How many of you have Debit Card/Credit? Probably everyone should have at least one. How many of you are aware of the fact that your Debit/Credit card comes with a commentary accident insurance cover? Probably only a few ones. Debit cards and Credit cards issued by the banks comes with free personal accident insurance. However, most of the cardholders are not aware of this complimentary accident insurance cover.
ATM, Credit, and Debit cards are not just for shopping and banking. What most people don't know is they have other less-known benefits too Like complimentary insurance!
Almost every bank offers complimentary accidental hospitalization or death cover to their debit and Credit cardholders with an operational bank account. The insurance cover offered by the bank on the debit cards is of various types and depends on the card type. This cover ranges from Rs 50,000 to Rs 10 Lakh. The usage of the card also plays an important role in insurance coverage.
If an unfortunate accident does occur, the beneficiary can approach the bank with the relevant medical report and documents, and a lump sum payout can be claimed within 90 days.
Remember that the cardholder should have performed at least one valid purchase 90 days prior to the accident. If you believe that since you have four debit cards and one credit card, you can receive various insurance coverages, you are mistaken. You will only have insurance coverage on one card, regardless of how many cards you have.
What SBI Offers
For instance, customers of SBI gets 4 insurance cover on their debit card. These insurance covers are as follows:
Personal Accidental Insurance (Death) Non-Air : This insurance only protects the Debit Cardholder for non-air accidental death, depending on the type of Debit Card version owned offered by the bank to the customer. This Insurance Coverage becomes active when the Card is used at least once at any channel, namely eCom/PoS/ATM, within the last 90 days (Financial transaction) from the date of the accident.
Personal Air Accidental Insurance (Death): This insurance only protects the Debit Cardholder for air accidental death, to the degree that the type of Debit Card version owned allows it. This Insurance Cover becomes active when the Card has been used at least once in the last 90 days (Financial transaction) from the date of the accident, subject to the condition that the air ticket for that air journey was purchased using the Debit Card.
Purchase Protection: This coverage covers loss of goods/articles purchased within 90 days of purchase (except perishables, jewellery, and precious stones) due to theft/burglary/housebreaking, including theft from a car. The goods must have been purchased at a Point of Merchant/Sale establishment using one of the qualifying Debit Card types.
Purchase Protection Cover (Salary Package Account Holder): This Cover is available on all VISA/MasterCard versions provided to Salary Package Account Holders.
- In the event of various cards are issued to a single account, the above-mentioned insurance cover will be provided to just one card per account.
- To know what your bank offers on their card type, visit your nearest branch or check out their official website to know more.
The complimentary accident insurance covered by banks is great to claim. However, to claim the cover you should be eligible for it and should follow the right procedure in your respective bank.
Most of the cardholders are not aware of this fact. You are probably had no idea about it before reading this article but now you have.