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Trusted by 1L+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Debit Card Insurance: Eligibility, Coverage, and Claim Process
Debit Card Insurance: Eligibility, Coverage, and Claim Process
Did you know that your bank’s debit card or ATM card might come with insurance coverage? This benefit can be particularly valuable in the unfortunate event of the cardholder's death or permanent disability. In this comprehensive guide, we will delve into the nuances of debit card insurance, its eligibility criteria, types of coverage offered by major banks, and the process for claiming it.
What is ATM Card Insurance?
All bank accounts come with ATM-cum-debit cards that facilitate convenient money withdrawals and direct transactions with merchants. In the event of the cardholder’s death or permanent disability, a sum of money can be claimed under the insurance coverage provided with the debit card. However, eligibility criteria vary depending on the bank and the type of card. Notably, this insurance does not come with a policy number, which can sometimes lead to confusion when claiming the amount.
In this article, we will explore the types of ATM card insurance offered by five major banks in India: SBI, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.
Insurance Coverage by Major Banks
SBI Debit Card Insurance
State Bank of India (SBI) offers insurance coverage for both air and non-air accidental deaths. Here are the specifics:
Eligibility Criteria:
The cardholder must have used the debit card for a transaction at an ATM, Point of Sale (POS), or e-commerce website within 90 days before the accident.
For air death coverage, the flight ticket must have been purchased using the same debit card.
Coverage Amounts:
SBI Gold (MasterCard/VISA): Rs. 2 Lakh (Air), Rs. 4 Lakh (Non-Air)
SBI Platinum (MasterCard/VISA): Rs. 5 Lakh (Air), Rs. 10 Lakh (Non-Air)
SBI Pride (Business Debit) MasterCard/VISA: Rs. 2 Lakh (Air), Rs. 4 Lakh (Non-Air)
SBI Premium (Business Debit) MasterCard/VISA: Rs. 5 Lakh (Air), Rs. 10 Lakh (Non-Air)
SBI VISA Signature/MasterCard Debit Card: Rs. 10 Lakh (Air), Rs. 20 Lakh (Non-Air)
Additionally, the SBI RuPay Platinum Debit Card offers coverage of Rs. 2 Lakh for death or permanent disability, provided at least one successful transaction at any POS or e-commerce site within 30 days before the accident.
Purchase Protection:
SBI also offers purchase protection covering theft or burglary of articles purchased using the debit card. This excludes perishable items and precious stones, and the incident must occur within 90 days of purchase. Coverage ranges from Rs. 5,000 to Rs. 1 Lakh depending on the card type.
HDFC Bank Debit Card Insurance
HDFC Bank provides accidental death coverage with varying amounts based on the card type:
Coverage Amounts:
Platinum Debit Card: Rs. 5 Lakh (Base Cover), additional up to Rs. 5 Lakh (Accelerated Cover), Rs. 3 Crore (International Travel Air Insurance)
JetPrivilege HDFC Bank World Debit Card: Rs. 5 Lakh (Base Cover), additional up to Rs. 20 Lakh (Accelerated Cover), Rs. 1 Crore (International Travel Air Insurance)
Times Points Debit Card / Millennia Debit Card / Rupay Premium: Rs. 5 Lakh (Base Cover), additional up to Rs. 5 Lakh (Accelerated Cover), Rs. 1 Crore (International Travel Air Insurance)
Eligibility Criteria:
For the base accidental coverage, the cardholder must have completed a POS transaction in the last 30 days.
For international travel air insurance, the ticket must be purchased using the HDFC Bank Debit Card.
