Freecharge Wallet Insurance

Freecharge Wallet Insurance
Mobile wallet company Freecharge launched a wallet protection plan for its users at no additional cost, in tie-up with Reliance General Insurance. Under this arrangement, the wallet balance of all the customers is insured up to a limit of Rs 20,000, as long as the user is transacting at least once a month.
Coverage:
1.       Loss of Freecharge Wallet balance up to Rs. 20,000 due to fraudulent transactions as a result of theft, burglary or loss of mobile phone/device.
2.       Loss of Freecharge Wallet balance by unauthorized fraudulent transactions if the user’s log in credentials weren’t shared.
Conditions:
Insured shall be indemnified against the loss of money from the FreeCharge Wallet due to fraudulent transactions made from the Insured stolen mobile.
This Insurance Policy is issued by Reliance General Insurance. In no event shall Freecharge be liable in any manner whatsoever for any claim made under this insurance policy and FreeCharge expressly disclaims any such liability.
Eligibility for coverage:
1.       Customer must have a valid Freecharge Wallet account.
2.       A minimum of one (1) successful transaction on every calendar month shall have been made from the said Freecharge Wallet for the policy to remain valid.
3.       In any event if such transaction does not take place in any calendar month, the Insurance Policy shall not be applicable for such Freecharge Wallet for the said month but can resume if a transaction is made in any subsequent month in which the transaction is made.
4.       New customers will be covered from the effective date of registration, with a waiting period of one month i.e. claim triggering post one month of opening e-wallet.
Sum Insured:
User’s Freecharge Wallet balance at the time of incident or Rs.20,000, whichever is lower.
Subject to, only one incident of claim is applicable per user within a period of 12 months.
Claiming process
1.       Within twelve (12) hours of the theft of a Mobile device which is connected to a Freecharge Account the Freecharge Account Holder (Customer) shall intimate insurance claims by writing an email to Freecharge at care@freecharge.com .
2.       Customer must report the theft promptly to FreeCharge not later than 12 hours from the date of theft. If Customer does not report the theft within prescribed time, Customer will not be entitle for any claim under this insurance policy.
3.       Within two (2) hours of such mail Freecharge shall block the wallet (Block)
4.       Within twenty four (24) hours of the theft of a Mobile device which is connected to a Freecharge Account the Customer shall register a FIR with the required Police Station having jurisdiction and forward the copy of the said FIR to FreeCharge at care@freecharge.com.
5.       Customer must provide the copy of the said FIR not later than 24 hours from the date of theft. If Customer does not provide the copy of the said FIR within prescribed time, Customer will not be eligible for any claim under this Insurance Policy.
What is not covered?
a)      Customer must not have engaged in fraud or abuse with respect to this or a similar insurance program.
b)      The claim must be intimated by the Customer or by his/her legal heir(s) only.
c)       Concealment, Misrepresentation or Fraud: This coverage is void in any case of fraud, intentional concealment or misrepresentation of a material fact, at any time by the Customer.
d)      Customer fails to provide FIR copy within 24 hours from the date of theft.
Note: In the event any transactions, which are not authorised or made by the Customer, take place from the FreeCharge Wallet before the Block (Fraudulent Transaction) Customer shall be eligible to intimate a claim against the Insurance Policy