NPCI relaxes accident cover norm for RuPay classic cards

MUMBAI: National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country, has relaxed the condition for RuPay Classic cardholders to claim personal accident insurance. RuPay is a domestic card payment scheme conceived by NPCI.

As per the new rules any cardholder who has swiped the debit card even once in 90 days will be entitled to insurance cover. Earlier debit cardholders had to swipe their card once every 45 days to avail themselves of insurance cover.

"This extension will provide more flexibility to RuPay Classic cardholders including the PMJDY ( Pradhan Mantri Jan-Dhan Yojana) customers who have been brought under the ambit of mainstream banking," said AP Hota, managing director and chief executive of NPCI.

All RuPay Classic cardholders are entitled to an insurance cover 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.

Currently, there are over 218 million RuPay cards, of which 217 million are Classic cards. As per Reserve Bank of India’s latest data there are over 600 million debit cards in circulation in the country.