Did you know that your bank's debit card might offer insurance coverage? This is particularly beneficial in unfortunate situations like the cardholder's death or permanent disability. This guide delves into debit card insurance, the eligibility criteria, coverage types, and the claims process.

Understanding ATM Card Insurance

Most bank accounts provide ATM-cum-debit cards for ease in withdrawals and merchant transactions. In the event of the cardholder's death or disability, you may claim a monetary sum under the insurance provided with the card; however, eligibility and benefits vary by bank. Importantly, this coverage does not have a policy number, which can cause confusion during claims.

This article explores the insurance offerings from five major banks in India: SBI, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.

SBI Debit Card Insurance

SBI offers insurance coverage for both air and non-air accidental deaths. The eligibility requires a transaction within 90 days of the accident. Coverage amounts vary based on the card type, with additional coverage for air travel accidents if the ticket is purchased using the SBI card.

HDFC Bank Debit Card Insurance

HDFC provides accidental death coverage according to the card type. A transaction within 30 days is mandatory for coverage eligibility, with specific conditions for international travel air insurance.

ICICI Bank Debit Card Insurance

ICICI offers insurance coverage with varying amounts for different account types. Only active accounts qualify, excluding Basic Savings Bank Deposit Accounts.

Axis Bank Debit Card Insurance

Coverage from Axis Bank is limited to certain cards, and requires the card to be used for purchases within 180 days prior. Conditions apply to air accident insurance for commercial flights.

Kotak Mahindra Bank Debit Card Insurance

Kotak Mahindra offers complimentary coverage with secure PIN protection. Eligibility includes POS or e-commerce transactions within specific periods. Additional coverage includes lost card and baggage liability.

Claiming ATM Card Insurance

The claims procedure differs by bank. Generally, you must notify the bank promptly and provide necessary documentation, such as the original claim form, death certificate, FIR copy, and more.

Claim Process by Major Banks

• ICICI: Call Lombard within 15 days.
• SBI: Call with designated policy number within 90 days.
• Axis and Kotak: Visit banks with documents to file claims.

Conclusion

Debit card insurance offers crucial benefits in emergencies. Understanding the policies can financially protect you and your loved ones. Keep your card active to ensure eligibility for these benefits.