Unlike health and life insurance, fewer people actively seek travel insurance. According to the latest annual report of the Insurance Regulatory and Development Authority of India (Irdai), only 1.4 million domestic travel insurance policies were issued in India in the financial year (FY) 2014-15. The Indian Railway Catering and Tourism Corporation (IRCTC) had launched an optional travel insurance scheme on 1 September this year, which is offered in partnership with ICICI Lombard General Insurance Co. Ltd, Royal Sundaram General Insurance Co. Ltd and Shriram General Insurance Co. Ltd. Of about 550,000 tickets booked each day, which translates to about 1 million passengers, only about 350,000 passengers buy this optional travel insurance. The scope of travel insuranceThis optional travel insurance is a group insurance policy given on an individual basis.

Source: Mint November 30, 2016 12:14 UTC