Paytm has launched Wallet Insurance – an insurance cover to safeguard the money in your Paytm Wallet in the unfortunate event of theft, loss of device or unauthorized access of their Paytm Wallets. All Paytm users with balance in their wallets would be automatically covered under this scheme at no additional cost and the lost money would be refunded to their Paytm Wallets.
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.
Note that coverage will be applicable only in case of Paytm receiving intimation of any transaction/loss of device within 12 hrs of the incident.