The business jet that crashed near Baramati on Wednesday morning, killing Maharashtra Deputy Chief Minister Ajit Pawar and four others, including the two pilots, was insured for around Rs 50 crore, and the payout could touch Rs 55 crore, industry sources said. ICICI Lombard General Insurance, the insurer of the plane, had reinsurance backing for the risk. As part of the arrangement, it ceded the mandatory four per cent to the state-owned GIC Re and also had treaty reinsurance support from Munich Re. Confirming the insurance details, ICICI Lombard, the country’s second-largest general insurer, said in a statement that the aircraft was covered under an aviation insurance policy issued by the company.