In the Air India Mangalore plane crash incident that took place last week, the carrier may not have shell out even a single penny out of its pocket.

The unfortunate incident took lives of around 158 people including the six crew members. It is believed that the consortium of insurers will settle the claim for the state-owned aviation company.

It may be noted here that the entire fleet of 134 aircrafts that it being owned by Air India or National Aviation Company of India Limited (NACIL) has been insured by a consortium led by Reliance General Insurance with the other names being HDFC Ergo, Bajaj Allianz and Iffco Tokio General Insurance Company.

The contract started in September 2009 for one year wherein the insurers collected a premium of $24.3 million. While Reliance General has 40 per cent direct co-insurance shares, Iffco Tokio has close to 20% stake and Bajaj Allianz holds a minor 2% stake and the rest is expected to be with HDFC Ergo.

According to the estimates, the claims are expected to be close to Rs. 400 crore while the entire cover stands at Rs. 8.9 billion.