ICICI Bank Debit Card Insurance
ICICI Bank offers the following coverage amounts:
Coverage Amounts:
Regular Savings Account: Rs. 50,000 (Air Accident)
Silver Savings Account: Rs. 50,000 (Air Accident)
Gold Savings Account: Rs. 5 Lakh (Non-Air), Rs. 30 Lakh (Air Accident)
Titanium Savings Account: Rs. 10 Lakh (Non-Air), Rs. 40 Lakh (Air Accident)
Wealth Savings Account: Rs. 12 Lakh (Non-Air), Rs. 1 Crore (Air Accident)
Wealth Select Savings Account: Rs. 14 Lakh (Non-Air), Rs. 2 Crore (Air Accident)
Eligibility Criteria:
Only active accounts are eligible for personal and air accident cover.
Insurance cover is not applicable for Basic Savings Bank Deposit Accounts (BSBDA).
Coverage applies only in the event of the cardholder's death.
Axis Bank Debit Card Insurance
Axis Bank provides insurance coverage on select cards, with eligibility determined by the bank. General terms include:
Eligibility Criteria:
For personal accidental insurance cover, the debit card should be used for a purchase within 180 days before the accident.
For air accident insurance cover, the flight ticket must be purchased using the Axis Bank Debit Card.
Coverage Terms:
Air accident insurance applies only to commercial flights and excludes pilots and crew members.
If multiple debit cards are held, coverage applies to only one card, typically the one with the highest insurance cover.
Kotak Mahindra Bank Debit Card Insurance
Kotak Mahindra Bank debit cards come with secure PIN protection and offer complimentary insurance coverage:
Coverage Amounts:
Classic / Maestro Cards: Rs. 2 Lakh (Personal Accident)
Gold / Titanium Cards: Rs. 15 Lakh (Air Accident), Rs. 5 Lakh (Personal Accident Base), Rs. 15 Lakh (Enhanced Cover)
Platinum / My World Cards: Rs. 50 Lakh (Air Accident), Rs. 5 Lakh (Personal Accident Base), Rs. 15 Lakh (Enhanced Cover)
Eligibility Criteria:
To qualify for personal base cover, a minimum of two POS or e-commerce transactions of Rs. 500 each within the last 30 days is required.
For enhanced cover, at least six POS or e-commerce transactions of Rs. 500 each within the last 60 days are necessary.
Other Coverages:
Lost card liability coverage ranging from Rs. 2.5 Lakh to Rs. 6 Lakh.
Lost baggage coverage of Rs. 1 Lakh for all card types.
Purchase protection covering fire and burglary, with amounts from Rs. 50,000 to Rs. 1.5 Lakh.
How to Claim ATM Card Insurance
The specific process for claiming insurance coverage varies by bank. Generally, you need to inform the bank promptly about the incident and submit the required documents. Here’s a general outline:
Documents Required:
Duly completed claim form
Original Personal Accident Death (PA) claim form signed by the nominee
Copy of the death certificate (notarized/attested by a gazetted officer)
Copy of the FIR or Panchnama (notarized/attested)
Copy of the post-mortem report (notarized/attested)
No objection certificate (NOC) from other legal heirs if no nominee is mentioned
Canceled cheque of the nominee for direct fund transfer
Hospitalization papers if the cardholder died in the hospital
Newspaper cuttings if the accident was reported in the media
Card details and copy of the card
Proof of flight ticket purchase via the debit card for air accident insurance
Claim Process by Major Banks:
ICICI Bank: Call ICICI Lombard at 1800 2666 within 15 days to initiate the claim.
SBI: Call 1800 2666 5844 with policy number 4112-400401-23-7001805-00-000 within 90 days of the accident.
Axis Bank and Kotak Mahindra Bank: Visit the nearest bank branch with the required documents to file a claim.
Conclusion
Debit card insurance offers significant benefits, including coverage for accidental death, permanent disability, loss of baggage, purchase protection, and more. Understanding how to claim this insurance can provide financial support during emergencies. Each bank has specific prerequisites for eligibility, generally requiring a basic transaction using the debit card within a stipulated period before the accident. While this insurance does not come with a policy number, claims can be processed by contacting your nearest bank branch and providing the necessary documentation.
Knowing the details of your debit card insurance coverage can ensure you and your loved ones are financially protected in unfortunate events. Always keep your debit card active and perform regular transactions to maintain eligibility for these valuable insurance benefits.
