PayPoint offers free personal accident insurance to migrant workers

PayPoint, a technology-enabled distribution network of financial services, on Wednesday said it is offering a complimentary personal accident insurance cover for migrant workers transferring money to their families. Regardless of the transferred amount, the cover automatically renews, once a new money transfer is initiated in the subsequent month, the company said. PayPoint caters to more than 5 million customers month on month.

PayPoint, a technology-enabled distribution network of financial services, on Wednesday said it is offering a complimentary personal accident insurance cover for migrant workers transferring money to their families. The insurance cover, provided by National Insurance Company, gives financial protection of up to Rs 50,000 to the insured person against uncertainties such as accidental death or partial, temporary, permanent and total disability due to an accident.

The cover is available exclusively for PayPoint India customers and the premium for it is zero, the company said in a release. To be eligible for the benefit, the user has to simply remit money from a nearby PayPoint store or PayPointz wallet. Regardless of the transferred amount, the cover automatically renews, once a new money transfer is initiated in the subsequent month, the company said.

PayPoint caters to more than 5 million customers month on month. It expects to cover 1 million customers under this insurance scheme through its network of 48,000 plus digitally enabled retail stores by next year..