Have you ever lost your wallet ? It pains when you do so. You lose all your money. Lets get to the point.
PayTM has no doubt become one of the most widely accepted and used form of digital money as you can use your paytm wallet balance almost everywhere these days. But as a result of its growing popularity, some scams have also come into notice and you may end up losing your PayTM balance.
Imagine a scenario in which your phone is stolen and the thief uses the paytm balance from your account ? Well, you can have a peaceful sleep now as PayTM has decided to insure your wallet money for free of cost ! Please go through all the information regarding this below.
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What will be covered?
- Loss of Paytm Wallet balance up to Rs. 20,000 due to fraudulent transactions as a result of theft, burglary or loss of mobile phone/device . Loss of Paytm Wallet balance by unauthorized fraudulent transactions if the user’s log in credentials weren’t shared.
How to claim your insurance in case of loss of wallet balance due to loss/theft device?
1) Report the loss or theft to PayTM via e-mail at email@example.com or by calling Customer Care number +91 9643 979797 within 12 hours.
2) Lodge an FIR about the loss of the device with the police and share the proof with PayTM within 24 hrs.
3) Paytm will block your Wallet within 2 hrs. of the incident being reported.
4) It will assess if a claim is genuine. If the claim is found to be genuine, it will ensure the settlement is done within 5 working days.
5) The claim will be settled in your Paytm Wallet after you confirm that you have regained access to the account and your password has been changed.
How to claim your insurance in case of loss of wallet balance due to fraudulent transaction?
1) Report the loss to PayTM via e-mail at firstname.lastname@example.org or by calling Customer Care number +91 9643 979797 within 12 hours. Please give details of the fraudulent transaction.
2) PayTM will block your Wallet within 2 hrs. of the incident being reported.
3) It will assess if a claim is genuine. If the claim is found to be genuine, it will ensure the settlement is done within 5 working days.
4) The claim will be settled in your Paytm Wallet after you confirm that you have regained access to the account and your password has been changed.
Frequently Asked Questions
>> I forgot to report my loss within 12 hours. Would I still be eligible for the insurance money?
Coverage will be applicable only in case of Paytm receiving intimation of any transaction/loss of device within 12 hrs of the incident.
>> What is the coverage amount?
The reimbursement amount will be a maximum of the user’s Paytm Wallet balance at the time of incident or Rs.20,000, whichever is lower.
>> What if I have lost phone multiple times this year?
Only one incident of claim is applicable per user within a period of 12 months.
>> How will the insurance amount be settled?
The claim will be settled in your Paytm wallet after you confirm that you now have access to your Paytm account and that your account password has been changed.
>> Can I log into my Paytm Wallet from another wallet if I lost my phone?
Paytm will block the wallet within 2 hrs. of an incident being reported. You can only use your Paytm Wallet after we unblock your account and offer you a new password.
What are the events not covered under this scheme?
Here is a comprehensive list of exclusions:
Any loss occurring in case the user details/device were shared/misplaced/acquired due to user’s negligence.Any fraud due to misuse of credit card/debit card/bank account information through the Paytm Platform.Any loss arising out of negligence on the part of the user (e.g. typing a wrong number to send money).Any loss arising due to user not upgrading/adopting the latest security features released by Paytm.