Debit Card: Debit Card offers free insurance up to Rs 10 lakh, learn the easy way to claim..

Debit Card Free Insurance: Most of us use our debit cards solely for ATM withdrawals or shopping. However, few people know that many banks offer free insurance coverage with their debit cards. This coverage can sometimes be up to ₹10 lakh. However, certain conditions must be met to avail this benefit. Let's find out more:

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Complimentary insurance is available on these bank cards.
Many major Indian banks, such as HDFC Bank, ICICI Bank, State Bank of India, and Kotak Mahindra Bank, offer complimentary insurance on their debit cards. This insurance is usually covered under a group policy, so no separate policy number is issued. It can include features such as personal accident cover, air accident cover, purchase protection, and card fraud.

However, this insurance is only applicable if your debit card is active. This means that transactions must be completed within a specified timeframe. For example, some banks require you to have made at least one or a certain number of purchases or online payments within the last 60 or 90 days. If you don't use the card, the insurance cover will not apply.

An easy way to keep your debit card active is to pay for everyday expenses, such as electricity bills, mobile recharges, or petrol, using the card. This will ensure the required transaction requirements are met.

What is the insurance cover amount?
The amount of insurance cover depends on your card category. A standard card may cover up to ₹1 lakh. A platinum or premium card may cover between ₹2 lakh and ₹5 lakh. Certain special cards may even cover up to ₹10 lakh.

How can you file a claim?
If the cardholder meets with an accident, the nominee must inform the bank within a specified timeframe. Generally, filing a claim within 30 to 60 days is considered mandatory. This requires submitting a claim form, death certificate, post-mortem report, FIR in case of an accident, and the nominee's KYC documents. A bank statement may also be required to prove that the card was active.

With accurate information and timely action, this free insurance can be a significant support during difficult times.

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