Do you know that certain debit card variants of most of the banks offer free accidental insurance coverage?
Not only that, this insurance provided a coverage up to Rs 3 crore in some cases.
How To Get Free Debit Card Insurance?
It is noteworthy here that this insurance coverage is absolutely free.
So, no premium is charged from the debit card holder in addition with no documents asked by banks.
But notably there is a catch that this is a group insurance policy hence independent policy numbers at a cardholder level are not available.
First of all the applicant has to clear the certain terms and conditions that are applied by the banks that give out free accidental insurance coverage on select debit card variants.
The banks ask the cardholders to conduct one of the most important terms and conditions where they have to conduct certain transaction(s) using that specific debit card within a certain period.
For instance, consider the case of the HDFC Bank website HDFC Bank’s Millennia debit card which comes with a free insurance cover of Rs 5 lakh for domestic Air/Rail/Road travel and Rs 1 crore for international air travel.
Their condition is that for the insurance policy to be active on this specific card, a cardholder needs to conduct at least one transaction in the last 30 days.
It is noteworthy here that the definition of conducting transactions in order to become eligible for free accidental insurance coverage on a debit card varies from bank to bank.
Besides this, certain specific transactions are only eligible for free insurance cover on debit cards.
For instance “UPI transactions are not eligible for insurance cover,” said Prashant Joshi – MD and Head – of Consumer Banking Group, DBS Bank India.
Which Transactions Type & Documents Qualifies For Free Debit Card Insurance?
Basically, Point of sale (POS) transactions and E-commerce online transactions qualify for this getting the free debit card insurance coverage.
When it comes to the documents, it can vary from bank to bank.
Here, a list of common documents which are mostly asked by the various banks is given below.
Image source – https://economictimes.indiatimes.com/
Besides this, one has to note that if the provided documents are in vernacular language then the translation of documents must be undertaken and made notarised.
