways shortlists 17 companies to provide travel insurance

The Railway Ministry has finalised three companies-- Sriram General Insurance Company Ltd, Royal Sundaram General Insurance Company Ltd and ICICI Lombard General Insurance Company Ltd for the scheme. 

Total 19 insurance companies participated in IRCTC's bidding process. But later two companies were disqualified as they failed to meet the set parameters.

READ MORE: Now Railway passengers can buy travel insurance!

Earlier, ZeeBiz had reported that the according to Railway Ministry's plan the passenger will be asked to pay Rs 20, but now the travelers likely to pay just Re 1 while booking the tickets. The avail the travel insurance will be optional. 

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.

Watch Zee Business news report here: