Debit cards issued by a number of other financial institutions, in addition to SBI, come with free insurance coverage that covers accidents, life, lost luggage, and transactions. The majority of banks provide free insurance coverage with their debit cards. However, it would appear that the majority of cardholders are unaware of these particulars.
In this regard, debit cardholders ought to be aware that they are eligible for free insurance. Personal injury insurance, purchase protection, and baggage loss insurance are also included in the package.
Kotak Mahindra Bank:
Kotak Mahindra Bank gives an individual unintentional passing advantage of up to Rs 25 lakh. In order for the insurance coverage to kick in, the card must have been used at least once in the 90 days leading up to the accident, either at an ATM, a point of sale, or online. In addition, Kotak Mahindra Bank offers a lost card liability coverage that covers up to Rs 6 lakh in purchases made with lost or stolen cards at merchant locations and online portals.
State Bank of India:
The State Bank of India stated that, in addition to the coverage provided by the airline, it offers distinct aviation accidental death insurance policies based on the debit card variation that customers are using. Additionally, it offers insurance against baggage theft on domestic and international flights. The airline ticket must have been purchased with a debit card, and at least one transaction must have taken place within 90 days of the accident.
SBI additionally covers any misfortune or harm to merchandise bought with SBI check cards in somewhere around 90 days of procurement, up to Rs 1 lakhs.
HDFC Bank
HDFC Bank’s accidental insurance coverage begins and ends at Rs 5 lakh, with the exception of air accident insurance, which is available up to Rs 1 crore.
