Mumbai: RuPay is an indigenous payment card launched by National Payment Corporation of India (NPCI) for all Indian banks. It also provide personal accidental insurance. This coverage provides a lump sum amount in the event of death or permanent total disability resulting from an accident.
Rupay has collaborated with two insurers for this. It collaborated with New India Assurance for non-premium cardholders. PMJDY insurance is from New India Assurance. For premium cards- Platinum and Select-, Rupay has taken their insurance from Tata AIG to provide this insurance coverage.
Types of Rupay cards:
1. Classic Card: This card doesn’t provide any insurance coverage.
2. Pradhan Mantri Jan Dhan Yojana (PMJDY) Cards: Old PMJDY Card (issued before 28th August 2018): Offers coverage of up to Rs 1 lakh. New PMJDY Card (issued after 28th August 2018): Provides coverage of up to Rs 2 lakhs.
3. Premium Cards:
Platinum Card: Offers coverage of up to Rs 2 lakhs.
Select Rupay Card: Provides extensive coverage of up to Rs 10 lakhs.
Automatic Eligibility and Premium Payment: If you possess a card that offers insurance coverage, you are automatically eligible for the insurance benefit without needing to pay any premium. The insurance coverage comes as a complimentary benefit with the card.
Non-Premium PMJDY Cards: For non-premium PMJDY cards, if you haven’t used the card for any transactions within the last 90 days, and an accidental death or disability occurs, you may not be eligible to claim the insurance benefit.
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Premium Cards (Platinum and Select Cards): If you hold premium cards like Platinum or Select Rupay cards, you must ensure that you’ve made at least one transaction using the card within the last 45 days to remain eligible for the insurance claim.
How to claim:
Initiating the claim process: Visit your bank branch where you hold the Rupay card. They will guide you through the required documents and assist you in filling out the claim form. Alternatively, you can opt for the online method by sending an email to rupay@newindia.co.in. Make sure to attach all necessary documents to the email. Also, remember to photocopy the email and courier it offline to New India Assurance.
Time limit for filing the claim: It’s essential to file the claim within 90 days of the accident. In cases where the cardholder is hospitalised for an extended period, the claim can still be filed once they are able to do so, even after the 90-day period.
Document submission and verification: Once the claim intimation is given, any supporting documents requested by the company should be submitted within 60 days. The insurance company will appoint an investigative officer within three days to investigate the case and prepare a report within 30 days. If there’s any delay in document submission, reminders will be sent by New India Assurance after 60 and 81 days.
Claim disbursement: Upon completion of the investigation and verification of documents, the claim amount will be disbursed via NEFT within 10 days. For permanent disability claims, additional documents such as the discharge card, case history confirmation, and a doctor’s certification of the duration and percentage of disability are required.
For premium cardholders, such as those with platinum and select cards, the claim process remains similar but involves a different insurer, Tata AIG. So, you need to send the claim form and supporting documents via email to rupay@tataaig.com. Additionally, courier all documents to the Tata AIG office within 90 days of the accident and all the process remains the same.
Transaction timing and eligibility: If you buy the card and have an accident shortly after without any transactions within the stipulated period (45 or 90 days), your claim will not be rejected.
Coverage outside India: If an incident occurs in another country, you’re still eligible for the claim as the insurance coverage extends worldwide, providing you with the same benefits irrespective of your location.
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