Reserve Bank of India promoted National Payments Corporation of India, the issuing agency for Rupay cards, today announced that it will extend its insurance coverage to death or permanent total disability caused due to snake bite, drowning or electric shock. The insurance coverage will be for Rs. 1 lakh and no premium will be charged from the customers. It will be at free of cost. For premium card holders the insurance coverage will be of Rs. 2 lakhs.
Justifying the move NPCI Managing Director and Chief Executive Officer Mr. A P Hota said that earlier only rail, air and water accidents were covered under the scheme, however snake bites, electric shocks and drowning are common in villages and hence this move is taken. Further, there is lot of demand to cover such accidents.
The insurance coverage will be provided by NPCI in association with New India Assurance Company Limited. However, the insurance company will consider the claim only if the card is active. A card would be considered active if the cardholder has swiped it within 45 days of making of the claim.
This new scheme will be applicable not only to Jan Dhan account holders but to all the Rupay card holders, said Mr. Srinivasan – Chairperson and Managing Director at New India Assurance. Around 14 crores Rupay cardholders will be covered under this scheme.
Snake bites, drowning, electric shock to be included in personal accident cover offered to Rupay cardholders
Last Updated: Apr 14, 2015 | 1,438 Views