By Admin 
Often people use debit cards only for withdrawing cash from ATM or for online shopping. But very few people know that many banks also provide free insurance cover with their debit cards. This cover can be up to Rs 10 lakh in some cases. The special thing is that no separate premium has to be paid for this. However, this feature is not always active. There are some important conditions attached to it. If those conditions are not fulfilled then the benefit of insurance will not be available when needed.
This facility is available on the cards of which banks?
Many big banks of the country provide complimentary insurance on debit cards to their customers. These include names like State Bank of India, HDFC Bank, ICIC Bank, Kotak Mahindra Bank and DBC Bank India. This insurance is usually under group insurance policy. That is, a separate policy number is not issued to every cardholder. This cover may include features like personal accident, air accident, card fraud and in some cases, purchase protection. The benefit of free insurance will be available only when your debit card is active. Many banks impose a condition that the card transaction should have taken place within the stipulated time limit before the accident. In some cases, a certain number of POS or online transactions are required within the last 60 days. Whereas some banks impose a condition of at least one transaction within 90 days. If the card is not used for a long time then the insurance cover will not be applicable. Therefore, it is important that you keep paying daily expenses like electricity bill, mobile recharge or petrol through debit card, so that the card remains active.
How much insurance cover do you get?
The insurance amount depends on the category of your card. A cover of up to Rs 1 lakh can be available on a normal or classic card. This limit on Platinum or Premium cards can range from Rs 2 lakh to Rs 5 lakh. On some high-end cards, this cover can reach up to Rs 10 lakh. Therefore, definitely get information about the category of your card and the rules related to it from the bank.
How is a claim made?
If any accident happens to the cardholder, the nominee has to inform the bank within the stipulated time. Generally, it is considered necessary to file a claim within 30 to 60 days, although the time limit may be different for each bank. While making a claim, usually a correctly filled claim form, death certificate, post mortem report, FIR in case of an accident, KYC documents of the nominee, bank statements of the last few months are required to prove that the card was active, whereas if the nominee is not registered, then a legal hair certificate can also be sought.
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