The Insurance Commission said it supports the proposal to increase the insurance benefits for passengers of public utility vehicles under the personal passenger accident insurance program.
Insurance commissioner Dennis Funa said in a statement the agency referred to the Land Transportation Franchising and Regulatory Board the proposal from 1-United Transport Koalisyon or 1-Utak to increase the insurance benefits under the mandatory insurance cover for passengers of PUVs prescribed under LTFRB Memorandum Number 2015-028 after it had conducted a public consultation with stakeholders and transport groups.
Funa said the final consensus reached during the public consultation was a proposal to increase the existing P200,000 death benefit to P400,000 and the existing P20,000 medical reimbursement benefit to P100,000, and to include a family allowance benefit in the maximum amount of P30,000 in case of hospitalization and P7,000 during interment subject to the increase in premium rates.
“As the public transportation in the country continues to evolve, it has become very important for all PUVs to have sufficient insurance coverage for the protection of the riding public in the event of accidents,” Funa said.