Life Insurance Latest News Today: Apart from SBI, a number of other banks offer free insurance coverage with their debit cards, including those on accident, life, baggage loss as well as purchases. Most of banks provide free insurance coverage with their debit cards. However, the majority of cardholders seem to be unaware of these facts. In this regard, cardholders should take note that debit cards come with complimentary insurance coverage. Personal accident insurance, purchase protection, and baggage loss insurance are also included in the package.
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Kotak Mahindra Bank
Kotak Mahindra Bank offers personal accidental death cover of up to Rs 25 lakh on Kotak debit cards. However, it comes with one condition that there must be at least one use of the card, such as an ATM transaction, a point of sale transaction, or an e-commerce purchase, in the past 90 days from the accident date in order to activate the insurance cover.
Besides this, Kotak Mahindra Bank provides a lost card liability coverage that covers transactions up to Rs 6 lakh at merchant outlets and online portals using your lost or stolen cards.
State Bank of India
The State Bank Of India offers separate air accidental death insurance based on the type of debit card variant users are using. The bank also offers baggage loss insurance during air travel (domestic and international) in addition to the cover provided by the airline. The conditions are that the air ticket should have been purchased using a debit card, and the card should have been used at least once within 90 days from the date of accident.
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Apart from this, the bank also covers any loss or damage to goods purchased with SBI debit cards within 90 days of purchase, up to Rs 1 lakh (excluding perishables, jewellery, and precious stones).
HDFC Bank
HDFC Bank offers accidental insurance coverage that begins and ends at Rs 5 lakh, except for air accidental insurance, which goes up to Rs 1 crore.
