Debit Card Free Insurance: The debit card in your pocket is essentially your free life insurance policy! Banks offer customers free insurance ranging from Rs 1 lakh to Rs 10 lakh, without any premium. With just a few simple requirements and the right information, you can take advantage of this significant financial security shield.
Debit Card Free Insurance: Nowadays, every bank account holder has a debit card in their pocket, but 95% of Indians are unaware that this card also comes with a free insurance policy. Yes, banks offer life insurance and accident cover worth lakhs of rupees to their customers without any extra charges or premiums.
If you also use your card only for shopping or cash, this news is extremely important for you and your family.
Know how much coverage you get.
Banks determine the insurance amount based on your card's category. This amount can range from ₹1 lakh to ₹10 lakh:
RuPay cards typically offer coverage of up to ₹1 lakh.
Platinum/Gold cards offer coverage of ₹2 lakh to ₹5 lakh.
Premium cards (Visa Infinite/Mastercard World) offer coverage of ₹10 lakh or more.
This includes coverage against personal accident (death), as well as coverage against air accidents and card fraud.
Card must be active
You can avail this free insurance only if your card is active. Banks have an activity period.
At least one successful transaction (ATM, POS, or online) must have been made using the card within the last 60 to 90 days from the date of the accident. If the card has been lying in a drawer for months, the insurance claim may be rejected.
Correct Claim Process to Avoid Bank Trouble
In the event of an untoward incident, the family (nominee) should take these steps:
It is mandatory to provide written notice to the bank within 30 to 60 days of the incident.
A copy of the FIR, post-mortem report, death certificate, and nominee's KYC documents should be included with the claim form.
A copy of the bank statement proving the card was active.
Do this today
Most people leave this amount in the bank due to lack of information. Visit your bank's website or contact customer service to find out today how much insurance is available on your card. This small piece of information can be a great support to your family in difficult times.
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