Debit Card: Free Insurance Worth Rs 10 Lakhs is Available Through Debit Card; Know Details
Most of us use debit cards only for withdrawing money from ATMs or for shopping. But very few people know that many banks also offer free insurance coverage with their debit cards. This coverage can sometimes go up to Rs 10 lakh. However, there are certain conditions that need to be fulfilled to avail this facility. Go through this article to know more about it.
Free Insurance Worth Rs 10 Lakhs is Available Through Debit Card
Many major Indian banks like HDFC Bank, ICICI Bank, State Bank of India and Kotak Mahindra Bank offer free insurance on their debit cards. This insurance is usually provided as part of a group policy, so no separate policy number is issued. This may include features such as personal accident cover, aircraft accident cover, purchase protection, and card fraud. But, this insurance is only applicable if your debit card is active. This means that you must make transactions on the card within a certain period of time.
For example, some banks require you to have made at least one or a certain number of purchases or online payments within the last 60 or 90 days. If you are not using the card, the insurance cover will not apply.
Keep your Debit Card Active
An easy way to keep your debit card active is to use the card to pay for everyday expenses, such as electricity bills, mobile recharges, or petrol. This will ensure that the necessary transaction requirements are met.
Get Upto 10 Lakhs Insurance Cover Amount
The insurance cover amount depends on your card category. A regular card can cover up to 1 lakh. Platinum or premium cards can cover this amount from 2 lakh to 5 lakh. Some special cards can cover up to 10 lakh.
How you can Claim?
If an accident occurs to the cardholder, the designated person has to inform the bank within a specified period. Filing a claim within 30 to 60 days is generally considered mandatory.This requires submission of a claim form, death certificate, postmortem report, FIR in case of accident and KYC documents of the nominated person. A bank statement may also be required to prove that the card was active.
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