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Get Your Insurance Coverage With MyPay.

For the first time in Nepal, MyPay offers the valuable customer with accidental benefit insurance of Rs. 1 Lakh. An accident can occur at any time without any warning, and sometimes it can cause serious harm. Any such untoward incident may have a significant impact on your finances. You can get insurance of Rs. 1 Lakh with MyPay so that you don’t lose your lifelong savings while paying in a critical situation. This offer help customer with insurance along with their transaction. Which will provide our customers peace of mind and security to the family. 
Verify your KYC today and don’t miss your chance to get free insurance with MyPay.


Personal Accidental Insurance Coverage:

Sum Insured:       Rs.1, 00,000

Validity Period: Maximum One Year or up to the period as communicated by MyPay via SMS after compliance with all terms and conditions

Risk Covered:     1. Accidental Death

                              2. Permanent Disability

                              3. Hospitalization expense due to accident up to Rs.1 Lakh or actual expenses                                                        Whichever is lower?

                              4. Partial Disability as per Bema Samiti Directive

 

Terms and Conditions to be eligible for Insurance Facility: 

  1. Customer must be Register with MyPay and KYC must be verified.
  2. Customer must perform monthly transaction of at least Rs. 1000 every month (transaction does not include Fund Load, Wallet to Wallet transfer, and Bank Transfer)
  3. For the count of the transaction amount of Rs. 1000, the Nepali Calendar period shall be considered.    

Note: SMS shall be sent to customers once he is eligible for an insurance policy. Another reminder SMS shall be sent before the expiry of his insurance policy.

Effectiveness of policy start and end date:

The insurance policy shall be started for an individual from the 2nd day of Transaction started after the customers fulfill all the requirements.

Such policy shall remain valid till the end of the next Nepali month.

The customer needs to perform the transaction having at least Rs. 1,000 in the second month also for the continuation of his policy for the third month and so on.

For example:

Mr. Ram downloaded MyPay and get KYC verified on 6nd Falgun 2078. He conducted a top-up of Rs.200 on 7rd Falgun 2078. Again, He pays his Internet bill of Rs.800 on 9th Falgun 2078. His Insurance policy shall be effectively started from 11th Falgun 2078 as his transaction criteria are fulfilled on 9th Falgun only.

His policy shall remain valid up to Chaitra End 2078. If Mr. Ram wants to continue his policy for Baisakh 2079 also, he needs to make the payment of at least Rs. 1,000 through MyPay during the month of Chaitra also and so on.

Claim process

  1. In case the insured user faces any of the risk mentioned above then he/she shall provide required documents to MyPay office within 7 days
  2. MyPay shall forward the claim to the Insurance Company after verification of terms and conditions.
  3. The insurance company will process the settlement of the claim as requested by MyPay.
  4. The insured amount shall be received by MyPay from the insurance company on behalf of the user.
  5. MyPay shall hand over the claim amount to the concerned person.

 

Disclaimer:

  1.  MyPay does not offer any insurance policy. MyPay just offers the insurance product of IME General Insurance Company Ltd.
  2. This insurance policy is non-transferable and if not claimed within the timeline mentioned, it won’t be carried forward. 
  3.  MyPay holds the final right to decide the eligibility of customers. If one customer become ineligible after effective of policy, MyPay hold and reserve the right to remove his name and add another’s name who is eligible for Insurance coverage.
  4. Insurance Claim settlement shall be done by the insurance company on the basis of Bema Samiti Directive and internal Policy and procedures of insurance company.
  5. MyPay shall not be responsible for your use of the information contained herein for any assumptions/ interpretation you might draw from its use.
  6. MyPay shall reserve right to modify or alter the terms and conditions of this scheme also hold right to withdraw the scheme at any point of time at its sole discretion. 
  7. MyPay shall not be held responsible for any financial or non-financial damage/ Dispute arising out of this scheme and no any legal proceeding shall be initiated by the customers.

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