PayPoint, a technology-driven distribution network of financial services would offer complimentary personal accident insurance to migrant workers transferring money through its platform, it said in a recent statement.
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The policy would provide a cover of Rs 50,000 to the insured and provide protection against uncertainties including accidental death, partial, temporary, permanent and total disability following an accident.
The insurance cover would be available exclusively to PayPoint customers at zero premium cost. To be eligible for the cover one has to transfer money through PayPoint store or PayPointz wallet. The cover automatically renews, once a new money transfer is initiated, regardless of the transferred amount in the subsequent month.
"Given India is traditionally an underinsured and one of the most acutely vulnerable countries, we aim to expand the blanket of financial security for the ones who need it the most through this initiative. By integrating with a transaction, we want them to be aware and proud of their commitment to their own families," Ketan Doshi, Managing Director of PayPoint India said at the launch of the initiative.
The insurance benefit is designed majorly for labourers staying and earning in industrial zones and cities or working in factories, transport, loading and unloading. According to government statistics, these unskilled workers are the most likely victims to accidents.
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"The pandemic has created tougher times for migrant labourers. The initiative has been introduced in line with our vision to reach out to the proverbial bottom of the pyramid population, prioritizing the self-employed migrants' financial resilience and embedding a sense of security in them", added Doshi.
The company expects to cover 1 lakh customers through its network of 48,000 plus digitally enabled retail stores by next year.