Money & Banking

NPCI to allow RuPay cardholders to claim personal accident insurance

Beena Parmar Mumbai | Updated on January 22, 2018 Published on November 25, 2015

National Payments Corporation of India (NPCI) will allow RuPay cardholders to claim personal accident insurance by using the card within 90 days of the accident.

The usage condition for RuPay Classic cardholders has been extended to 90 days from 45 days earlier with effect from November 25, 2015, NPCI said in a statement.

NPCI is the umbrella organisation for all retail payments system in the country.

“RuPay Classic cardholders will be entitled to a sum insured of Rs 1 lakh under personal accident insurance (death and permanent total disability) if the cardholder has carried out at least one transaction within 90 days of accident, including the accident date.

The channels, which can be used by the customer, are Merchant Establishments, ATMs, e-commerce, Micro ATMs, and Business Correspondents of the bank,” the statement added.

This extension will provide more flexibility to RuPay Classic cardholders, including the PMJDY (Prime Minister Jan Dhan Yojna) customers who have been brought under the ambit of mainstream banking, said A P Hota, MD & CEO of NPCI.

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Published on November 25, 2015
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