Many banks in the country offer insurance with debit cards. However, many people miss out on the benefits because they don’t have enough information.
If you have some information and papers ready, you can easily get the benefits of this insurance that is given as a gift with the debit card.
Let’s learn how to use this insurance that comes with the debit card.
All major banks provide this facility
Kotak Mahindra Bank, HDFC Bank, State Bank of India, ICICI Bank, and Development Bank of Singapore are big banks that give insurance with their debit cards.
But, to get this, you need to meet certain conditions. Only when you meet these conditions, you become eligible for this life insurance.
Then, if something unfortunate happens, and there’s an accident causing death, your family members can benefit from this insurance.
It is very important to know the rules related to transaction
One of the conditions is to use the card to move money within a certain time.
It’s crucial to ask your bank how much money needs to be moved to qualify for life insurance.
The second question is about how the person chosen to receive the benefits (nominee) can claim them after the cardholder passes away.
The bank provides this insurance under a group policy, covering accidents, purchases, air accidents, card fraud, and more.
You don’t get a separate policy number for these, making it a bit challenging to claim. Many banks offer insurance coverage up to Rs 1 crore through this.
Claim will be available after fulfilling these conditions
The banks have a rule about the least amount you need to use your card.
For example, Kotak Mahindra Bank says you must do at least 6 transactions of Rs 500 in the last 60 days.
DBS Bank needs one transaction in 90 days. HDFC Bank says you need to do at least 1 transaction in 30 days. So, it’s important to ask your bank about these rules.
How to make claim
If someone dies in an accident, the person chosen to get the benefits (nominee) has to talk to the bank and give all the papers in the set time.
They need to make the request within 60 days. Each bank has its own rules for this.
The nominee has to give the customer’s death certificate and some documents related to who they are (KYC) with the form to claim the benefits.
They can also send these by email by calling the bank branch or customer care.
What documents will be needed
1. Nominee’s address and contact details
2. Insurance claim form
3. Original death certificate
4. Post mortem report
5. FIR or Panchnama (if it’s an accident)
6. Spot Panchnama, accident spot, and a photo of the vehicle
7. Newspaper cuttings
8. Papers from the hospital if the person died during treatment
9. Salary slip or details about the business
10. Driving license
11. Successor certificate if there’s no nominee
