SBI is taking a big decision. SBI removed the insurance coverage for plane accidents from many premium cards, which has directly affected lakhs of cardholders. SBI Card, a subsidiary of State Bank of India (SBI), has announced this for its credit card customers, which will be effective from July 15, 2025. These changes will affect insurance coverage and payment terms. According to SBI Card, the decision has been taken keeping in mind the risks or challenges associated with the card and financial stability.
SBI Removed the Insurance Coverage for Plane Accidents from Many Premium Cards
According to a notification issued by SBI Card, the free air accident compensation of Rs 1 crore available on premium cards like SBI Card ELITE, SBI Card Miles ELITE and SBI Card Miles Prime will be discontinued from July 15. Similarly, the free insurance cover up to Rs 50 lakh available on SBI Card PRIME and SBI Card PULSE is also being discontinued. Apart from this, insurance benefits up to Rs 50 lakh will be waived from cards like UCO Bank SBI Card PRIME, Central Bank of India SBI Card PRIME, Karnataka Bank SBI Platinum Card, and Federal Bank SBI Platinum Card.
Changes in Minimum Payment Amount (MAD)
SBI has also changed the rules for calculating the minimum payment amount for cards. As per the new formula, which will be effective from July 15, 2025, MAD or Minimum Payment Amount will now be included. The aim of this new format is to ensure timely and more efficient payments, so that customers can use their credit cards more responsibly. These changes to SBI Cards will directly impact lakhs of cardholders.
In one hand, the end of insurance cover will reduce protection, on the other hand, strict payment terms will force customers to take on more financial burdens. Users are advised to review their card benefits periodically and take out alternative insurance plans if necessary.
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