Kochi: The Air India Express flight that crashed in Karipur the other day was insured for Rs 375 crore, it is learnt. As per the international rules, the dependents of the deceased victims are likely to get a compensation of upto Rs 75 lakh - 1 crore.
The flight was insured by the consortium of four public sector general insurance companies in the country. They have also filed for re-insurance in foreign insurance companies in order to reduce the losses. The amount will be received only after the inquiry report of the Director General of Civil Aviation (DGCA) and survey report of the insurance companies.
The submission of the report and related procedures will take time to complete. Some of the victims of Mangaluru flight tragedy are yet to receive compensation. Over 95 percent of the insurance coverage of the flight is re-insured in other companies. The insurance amount is in addition to the ex-gratia announced by the state and central governments.
If the passengers had credit cards and they had filed a special insurance form while taking the card, they are also eligible for that insurance. They are likely to get a compensation of Rs 2 lakh and above. If the passengers had travel insurance, they will receive that amount too according to the premium rate.
Meanwhile, Air India Express said on Saturday that it is adequately insured and would pay compensation in accordance to applicable laws at appropriate time after its Dubai-Kozhikode flight crashed at Kozhikode airport a day ago.
The airline also announced immediate financial relief to the families of those who died in the accident and to those who were injured. As many as 18 people, including two pilots, were killed and several injured in the accident.
"The airline is adequately insured and will pay compensation in accordance with applicable law at the appropriate juncture," Air India Express said in a statement.
"To provide immediate relief, as an interim compensation Air India Express will give: Rs 10,00,000/-to the next kin of the deceased passenger 12 years and above; Rs 500,000/ to the passengers below the age of 12 years; Rs 200,000/- to critically injured passenger and Rs 50,000/- to the passenger who are injured in the incident," the airline said.
(With inputs from agencies)