NPCI extends insurance benefit to all RuPay cardholders

Earlier the benefit was applicable only to those cardholders who had performed at least one transaction in 90 days

National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country has announced relaxation for claiming personal accident insurance for all RuPay cardholders in the country.

Earlier in November, this benefit was extended to RuPay Classic cardholders to avail accidental insurance benefit if the cardholder has performed minimum one transaction in 90 days.

All RuPay cardholders (physical or virtual) has to perform one successful financial or non-financial transaction at ATM, MicroATM, e-commerce, Point of Sale terminal, Business Correspondent of the bank at locations by any payment instrument. Further, NPCI has now added the branch transactions performed by the customers as well.

"The main purpose is that account holders should keep their account active by initiating transactions - at ATM, POS, MicroATMs or at branch. Financial inclusion would be fruitful if the customer can stay engaged with the formal banking system," said A P Hota, MD & CEO of NPCI.

New India Assurance has been chosen for this year's RuPay Insurance Programme. Currently, there are over 260 million RuPay Debit Cards in force.