Insure Your Travel For ‘Almost' Free

Some insurances cost even less than one rupee.

- Nirmala Konjengbam

Ever wondered about the value of one rupee while tossing a coin to a beggar at a traffic light or a holy place? Well… its worth could be as high as ₹10 lakh for your family!

Next time, while you are booking tickets from a railway counter, do not ignore that box asking you to opt for the 92 paisa insurance. The Indian Railway Catering and Tourism Corporation (IRCTC) insures a passenger’s life for ₹10 lakh, which the family is entitled to receive in case of an unforeseen accident resulting in a passenger’s death.

On July 20, this year the Supreme Court passed a directive making third-party insurances mandatory for new vehicles, both cars and two wheelers, to be sold from September 1. For two-wheelers, the insurance period would be five years and for cars, it would be three years.

Rakesh Jain, Executive Director and CEO, Reliance General Insurance, says “Over 50 per cent of total vehicles in India are without insurance, the Supreme Court order is a welcome move. It’s mandatory to have an insurance cover when vehicles are brought for the first time, but in many cases they are not renewed in subsequent years. The order of mandatory third-party insurance cover as well as for a longer tenure will help to protect owners from the unforeseen liability.”

The moto behind the judgement is to ensure that road accident victims receive due compensation and insurers are sympathetic rather than looking at those from a commercial perspective.

While booking a cab make sure to tap on the insurance button on your mobile screen, when it prompts to take a cover for Rupee One, ₹10 or ₹15, according to the ride you opt for. Kaushiki Mukherjee (19), a student at Amity University regularly takes a cab to college from her Ghaziabad home.