Insurance on Debit Card:  The majority of the banks in India offer insurance on debit cards. But, most of us do not know how to get registered for free insurance. If you keep your papers ready, you can easily avail the benefits of this insurance which comes as a gift along with the debit card.

Insurance comes with all major debit card

All major banks like HDFC Bank, State Bank of India, and Kotak Mahindra Bank are some of the major banks that offer insurance coverage with their debit cards.

The insurance comes with some conditions. There are some rules related to minimum transactions, which vary from bank to bank. You need to be aware of the rules for nominee as well. The insurance provides accident coverage, purchase protection, air accidents, card fraud etc.

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Criteria to claim insurance

the first condition set by banks is a minimum transaction. Kotak Mahindra Bank imposes a condition of a minimum of 6 transactions of Rs 500 within the last 60 days. DBS Bank requires one transaction in 90 days. HDFC Bank imposes a condition of 1 transaction in 30 days. Hence, you should know the bank's terms and conditions.

How to make a claim

In case, if insurance holder dies in an accident, the nominee will have to contact with concerned bank with the documents within the stipulated time. The claim should be made within 60 days. Each bank has different rules in this regard. The nominee will have to submit the customer's death certificate and KYC-related documents along with the claim form. These can also be sent through email by calling the bank branch or customer care.

What documents will be needed

  • Nominee's address and contact details
  • insurance claim form
  • Original death certificate
  • post mortem report
  • FIR or Panchnama (in case of accident)
  • Spot Panchnama, accident spot and photo of the vehicle.
  • newspaper cuttings
  • Papers received from the hospital on death during treatment
  • Salary slip or type of business
  • driving license
  • Successor certificate in case there is no nominee

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