Lost your device and someone accessed your Paytm Wallet? To safeguard your money in your Paytm Wallet during the event of theft, device loss or unauthorised access, Paytm has introduced an insurance cover called Wallet Insurance.
If you have balance in your Paytm Wallet then you are automatically covered under the Wallet Insurance. There are no extra charge for the insurance coverage. Once insured every money you lose during any unfortunate events will be refunded back to your Paytm Wallet. Off course you need to report any misuse/device loss to Paytm within 12 hours of the incident.
What covered under Wallet Insurance
- Money loss from Paytm Wallet up to Rs 20,000 due to fraudulent transactions as a result of theft, burglary or loss of device.
- Money loss from Paytm Wallet by unauthorised fraudulent transactions if your Paytm login credentials weren’t shared.
Paytm Wallet insurance coverage will be applicable only in case you report to Paytm within 12 hours of the incident. The reimbursement amount will be a maximum of your Paytm Wallet balance at the time of the incident or maximum Rs 20,000. Also, you can only raise claim for one incident within a period of 12 months.
How to raise for Wallet Insurance
- If you have lost money from Paytm Wallet due to loss or theft of your device or due to a fraudulent transaction, first report it to Paytm.
- Report the incident within 12 hours to Paytm customer care. You can report it via emailing at firstname.lastname@example.org or calling at +91 9643 979797.
- Paytm will block the Wallet within two hours of the incident being reported.
- In the case of device loss, you also need to lodge a FIR with police. Then share the proof with Paytm.
- Once Paytm assess the claim and found to be genuine, you will get the settlement amount within five working days.
- The amount will be added back to your Paytm Wallet, once you confirm that you have regained access to the account and made it secure.