National Payment Corporation of India (NPCI) has extended 45 days usage condition to 90 days for RuPay Classic cardholders with effect from 25 November 2015.
The National Payment Corporation of India (NPCI) operates the scheme of RuPay Debit Cards.
The corporation has issued a total of about 218 million RuPay cards, of which 217 million are RuPay Classic cards.
The National Payments Corporation of India (NPCI) will allow RuPay cardholders to claim personal accident insurance by using the card within 90 days of the accident.
“The extension will provide more flexibility to the RuPay classic card users and also to those who are also under PM’s Jan Dhan Yojana,” said AP Hota, managing director and chief executive officer at NCPI.
RuPay Classic card-holders will be entitled to get a sum insured of Rs1 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 the accident, including the accident date.
Pradhan Mantri Jan Dhan Yojana (PMJDY), a National Mission on Financial Inclusion was announced by the Narendra Modi in his Independence Day Speech 2014 with the main objective of covering all households with at least one bank account per household across the country.
The scheme was formally launched on 28 August, 2014 at National level by the Prime Minister.
Under PMJDY, RuPay Debit Card with an inbuilt accident insurance cover of Rs.1 lakh is also provided to account holders.
As on 20 November, out of 697 claims lodged under accidental Insurance under RuPay Debit Card in PMJDY accounts, 644 claims have been disposed off.
BW Reporters
Haider Ali Khan is an alumnus of IIMC. He holds a degree in English Journalism from the prestigious campus. His passion includes Aviation, Technology, Politics and Sports.
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