C
Did you know that your bank’s debit card or ATM card might come with insurance coverage? This benefit can be particularly valuable in the unfortunate event of the cardholder's death or permanent disability. In this comprehensive guide, we will delve into the nuances of debit card insurance, its eligibility criteria, types of coverage offered by major banks, and the process for claiming it.
What is ATM Card Insurance?
All bank accounts come with ATM-cum-debit cards that facilitate convenient money withdrawals and direct transactions with merchants. In the event of the cardholder’s death or permanent disability, a sum of money can be claimed under the insurance coverage provided with the debit card. However, eligibility criteria vary depending on the bank and the type of card. Notably, this insurance does not come with a policy number, which can sometimes lead to confusion when claiming the amount.
In this article, we will explore the types of ATM card insurance offered by five major banks in India: SBI, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.
Insurance Coverage by Major Banks
SBI Debit Card Insurance
State Bank of India (SBI) offers insurance coverage for both air and non-air accidental deaths. Here are the specifics:
Eligibility Criteria:
The cardholder must have used the debit card for a transaction at an ATM, Point of Sale (POS), or e-commerce website within 90 days before the accident.
For air death coverage, the flight ticket must have been purchased using the same debit card.
Coverage Amounts:
SBI Gold (MasterCard/VISA): Rs. 2 Lakh (Air), Rs. 4 Lakh (Non-Air)
SBI Platinum (MasterCard/VISA): Rs. 5 Lakh (Air), Rs. 10 Lakh (Non-Air)
SBI Pride (Business Debit) MasterCard/VISA: Rs. 2 Lakh (Air), Rs. 4 Lakh (Non-Air)
SBI Premium (Business Debit) MasterCard/VISA: Rs. 5 Lakh (Air), Rs. 10 Lakh (Non-Air)
SBI VISA Signature/MasterCard Debit Card: Rs. 10 Lakh (Air), Rs. 20 Lakh (Non-Air)
Additionally, the SBI RuPay Platinum Debit Card offers coverage of Rs. 2 Lakh for death or permanent disability, provided at least one successful transaction at any POS or e-commerce site within 30 days before the accident.
Purchase Protection:
SBI also offers purchase protection covering theft or burglary of articles purchased using the debit card. This excludes perishable items and precious stones, and the incident must occur within 90 days of purchase. Coverage ranges from Rs. 5,000 to Rs. 1 Lakh depending on the card type.
HDFC Bank Debit Card Insurance
HDFC Bank provides accidental death coverage with varying amounts based on the card type:
Coverage Amounts:
Platinum Debit Card: Rs. 5 Lakh (Base Cover), additional up to Rs. 5 Lakh (Accelerated Cover), Rs. 3 Crore (International Travel Air Insurance)
JetPrivilege HDFC Bank World Debit Card: Rs. 5 Lakh (Base Cover), additional up to Rs. 20 Lakh (Accelerated Cover), Rs. 1 Crore (International Travel Air Insurance)
Times Points Debit Card / Millennia Debit Card / Rupay Premium: Rs. 5 Lakh (Base Cover), additional up to Rs. 5 Lakh (Accelerated Cover), Rs. 1 Crore (International Travel Air Insurance)
Eligibility Criteria:
For the base accidental coverage, the cardholder must have completed a POS transaction in the last 30 days.
For international travel air insurance, the ticket must be purchased using the HDFC Bank Debit Card.
ICICI Bank Debit Card Insurance
ICICI Bank offers the following coverage amounts:
Coverage Amounts:
Regular Savings Account: Rs. 50,000 (Air Accident)
Silver Savings Account: Rs. 50,000 (Air Accident)
Gold Savings Account: Rs. 5 Lakh (Non-Air), Rs. 30 Lakh (Air Accident)
Titanium Savings Account: Rs. 10 Lakh (Non-Air), Rs. 40 Lakh (Air Accident)
Wealth Savings Account: Rs. 12 Lakh (Non-Air), Rs. 1 Crore (Air Accident)
Wealth Select Savings Account: Rs. 14 Lakh (Non-Air), Rs. 2 Crore (Air Accident)
Eligibility Criteria:
Only active accounts are eligible for personal and air accident cover.
