In today's age, every bank account holder has a debit card in their pocket, but 95% of Indians don't know that their card is also a free insurance policy. The thing is, the bank provides life insurance and accident cover worth lakhs of rupees to its customers without any extra charge or premium.
If you also only use your card for shopping or withdrawing cash, this news is very important for you and your family. The bank decides the insurance amount according to the 'category' of your card. This amount can be from 1 lakh rupees to 10 lakh rupees.
- RuPay Card: Cover usually up to Rs 1 lakh.
- Platinum/Gold Card: Security from Rs 2 lakh to Rs 5 lakh.
- Premium Card (Visa Infinite/Mastercard World): A cover of Rs 10 lakh or more.
This includes protection against personal accident (death) as well as often air accident and card fraud.
Card must be active:
This free insurance benefit is available only when your card is in active status. A bank has an activity period.
The card must have at least one successful transaction (ATM, POS or Online) within the last 60 to 90 days from the date of mishap. If the card has been closed for months, the insurance claim may be rejected.
Correct Procedure of Claim:
In case of any unforeseen event or mishap, the family members (heir/nominee) should take the following steps:
- To inform the bank: The Bank must be informed in writing within 30 to 60 days of the accident or mishap.
- Required Documents: Copy of FIR, postmortem report, death certificate and KYC documents of the nominee have to be submitted along with the claim form.
- Proof of activation: Attach a copy of the bank statement proving that the card was active at the time of the accident.
Do this from today:
Most people leave (don't claim) this insurance amount in the bank due to lack of information. Find out today how much insurance is available on your card by visiting your bank's website or talking to customer care. This little knowledge can be a big help to your family in difficult times.
Also Read: Stock Market: Lottery-like opportunity for investors, company announces 10 times share issue
. Source
