National Payments Corporation of India (NPCI) has relaxed the time period to claim personal accident insurance under RuPay Classic cards to 90 days from 45 days, with immediate effect.
The card holders will have to carry out at least one banking transaction within 90 days of accident including the accident date, to be eligible for the personal accident cover, the company said in a release on Wednesday.
The card holders are entitled to a sum insured of Rs 1 lakh under personal accident insurance-death and permanent total disability.
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“This extension will provide more flexibility to RuPay Classic card holders including the Pradhan Mantri Jan Dhan Yojana (PMJDY) customers who have been brought under the ambit of mainstream banking”, NPCI managing director and CEO A P Hota said.
NPCI has so far issued around 22 crore cards. The card holders can do transactions through channels such as merchant establishments, ATMs, e-commerce, micro ATMs and business correspondents of the bank at locations.