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Tuesday, January 05, 2010

Car insurance may combine accident cover

The Ministry of Road Transport and Highways is mulling to charge up to Rs 15 on every premium paid for insuring vehicles to fund a scheme to provide cashless hospital facility to victims of accidents on national highways. 

The Ministry has constituted a committee to find ways to fund the scheme. The committee has members from four public sector insurance companies (National Insurance Companies, New India Assurance, Oriental Insurance and United India Insurance), the Insurance Regulatory Development Authority, the General Insurers (Public) Sector Association and Reliance General Insurance. The committee will submit its report by mid-January.

There are around 10 million registered vehicles in the country and the total insurance premium collected in 2008-09 was Rs 30601 crore. As per the proposal, the administrative heads of the districts would administer the fund.
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