Showing posts with label rupay card insurance. Show all posts
Showing posts with label rupay card insurance. Show all posts

Sunday, November 29, 2015

Govt extends RuPay card usage condition to 90 days regarding insurance claim

Under Pradhan Mantri Jan Dhan Yojana (PMJDY), RuPay Debit Card, with an in-built accident insurance cover of Rs 1 lakh, is provided to account holders. About 16.54 crore RuPay cards have been issued so far under PMJDY.

Rupay

Government has extended RuPay card usage condition to 90 days for a claim under an in-built accident insurance cover in case of RuPay Classic cardholders with effect from November 25, 2015. Under Pradhan Mantri Jan Dhan Yojana (PMJDY), RuPay Debit Card, with an in-built accident insurance cover of Rs 1 lakh, is provided to account holders. About 16.54 crore RuPay cards have been issued so far under PMJDY.
One of the stipulation of meeting the claim under accidental death and/or permanent disablement was that the cardholder has to carry out at least one successful financial or non-financial transactions at a merchant establishment or at ATM or micro ATM or e-commerce transaction, up to 45 days prior to the date of incident, resulting into accidental death /permanent disability.
“This condition was posing problem to RuPay cardholders. Requests were received to increase this condition of 45 days,” Finance Ministry said in a statement.
The issue was taken up by government with National Payment Corporation of India (NPCI), which operates the scheme of RuPay debit cards.
“NPCI has extended 45 days usage condition to 90 days for RuPay Classic cardholders with effect from November, 2015. Accordingly, accident arising on or after 00:00:01 November 25, 2015 will be considered for extended period,” it said.
However, claim intimations on RuPay Classic cards where accident has occurred before November 24, 2015 will not be eligible for claim benefit under 90 days usage condition.
As on November 20, out of 697 claims lodged for accidental insurance under RuPay debit card in PMJDY accounts, 644 claims have been disposed off.

Thursday, August 28, 2014

PM launches Jan Dhan Yojna, 1.5 crore bank accounts opened on Day 1




Prime Minister Narendra Modi on Thursday launched his government's mega scheme 'Jan Dhan Yojana', declaring that it was aimed at eradicating financial untouchability by providing bank accounts to the poor.

On the inaugural day, a record 1.5 crore bank accounts were opened across the country, the largest such exercise on a single day possibly anywhere in the world.

Unveiling the scheme within 100 days of forming the new government, Modi said, it will cover 7.5 crore people by January 26, 2015, who will be provided zero-balance bank account with RuPay debit card, life insurance cover of Rs 30,000 in addition to accidental insurance cover of Rs 1 lakh.

Later the account holders will be provided an overdraft facility of up to Rs 5,000.

"If Mahatma Gandhi worked to remove social untouchability, if we want to get rid of poverty, then we have to first get rid of financial untouchability. We have to connect every person with the financial system. And for that this programme has been given impetus," he said, adding, "when a bank account is opened, it's a step towards joining economic mainstream."

Prime Minister Narendra Modi felicitating a beneficiary couple at the launch of the Pradhan Mantri Jan Dhan Yojana in New Delhi on Thursday. (PTI photo)
Modi recalled the bank nationalization of 1969 with the avowed objective of spreading the reach of financial system to the doorsteps of poor. "But I regret to say that after 68 years of independence, not even 68 per cent of population is covered by the banking system," he said.

The scheme was simultaneously launched at multiple places by 20 chief ministers, several Union ministers, including information minister Prakash Javadekar at Pune, law minister Ravi Shankar Prasad at Chennai, external affairs minister Sushma Swaraj at Bhopal, home minister Rajnath Singh at Lucknow and HRD minister Smriti Irani at Surat.

There were in all 600 programmes and 77,852 camps on the opening day to open bank accounts.
Modi said history has been created in the banking system with opening of over 1.5 crore account in a day. Besides, a record has been created by providing 1.5 crore accidental insurance covers of Rs 1 lakh.

The Prime Minister described the occasion as a festival to celebrate the liberation of the poor from a poisonous cycle ("Vish-chakra se gareebon ki aazaadi ka parv").

"Banks have assured me they will do this work before January 26. Those who open accounts by January 26, 2015 over and above the the Rs 1 lakh accident, they will be given life insurance cover of Rs 30,000. This will help the poor family," he said.

In the third phase, he said, these account holders would also be provided micro-pension facility.

"I believe when a person opens a bank account then he or she takes the first step to get connected with the economic system. Today the 1.5 crore family who got connected with the economic system this will give a boost to the economy," he said.

Going forward, he can avail Rs 5,000 loan from the bank, the Prime Minister said, adding, this facility would be available after six months of opening of the bank account.

Expressing satisfaction at a number of records being broken today, the Prime Minister said the nationwide success of the enrollment drive today would give confidence not just to the officials of the department of financial services and banking sectors, but also to officers across the Union government, that they can successfully achieve the goals that they set for themselves.

"Never before would insurance companies have issued 1.5 lakh accident insurance policies in a single day. Never before in economic history would 1.5 lakh bank accounts have been opened in a single day.

"Never before has the government of India organized a programme of such scale — over 77,000 locations — with the participation of so many chief ministers, Union ministers, government and bank officials," the Prime Minister said.

Wednesday, August 27, 2014

HDFC Ergo to offer insurance cover to RuPay cardholders for 3 years

 According to the terms, HDFC Ergo would provide an insurance cover of Rs 1 lakh to all RuPay cardholders which can be claimed in case of death or permanent disability.

General insurance company HDFC Ergo has won the mandate to provide insurance cover to all RuPay cardholders, a move which will benefit the insurance company with the government ready to implement the financial inclusion agenda. The Reserve Bank of India-promoted National Payments Corporation of India (NPCI), a company which provides the technology backbone for most payments in India as well as offers the RuPay card, has given the contract to HDFC Ergo for a period of three years.

According to the terms, HDFC Ergo would provide an insurance cover of Rs 1 lakh to all RuPay cardholders which can be claimed in case of death or permanent disability.

AP Hota, CEO and MD of NPCI, confirmed that the company has tied up with HDFC Ergo for the Rs 1 lakh insurance cover. However, in an email response to ET, a spokesperson for HDFC Ergo, said, "We won't be participating for this story."

The company has issued 2.3 crore cards, and it is estimated that 15 crore new bank accounts would be opened and as many new cards would be issued in the unbanked areas by March 2016, and the premium will be paid by NPCI, and not the cardholder. Bank officials, who did not wish to be identified, said that NPCI would be paying a premium of Rs 1 per card. "We are in the process of simplifying the claims procedure and also making customers more aware of their procedure to make claims," said Hota.

However, the insurance company will consider the claim only if the card is active. A card would be considered active if the cardholder has swiped it within 45 days of making a claim. NPCI is in talks with HDFC Ergo to improvise a scheme wherein the claim could be made if it had been swiped 90 days before.

The Narendra Modi-led government had announced on August 15 a massive financial inclusion plan of opening bank accounts and providing insurance cover. On Thursday, the financial inclusion  plan of opening bank accounts and providing insurance cover. On Thursday, the financial inclusion programme called Jan Dhan Yojana will be launched in 75 centres, covering 600 districts and 60,000 villages.

It is estimated that 60% of country's population does not have access to formal banking services.

The Jan Dhan Yojana aims to provide one bank account for every household in a year. Since each new account-holder will also be given the RuPay card, this will increase the customer base of HDFC Ergo.