Speaking to IANS, Krishna Prasad, Divisional Manager of New India Assurance here, said they have set a new record in handing over the first instalment of Rs 2 lakh each to the kin of the deceased in a record time of five days.

"The remaining Rs 8 lakhs would be given out after going through all the documents that will be submitted by the legal heir of the deceased," said Prasad, who handed over the cheque to a victim's family near Thrissur on Thursday.

Eighteen out of the 19 victims were from Kerala, while another victim was from Karnataka.

"Since 2015, New India Assurance company has won the contract, through tender, of the group personal accident insurance from KSRTC which is given to all passengers travelling on KSRTC buses. A sum of Rs 5 lakh is given to passengers who travel on unreserved tickets, while Rs 10 lakh is given to those who hold a reserved ticket," said Prasad who expressed happiness that he was able to hand over the insurance amount so quickly.