Many banks across the country offer insurance coverage along with their debit cards, a benefit often overlooked due to lack of awareness.
Kotak Mahindra Bank, HDFC Bank, State Bank of India, ICICI Bank, and Development Bank of Singapore are among the major banks providing insurance cover with their debit cards.
Certain conditions must be met to qualify for this life insurance, and fulfilling these conditions makes you eligible for the coverage.
In the unfortunate event of accidental death, your family members can benefit from this insurance.
To qualify for the insurance, you need to transact money through the card within a specified time frame.
It's crucial to inquire with your bank about the required transaction amount to become eligible for life insurance.
Banks offer this insurance cover under a group insurance policy, which includes protection against accident cover, purchase protection, air accident, card fraud, and more.
Unlike individual policies, you won't have a separate policy number, making the claiming process a bit more challenging.
However, many banks offer coverage up to Rs 1 crore under this scheme.
Different banks set varying conditions for claiming the insurance. Kotak Mahindra Bank requires a minimum of 6 transactions of Rs 500 within the last 60 days.
DBS Bank stipulates one transaction in 90 days. HDFC Bank imposes a condition of 1 transaction in 30 days.
In the unfortunate event of the cardholder's death due to an accident, the nominee must contact the bank within the specified time.
Claims typically need to be made within 60 days. The nominee is required to submit the customer's death certificate, KYC-related documents, and a completed claim form.
These documents can often be sent via email, and details can be obtained by contacting the bank branch or customer care.