Insurance eligibility for Rupay users eased

Insurance eligibility: Holders of Rupay cards, which have been issued to all accountholders under the Jan-Dhan Yojana scheme, will be eligible for insurance cover if the cards are used once in three months as against once in 45 days earlier.

This is aimed at ensuring a wider coverage as a large number of bank account-holders do not have access to ATMs.

When the scheme was launched, RuPay Classic cardholders were entitled to a sum insured of Rs 1 lakh under Personal Accident Insurance (Death and Permanent Total Disability).

The cover was effective only if the card holder carried out at least one transaction within 45 days of accident, including the accident date.

From November 25, the cover will be valid if a transaction has been done at least once in 45 days.

Moreo ver, the transaction can now be carried out in any mer chant establishment, ATMs, ecommerce, micro ATMs and by business correspondents of the bank at locations.

“This extension will provide more flexibility to RuPay Classic card holders including the PMJDY customers who ha ve been brought under the ambit of mainstream banking,” said Shri A P Hota, MD & CEO of National Payments Corporation of India (NPCI).

Curated from Insurance eligibility for Rupay users eased

You may also like...