These days, most people invest in insurance policies. Life insurance provides you with security cover, which offers financial assistance in case of any unforeseen events. However, you can only benefit from any life insurance policy when you pay the premium for it. But did you know that you can also get this insurance completely free? All you need is a debit card.
People often overlook the benefits they can receive through a debit card because they consider it insignificant. On a debit card, you can also get life insurance coverage up to 5 lakh rupees absolutely free. Let’s find out how you can take advantage of it.
How does insurance work on a debit card?
Insurance on a debit card is provided when you open a savings account with any bank. When you open a savings account, you are given a bank’s ATM card or debit card. Along with it, you receive life insurance coverage in case of accidental death. As per the State Bank of India’s website, the bank provides its customers with Personal Accidental Insurance (Death) Non-Air Cover for debit cardholders.
How much insurance is provided on which card?
It should be noted that the amount of insurance provided on a debit card depends on the type of card you have. If you have a Classic Card, you are eligible for insurance coverage of 1 lakh rupees. On the other hand, Platinum Cardholders receive coverage of 2 lakh rupees, General MasterCard holders receive coverage of 50,000 rupees, Platinum MasterCard holders receive coverage of 5 lakh rupees, and Visa cardholders receive insurance coverage ranging from 1.5 to 2 lakh rupees for free.
When and how can a claim be made?
The life insurance provided on a debit card can be claimed in the event of the untimely death of any cardholder. Making a claim is relatively easy. The nominee of the cardholder needs to visit the respective bank and submit an application. The application should include the cardholder’s death certificate, a copy of the FIR (First Information Report), a proof of dependency on the cardholder, an original copy of the deceased’s certificate, and other required documents.