Insurance comes at a price. You have to pay a premium to insurance service providers to receive a lump sum in case of tragedies. But not everyone can afford it. A person has to chalk down expenses as premium every month, which can hamper the monthly budget. However, in some good news, those days are gone when getting insured meant doling out a hefty premium. In fact, personal accidental, travel and life insurance now cost as low as Re 1! Yes, shocking but quite true and many NBFCs and banks are offering this service. 

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There are three policies that can help a citizen get insurance at just Re 1. These are offered by Ola, Indian Railways Catering and Tourism Corporation (IRCTC) and also Pradhan Mantri Suraksha Bima Yojana. 

Let’s understand more in detail!

Ola trip insurance:

To ensure safety of passengers travelling in their cabs, service provider Ola introduced customer trip insurance cover last year. This can be opted for a premium of Re 1 for daily rides, Rs 10 for Ola Rentals and Rs 15 for Ola outstation. Premiums here are paid for an insurance cover of Rs 5 lakh. 

Ola’s insurance will cover benefits like - missed flights due to driver cancellations, uncontrollable delays, medical expenses, baggage loss and financial emergencies. 

The claiming process is also simple. You can claim the cover directly from your Ola app. One key feature of this trip insurance cover is that, it does not have any maturity period and can be claimed anytime. 

IRCTC’s travel insurance:

This Indian Railways catering service provider gives Rs 50 lakh worth insurance for free if air tickets are booked from platform. While insurance cover of Rs 10 lakh is given for rail tickets at just 49 paisa. Yes, you have read it right! Getting an insurance has become that exciting and easy! 

However, the insurance sum is assured and paid to the victim or the family or a legal heir or even nominee in case of death or injury of a reserved passengers due to train accident. The insurance cover payment is divided in four parts: Rs 10 lakh will be given in case of death or permanent disability, while Rs 7.5 lakh will be given for permanent partial disability, Rs 2 lakh for hospitalization expenses and Rs 10,000 for transportation of mortal remains. 

For giving this service, the IRCTC has joined hands with three Insurance Companies - (i) Shriram General Insurance Company Ltd, (ii) ICICI Lombard General Insurance Company Ltd, and (iii) Royal Sundaram General Insurance Co.

Notably, the insurance is available only for reserved or confirmed ticket passengers. It can be availed for reserved classes like Sleeper, First AC, Second AC, Third AC of all trains except passenger and sub-urban trains. This is exclusive for passengers booking ticket using the IRCTC website irctc.co.in. 

Pradhan Mantri Suraksha Bima Yojana:

Just like the above two, this government-owned scheme is meant for accidental death insurance cover. Premium here starts at Re 1 as monthly basis or Rs 12 per annum. Rs 2 lakh insurance cover is given for death and permanent total disability. While Rs 1 lakh cover is provided for partial permanent disability. 

The cover is available to citizens between age group of 18 years to 70 years. However, one must have a bank account and Aadhaar number linked with the account to join the scheme. 

It is always advisable to have an insurance cover against your travelling or any other form of accidents. It is wise, because you never know when you might be in need. 

So, if you are the careful type who likes to prepare against all eventualities to ensure a safe and secure life for your family, then you must note the above mentioned pointers and get insured fast. Remember, insurance is quite affordable now!