Insurance cover is not applicable for Basic Savings Bank Deposit Accounts (BSBDA).
Coverage applies only in the event of the cardholder's death.
Axis Bank Debit Card Insurance
Axis Bank provides insurance coverage on select cards, with eligibility determined by the bank. General terms include:
Eligibility Criteria:
For personal accidental insurance cover, the debit card should be used for a purchase within 180 days before the accident.
For air accident insurance cover, the flight ticket must be purchased using the Axis Bank Debit Card.
Coverage Terms:
Air accident insurance applies only to commercial flights and excludes pilots and crew members.
If multiple debit cards are held, coverage applies to only one card, typically the one with the highest insurance cover.
Kotak Mahindra Bank Debit Card Insurance
Kotak Mahindra Bank debit cards come with secure PIN protection and offer complimentary insurance coverage:
Coverage Amounts:
Classic / Maestro Cards: Rs. 2 Lakh (Personal Accident)
Gold / Titanium Cards: Rs. 15 Lakh (Air Accident), Rs. 5 Lakh (Personal Accident Base), Rs. 15 Lakh (Enhanced Cover)
Platinum / My World Cards: Rs. 50 Lakh (Air Accident), Rs. 5 Lakh (Personal Accident Base), Rs. 15 Lakh (Enhanced Cover)
Eligibility Criteria:
To qualify for personal base cover, a minimum of two POS or e-commerce transactions of Rs. 500 each within the last 30 days is required.
For enhanced cover, at least six POS or e-commerce transactions of Rs. 500 each within the last 60 days are necessary.
Other Coverages:
Lost card liability coverage ranging from Rs. 2.5 Lakh to Rs. 6 Lakh.
Lost baggage coverage of Rs. 1 Lakh for all card types.
Purchase protection covering fire and burglary, with amounts from Rs. 50,000 to Rs. 1.5 Lakh.
How to Claim ATM Card Insurance
The specific process for claiming insurance coverage varies by bank. Generally, you need to inform the bank promptly about the incident and submit the required documents. Here’s a general outline:
Documents Required:
Duly completed claim form
Original Personal Accident Death (PA) claim form signed by the nominee
Copy of the death certificate (notarized/attested by a gazetted officer)
Copy of the FIR or Panchnama (notarized/attested)
Copy of the post-mortem report (notarized/attested)
No objection certificate (NOC) from other legal heirs if no nominee is mentioned
Canceled cheque of the nominee for direct fund transfer
Hospitalization papers if the cardholder died in the hospital
Newspaper cuttings if the accident was reported in the media
Card details and copy of the card
Proof of flight ticket purchase via the debit card for air accident insurance
Claim Process by Major Banks:
ICICI Bank: Call ICICI Lombard at 1800 2666 within 15 days to initiate the claim.
SBI: Call 1800 2666 5844 with policy number 4112-400401-23-7001805-00-000 within 90 days of the accident.
Axis Bank and Kotak Mahindra Bank: Visit the nearest bank branch with the required documents to file a claim.
Conclusion
Debit card insurance offers significant benefits, including coverage for accidental death, permanent disability, loss of baggage, purchase protection, and more. Understanding how to claim this insurance can provide financial support during emergencies. Each bank has specific prerequisites for eligibility, generally requiring a basic transaction using the debit card within a stipulated period before the accident. While this insurance does not come with a policy number, claims can be processed by contacting your nearest bank branch and providing the necessary documentation.
Knowing the details of your debit card insurance coverage can ensure you and your loved ones are financially protected in unfortunate events. Always keep your debit card active and perform regular transactions to maintain eligibility for these valuable insurance benefits.
C
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