Digital payments firm Paytm on Monday announced its new wallet insurance scheme, which will secure users in the event of “theft, loss of device or unauthorised access of their Paytm wallets”. The feature is available at no extra cost, and the money lost will be refunded to users’ accounts, the company said.

In case of a lost device, the user needs to file an FIR and share details of the report with the firm. The feature includes an insurance cover of up to Rs 20,000 or the money lost from a user’s wallet, whichever is lower. If found genuine, Paytm said that the claim will be settled within five working days.

Users can make only one claim within a period of 12 months. Customers who need to avail of the insurance cover can contact the firm at or call Customer Care at +91 9643 979797.