NPCI relaxes criteria for claiming personal accident insurance for RuPay

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.

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

“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,” A P Hota, MD & CEO of NPCI said.

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 card holder has carried out at least one transaction within 90 days of accident including the accident date.

Currently, there are over 222 Million RuPay Cards, out of the total 603 million debit cards in circulation.