Ques: I want to know if I can file a claim for the fare cost that I had to pay as the scheduled flight was overbooked. I have a travel policy from Religare.
Travel policies usually cover expenses for cancellation or interruption of trip, delay of departure for more than 12 hours in a row. Here is an interesting blog that discusses in details about coverage of a travel insurance plan. For more clarification you can talk to your insure and read the policy wordings carefully.