National carrier Air India has renewed its insurance cover for 2017-18 for $14 million, which is a 20 per cent discount over 2016-17. The new policy cover came into force from October 1 and covers 142 aircraft of the flag carrier which includes 109 planes of Air India, 23 of its low cost subsidiary Air India Express and 10 small planes of its regional arm Alliance Air.
The sum assured, which covers passengers and hull liability, stands at $10.4 billion. last year, the national carrier had shelled out a total premium at $18.38 million, which was 30 per cent lower than the previous year's premium. Over the last two years, the disinvestment-bound airline has availed discounts of over 40 per cent in its insurance premium.