Utility News Desk!!! Almost every one of you must be using a debit card. You can withdraw your money from ATM only because of debit card. But very few people know that most banks also offer life insurance cover on debit cards. That means, if any incident or fraud happens to you, you get insurance cover on that.
Many banks also provide insurance in case of death of debit card users. If the cardholder dies, his family members can also claim the insurance. Different banks offer different types of insurance. Many banks provide insurance up to Rs 3 crore. If you use SBI debit card, you get a cover of Rs 4 to 10 lakh in case of accidental death. In case of death due to road accident or accident at any other place, a cover of Rs 2 to 5 lakh is available.
ICICI Bank Rs. Provides cover up to Rs 3 crore
But according to the terms and conditions of different HDFC bank cards, you get insurance cover ranging from Rs 5 lakh to Rs 3 crore. ICICI Bank also gives claims ranging from Rs 50 thousand to Rs 30 lakh. Whereas Kotak Mahindra Bank also provides insurance coverage up to Rs 50 lakh.
Don’t worry if you don’t get the policy number.
However, you may find that you have not received the policy number. The main reason for this is that since it is a group policy, the policy number is not available. Every account holder should visit his/her bank branch to obtain information about the insurance available on the card and the related terms and conditions. Apart from this, he should also get information about the nominee from the bank.
KYC is required
KYC is necessary to take insurance. That is, a person using a debit card should go to his bank branch and submit KYC and other documents, if not then immediately. Death certificate and KYC of the customer is required to claim personal accident insurance.