The Delhi High Court Thursday suggested a pension scheme for victims of accidents who get compensation amount from the insurance companies and banks.
Senior advocate Arun Mohan, amicus curiae, proposed to the court that instead of paying a lump sum cash or fixed deposit in a bank, there should a scheme for a regular income.
Justice J.R. Midha asked the bank and insurance companies to formulate a recurring payment plan for motor accident claims.
“Apart from delayed awards, the bulk of money is snatched away by others or even wrongly spent, with the result that after a little while nothing is left. By this process, a regular and safe income shall be ensured,” Mohan said before the court.
The court directed banks and insurance companies to file their response by next week.