Debit Card Insurance- You get free insurance of Rs 10 lakh on your bank's debit card, know full details about it
In today's technological era, there has been a lot of change in the transaction of money, people now transact lakhs of rupees in a jiffy through net banking, and UPI apps, in such a situation, whenever we need cash, we can turn to the bank, but you can withdraw money in minutes through ATM and debit card, make purchases.
Apart from this, debit cards offer many features and benefits, including the often overlooked debit card insurance coverage. This coverage can include travel insurance, purchase protection, and insurance against accidental death and disability. Despite its benefits, many cardholders are unaware of the scope and terms of this insurance. Let's know complete information about it-
Benefits of Debit Card Insurance Coverage
Purchase Protection: It protects items purchased with a debit card against damage or theft, usually up to 90 days from the date of purchase.
Accident insurance: Many banks offer significant accident insurance coverage with debit cards, which can range from ₹50,000 to ₹10,00,000.
Travel insurance: Some debit cards offer travel insurance coverage, which covers various travel-related risks.
Life and disability insurance: Cardholders can also get insurance coverage for accidental death and disability.
Eligibility criteria
Eligibility for debit card insurance coverage varies depending on the type of debit card and the issuing bank. Generally, insurance coverage applies to only one card per cardholder, regardless of the number of cards he or she has.
Claim process
Cardholders should immediately inform their bank about any unauthorized transaction, loss, or theft of their debit card.
The claim process requires proper documentation, including police reports and KYC (know your customer) documents.
After submitting the required documents, the bank processes the insurance claim within the specified period.
Follow our Whatsapp Channel for latest update
