IRDA Instructs Insurers to Quickly Settle Odisha Train Accident Claims
The IRDAI has instructed insurers to expedite the settlement of claims related to the Odisha train accident. Passengers with confirmed tickets and travel accident insurance can avail coverage for death, permanent total disability, and medical expenses. Claimants must submit specific documents, including reports from the Railway Authority. Legal heirs are advised to check the bank passbook for insurance coverage. While LIC has announced relaxation in document requirements, private insurers have not made similar public announcements.
IRDA has issued a Press Release on 5 June 2023 in relation to the victims of the Odisha train accident tragedy. We summarise below the main points of the Press Release.
The Insurance Regulatory and Development Authority of India (IRDAI) has instructed life and general insurers to settle the claims of the Odisha train accident that occurred on June 2, 2023.
The accident claimed the lives of 275 people and injured around 1,000 others.
IRDAI Chairman Debasish Panda stated that IRDAI has sent instructions for quick settlement of life and accident insurance claims by relaxing some requirements or relying on alternate documents.
Two private non-life insurers are directly involved in insuring the passengers who booked their tickets on the Indian Railway Catering and Tourism Corporation Ltd’s (IRCTC) online portal
Passengers with confirmed tickets who opted for travel accident insurance by paying Re 0.35 paise are provided with a death/permanent total disability insurance cover of Rs 10 lakhs.
In case of permanent partial disability, the cover is Rs 7,50,000, and medical expenses up to Rs 2 lakhs are claimable.
The Insurance Regulatory and Development Authority of India (IRDAI) has instructed life and general insurers to settle the claims of the Odisha train accident that occurred on June 2, 2023.
The accident claimed the lives of 275 people and injured around 1,000 others.
IRDAI Chairman Debasish Panda stated that IRDAI has sent instructions for quick settlement of life and accident insurance claims by relaxing some requirements or relying on alternate documents.
Two private non-life insurers are directly involved in insuring the passengers who booked their tickets on the Indian Railway Catering and Tourism Corporation Ltd’s (IRCTC) online portal
Passengers with confirmed tickets who opted for travel accident insurance by paying Re 0.35 paise are provided with a death/permanent total disability insurance cover of Rs 10 lakhs.
In case of permanent partial disability, the cover is Rs 7,50,000, and medical expenses up to Rs 2 lakhs are claimable.
The IRCTC has selected SBI General Insurance and Liberty General Insurance to offer the travel insurance cover.
To make a death claim, the nominee or legal heir needs to submit a report of the Railway Authority confirming the accident, details of passengers declared dead, NEFT mandate details, cancelled cheque, photo identity proof of the nominee, legal heir certificate, and claim form.
The claim must be submitted within four months from the date of the accident.
The concerned Railway authority can provide the required reports to IRCTC and the insurers based on other documents submitted by the claimants.
Legal heirs can check the bank passbook of the deceased or injured passengers to verify if the bank had debited their account towards the premium for life insurance and accident insurance schemes.
The central government has asked the General Insurance Council and the Life Insurance Council to collect and submit data on the insurance coverage of the train accident victims.
While the Chairperson of LIC has announced relaxation in document requirements for nominee/legal heirs, no such public announcements have been made by SBI General Insurance and Liberty General Insurance.
Liberty General Insurance provides a phone number and email ID for reporting claims on its website, while no such information is available on the home page of SBI General Insurance or IRCTC’s website.
Private life insurers have not made announcements similar to LIC regarding relaxation of documents.
