Did You Know: SBI’s Debit Cards Come With Different Insurance Covers

As with credit cards, some of the debit cards also come with insurance covers. And SBI offers such complimentary insurance cover to its debit card users. The array of insurance provided by the country's leading lender on its debit card includes personal accidental (air), personal accidental insurance (non-air), baggage loss cover, purchase protection insurance besides other add on covers that primarily include family transportation and transportation of mortal remains.

Here are given the details:

1. Personal accidental death insurance cover (Non-air): On the different SBI debit cards, the bank offers up to Rs. 10 lakh cover as protection against non-air accidental death only. It is to be noted that the debit card holder becomes eligible for such a relief if his or her debit card was used once on either of the channels including point of sale terminal, ATM or any of the e-commerce portal in 90 days time before the date of accident.

2. Personal accidental death Insurance (Air)- The similar benefit is available to debit cardholders if they meet unfortunate accidental death while in air. The claim can be made if the debit card was used once on any of the channels for either financial or non-financial transaction during the last 90 days from the date of accident. Also, the condition remains that the flight on which this incident occurred should be booked using the SBI's debit card for you to be eligible to claim the benefit.

3. Purchase protection cover: Also for some of the lost or stolen goods purchased using different SBI debit card variants, the bank offers purchase protection cover. The cover remains valid until a period of 90 days from the purchase date and on the premise of being lost due to any of the incidences such as house-breaking, theft from vehicle, theft, burglary etc. Remember here also such goods not including perishable, jewellery or other precious stones should have been purchased using the eligible debit card, as may be the case.

Salary package account debit card holders with Maestro, MasterCard or VISA card variants are all eligible for Rs. 2 lakh purchase protection cover.

4. Add on covers- As a value-deal, some of the SBI's debit card also provide for expenses incurred in carrying two immediate family members as well as mortal remains of the deceased from the hospital to his or her home if the personal accidental death claim is cited to be valid by the bank. The maximum cover extended under this add-on benefit is Rs. 50,000 and the bank's debit card that come loaded with this benefit include Gold (MasterCard/VISA), Yuva (VISA), Platinum (MasterCard/VISA), Pride (MasterCard/VISA), Premium (MasterCard/VISA) and Signature (VISA).

Also, there is a compensation payable in case of checked-in baggage loss which is up to Rs. 25,000. But for you to be eligible for the claim in case of such a loss, the air ticket should be purchased via the debit card.

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