Did you know obtaining a free accidental insurance policy is as easy as having a debit card? It’s a simple yet valuable benefit that comes with your card.
This coverage applies to all debit card users, but it is subject to the rules of the respective banks. It provides coverage in an accident that results in death or disability. The amount of insurance varies depending on the bank.
Most banks offer coverage ranging from ₹2 lakh to ₹10 lakh. For example, SBI and HDFC Bank provide coverage within this range. ICICI Bank, on the other hand, offers accidental insurance from ₹2 lakh to ₹15 lakh, while Axis Bank has a policy covering amounts from ₹1 lakh to ₹5 lakh.
It’s important to note that the coverage amount may differ for various debit cards. The coverage is generally the same for regular debit cards, but premium or platinum cards often come with slightly higher accident insurance coverage.
Therefore, you should familiarize yourself with the policy conditions, coverage, and the claim process in advance.
Here are some conditions to qualify for the accidental policy through a debit card:
- The debit card must be active.
- At least one transaction must have been made with the debit card in the last three months.
- The account holder must maintain the minimum balance per the bank’s regulations.
This policy does not require an additional fee; it applies as long as the debit card is used regularly.
The claim process is straightforward in the unfortunate event of a fatal accident. The account holder must notify the bank within one month, fill out the relevant applications, and submit the necessary documents. The bank will guide you through the process, making it as easy as possible during a difficult time.
The bank typically requires the following documents within 60 days of the accident. Submitting documents after this time may result in rejection of the claim:
- Police complaint or FIR copy
- Hospital bills
- OP (Out-Patient) records
- Xerox copy of the debit card
- Bank statement
- Death certificate
If you prepare all required documents in advance and submit them to the bank promptly, your claim application will be quickly processed within 14 days of submission. This ensures that the policy amount will be disbursed to the deceased’s family immediately.