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Snapdeal owned Freecharge has partnered with Reliance General Insurance Company Limited to provide free insurance on wallet balance of upto ₹ 20,000 to its users, including consumers and merchants.
With this move, the wallet balance of all the customers will be insured up to a limit of ₹ 20,000, as long as the user is transacting at least once a month.
“With this move, FreeCharge takes another step in proactively addressing consumer concern around the usage and security of e-wallets, safeguarding the money of the consumer in the event of theft or loss of his/her phone,” the company said in a statement.
In case of a phone loss or theft, the customer needs to do is file an FIR within 24 hours at the local police station and the same needs to be reported to FreeCharge.