Bajaj launches affordable insurance for Mumbai’s local train commuters
Bajaj Finserv, through its lending arm Bajaj Finance Ltd, has launched ‘Mumbai Local Train Cover’ – an insurance policy that provides coverage in case of mishaps during a train journey.
Over the last few decades, the city’s ageing and overcrowded suburban rail network, often referred to as the city’s lifeline, has been unable to keep up with its burgeoning transport needs.
Today, Mumbai’s local trains transport close to 8 million passengers daily, far greater than its actual capacity. As a result, there is a high risk of accidents or other unfortunate events that have the potential to derail the lives of commuters and their families.
In 2018 alone, close to 3,000 people died of rail-related mishaps in Mumbai. While the number of fatalities was down from the previous year, there’s still a long way to go.
With the Mumbai local train cover, Bajaj is offering people a chance to safeguard their local train journeys and get coverage of up to Rs 1 lakh by paying an affordable premium of Rs 399 per annum.
In the event of a person’s demise due to an accident on a Mumbai local train, the nominees can get up to Rs 1 lakh.
In the event that the insured passenger suffers a disability due to injuries sustained on a Mumbai local train, he/she is covered against loss of income, with Rs 2000 per week during the policy period.
Suburban commuters aged between 18 to 70 years are eligible for the insurance cover and can purchase it by filling an online application form for Mumbai Local Train Cover
on the Bajaj Finserv website. The premium can also be paid online.
The local train cover is part of Bajaj Finserv’s ‘Pocket Insurance’ products, aimed at safeguarding individuals against small uncertainties in life.