Thursday, September 28, 2023

Odisha Train Accident IRDAI Instructs Insurance Companies To Settle…

Odisha Train Accident Update: Life and general insurance companies have been instructed to settle the claims of the victims of the Balasore train accident in Odisha at the earliest. The Insurance Regulatory and Development Authority of India (IRDAI), the regulator of the insurance sector, has issued these orders. In this train accident, 275 people lost their lives and around 1000 people were injured.

IRDAI Chairman Debashish Panda told IANS that the regulator has issued these instructions to all life and general insurance companies asking them to settle claims related to life and accident insurance of train accident victims as soon as possible. The regulator has also asked for settlement on the basis of some other documents. Two non-life insurance companies provide insurance on booking tickets on the online portal of IRCTC. Passengers who have a confirmed ticket are given travel accident insurance against payment of 35 paise. In which an insurance cover of Rs 10 lakh is available in case of death or total disability. At the same time, there is a provision for a separate claim of up to Rs 2 lakh for medical expenses with an insurance cover of Rs 7.50 lakh in case of partial disability.

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IRCTC has selected SBI General Insurance and Liberty General Insurance for travel insurance cover. In case of death, the nominee or legal heir has to submit the report of the railway authority confirming the train accident to the insurance company, in which the details of the railway passenger who has been declared dead are necessary. Apart from this, NEFT mandate details, canceled track, photo and ID proof of the nominee, claim form and legal heir certificate have to be submitted.

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The big question is how can a common man get these two reports from the Railways? As per the terms of the policy, the claim application has to be submitted within four months from the date of accident. The ticket has been booked through IRCTC portal. In such a situation, the details of the passenger are already available with IRCTC and the insurance company. The railway authority can hand over the report of the victim directly to IRCTC and both the insurance companies. The insurance company can settle the claim after taking other documents from the claimant.

The legal heir of the passenger can check his bank passbook to find out what has been deducted from the bank account of the deceased or the person injured in the accident from the premium account for Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana. On the basis of this he can claim. The Central Government has asked the General Insurance Council and the Life Insurance Council to submit data on insurance coverage of train accident victims.

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LIC has given relaxation in filling the documents to claim the nominee and legal heirs of the train accident victims but no such announcement has been made by SBI General Insurance and Liberty General Insurance so far. Liberty General Insurance has released a phone number and email ID for reporting claims on its website.

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