Many banks across the country offer various services and additional benefits to their customers. Most people who have a bank account also own a debit card. However, many are unaware that these debit cards come with free accidental insurance coverage worth lakhs of rupees. Leading banks, including the State Bank of India (SBI), provide complimentary insurance benefits such as accidental insurance, life insurance, baggage loss insurance, and purchase protection, along with regular and salary accounts.
This insurance can provide huge financial support in case of accidental death, permanent disability, or partial disability.
State Bank of India (SBI) Debit Card Insurance Benefits
SBI customers can avail special insurance benefits depending on their account type and debit card type. These include Air Accidental Death Insurance and Baggage Loss Coverage during domestic and international travel.
Eligibility & Conditions for Air Accidental Death Insurance:
- The flight ticket must be purchased using the SBI debit card.
- The debit card must have been used at least once in the last 90 days before the accident date.
- Items purchased using the debit card are covered under purchase protection insurance up to ₹1 lakh for 90 days (excluding perishable items, jewelry, and precious stones).
HDFC Bank Debit Card Insurance Benefits
HDFC Bank offers Personal Accidental Insurance Coverage from ₹5 lakh up to ₹1 crore, depending on the debit card variant. However, air accidental coverage is not included.
Kotak Mahindra Bank Debit Card Insurance Benefits
Kotak Mahindra Bank offers Personal Accidental Death Insurance coverage up to ₹25 lakh for its debit card holders.
Eligibility Criteria:
At least one ATM/POS/Online transaction in the last 90 days before the accident.
Additional Lost Card Liability Cover up to ₹6 lakh for fraudulent transactions made using stolen or lost debit cards.
Important Note for All Debit Card Users
Check the type of debit card you are using and understand the insurance benefits attached to it. While this may seem like a small piece of information, it can provide major financial support during emergencies.
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