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NPCI Relaxes Criteria for Claiming Personal Accident Insurance for RuPay | ||
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Nov 25, 2015 17:00 IST
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Mumbai, Maharashtra, India National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country is pleased to announce a relaxation in claiming personal accident insurance which is an added benefit for RuPay Classic card holders. The usage condition for RuPay customers has been extended to 90 days from 45 days earlier with effect from November 25, 2015.
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 card holder 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, ecommerce, Micro ATMs, Business Correspondents of the bank at locations.
“This extension will provide more flexibility to RuPay Classic card holders including the PMJDY customers who have been brought under the ambit of mainstream banking.” said Shri A P Hota, MD & CEO of NPCI.
About NPCI National Payments Corporation of India (NPCI), which has been set up in 2009 as the central infrastructure for various retail payment systems in India, was envisaged by the Reserve Bank of India as the payment utility for all banks in the country. During the last five years, the organisation has grown multi-fold from 2 million transactions a day to 20 million transactions now. From a single service of switching of inter-bank ATM transactions, the range of services have grown to Cheque Clearing, Immediate Payments Service money transfer (24x7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named ‘RuPay’ to provide an alternative to international card schemes. Currently, there are over 222 Million RuPay Cards in circulation.
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