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Wednesday, May 18, 2016

RuPay Card Insurance Cover of Rs. 100000 & 200000


RuPay debit card holders get personal accident coverage (death due to accidental injury and permanent disability) in case of accidents occurring because of:

  • Travelling by train, aeroplane and water accidents
  • Snake Bite
  • Electric current shock
  • It does not cover natural deaths or due to any disease etc.

Who will offer the coverage:

Insurance will be provided only till March 2016 and offered by New India Assurance. For the year 2014-2015, the insurance was provided by HDFC Ergo. There are two types of coverage offered for the:

  • Rs. 1 Lakh to the classic card holders
  • Rs. 2 Lakh to the premium RuPay card holders. This is offered by HDFC bank (as of now) offering various benefits such as 5% cash back on paying the utility bills, 1% fuel surcharge is waiver and many offer.

Condition for making a claim:

  1. RuPay card holders who has made minimum one transaction using the RuPay card 45 days before accident took place can only claim for the insurance. Transaction at any of the following places will be acceptable – ATM, online shopping, Micro ATM of the card issuing banks.
  2. Insurance is offered to individuals within the age group 18-65 years.
  3. Even if accident takes place outside of India, the cover will be offered.
  4. Beneficiary of the claim amount can be any family member or legal heir or nominee.

Claim process for accidental death and injury:

  1. Before New India Assurance this insurance was offered by HDFC Ergo. The claim process involved intimating HDFC Ergo within 30 days of the accident and submission of all the claim related documents within 60 days of accident took place.
  2. Claimant needs to fill statement form consisting of his/her details of the policy, address and claim information (i.e. details of accident, time, place, injury details etc), whether insured has taken accident insurance from any other company. Forms for accidental death and injury are different although the details required are almost the same.

About RuPay Card:

RuPay (Rupee + Payment) is India's first locally designed and developed debit card offered by National Payments Corporation of India (NPCI). Until now, Indians have been using Mastercard, Visa enabled card carrying high transaction charge. But there are many differences between RuPay and Mastercard apart from the transaction charges. And the card is accepted at most of the online shopping sites, and booking train tickets and many more.

RuPay card was offered free of cost to all the individuals who opened account under Pradhan Mantri Jan Dhan Yojana (PMJDY). This scheme also offers overdraft facility of Rs. 5000. This yojana was enlisted in Guinness world record for opening over 12 crore bank account within the shortest time span. PMJDY is a part of social security scheme which also includes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).

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