LTFRB hikes insurance benefits for commuters
The Land Transportation Franchising and Regulatory Board (LTFRB) has approved a new passenger insurance package that doubled the benefits for those killed or hurt in accidents involving public utility vehicles (PUVs).
However, Board Resolution No. 76, signed by LTFRB Board members Aileen Lizada and Ronaldo Corpus while LTFRB Chair Martin Delgra was away on leave, also raised basic premium rates.
Under the resolution signed on Friday, current passenger death benefits went up from P200,000 to P400,000.
The new schedule for the Personal Passenger Accident Insurance Program also doubled injury-related benefits.
Those who suffer permanent total disability, for example, would now receive P200,000.
Burial assistance for both the driver and conductor, on the other hand, remains at P15,000, as well as the one-time educational assistance for their children (P10,000).
But the increase in benefits also means a hike in basic premium rates as negotiated with insurance providers.
Bus operators would now have to shell out P4,799 monthly—a 125-percent increase from P2,133. Jeepney owners would also have to pay P2,641 instead of P1,320.
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