Value of men vs women vs children

Beside the cable car just North of Manali, the is a big sign warning of all the terms and conditions of use. I normally wouldn't read it button friend was bored and read it and pointed it out to me. It's photograph is below.

It gives the amount that will be paid by insurance in the case of an accident:
Rs 50,000 for a child under 12 years.
Rs 100,000 for a Lady passenger
Rs 500,000 for a Gents passenger
Rs 1,000,000 for a foreign passenger.

Wait a minute! Men are worth more than women and children? I've been in India long enough to already have had the impression that if there were an Indian Titanic the men would be first on the lifeboats (but a few strong women would push their way on too). But to see this officially in writing!

Well, India .... The message has been strong for a while now: Women deserve respect! Don't de-value them!

(And yes, it's certainly not fair either that foreigners are given more value. But it might be to do with the insurance companies fight with our travel insurance companies and governments.)