Govt relaxes conditions for RuPay card insurance claims

Government has extended RuPay card usage condition to 90 days for a claim under an in-built accident insurance cover in case of RuPay Classic cardholders with effect from November 25, 2015. Under Pradhan Mantri Jan Dhan Yojana (PMJDY), RuPay Debit Card, with an in-built accident insurance cover of Rs 1 lakh, is provided to account holders. About 16.54 crore RuPay cards have been issued so far under PMJDY. One of the stipulation of meeting the claim under accidental death and/or permanent disablement was that the cardholder has to carry out at least one successful financial or non-financial transactions at a merchant establishment or at ATM or micro ATM or e-commerce transaction, up to 45 days prior to the date of incident, resulting into accidental death /permanent disability. “This condition was posing problem to RuPay cardholders. Requests were received to increase this condition of 45 days,” Finance Ministry said in a statement. The issue was taken up by government with National Payment Corporation of India (NPCI), which operates the scheme of RuPay debit cards.