Debit Card Insurance - How to Claim Insurance on ATM Card?

Many debit cards come with a range of benefits, including complimentary insurance coverage, to attract and retain customers. This insurance coverage provides cardholders with a safety net against various risks and can offer financial security in the event of an unforeseen incident.

Many banks offer complimentary accidental hospitalization or death cover to their debit and credit cardholders with an operational bank account. The amount of insurance coverage offered may vary depending on the type of card and the usage of the card.

Note: It is also important to note that having multiple cards from the same bank or different banks does not mean that you are eligible for multiple insurance coverage.

Insurance coverage is typically provided on only one card, regardless of how many cards you have. Therefore, it is important to carefully review the terms and conditions of your card to understand the extent of your insurance coverage.

Types of Debit Card Insurance

Here are some different types of debit card insurance coverage that are commonly offered:

• Card liability cover: This type of insurance coverage protects cardholders against any unauthorized transactions made on their debit card. If a cardholder reports the loss or theft of their card immediately to the bank, they are not liable for any fraudulent transactions made on their card.
• Personal accident cover: Many debit cards come with personal accident cover that provides financial support in case of accidental death or disability. The coverage amount may vary depending on the type of debit card, and customers may be eligible for up to Rs.10,00,000 in personal accident cover.
• Air accident cover: Frequent flyers or individuals who travel frequently for work or leisure may benefit from air accident cover. This coverage provides financial support in case of an accident or death while travelling on a commercial airline.
• Purchase protection cover: This coverage protects against damage or theft of goods purchased using a debit card. The coverage period is typically up to 90 days from the date of purchase.

• Loss/delay in baggage cover: This coverage provides financial support in case of loss or delay of baggage during travel.

The type and extent of coverage offered may vary depending on the issuing bank or financial institution and the specific debit card agreement. Debit card insurance is typically an add-on feature that customers may be required to pay an additional fee or maintain a minimum balance in their account to avail of this feature.

Top Banks Offering Insurance Debit Cards (SBI, HDFC, ICICI, Kotak and Axis Banks)

SBI Bank Debit Card Insurance

SBI provides its customers with four insurance covers on their debit cards. The following are the details of each insurance cover:

• Personal Accidental Insurance (Death) Non-Air: This insurance cover provides protection to the debit cardholder in case of non-air accidental death. The coverage amount varies depending on the type of debit card version owned by the customer. This insurance coverage becomes active when the card is used at least once in any channel (E-Com/PoS/ATM) within the last 90 days (financial transaction) from the date of the accident.
• Personal Air Accidental Insurance (Death): This insurance cover provides protection to the debit cardholder in case of air accidental death. The coverage amount depends on the type of debit card version owned by the customer. This insurance coverage becomes active when the card has been used at least once in the last 90 days (financial transaction) from the date of the accident, subject to the condition that the air ticket for that air journey was purchased using the debit card.
• Purchase Protection: This insurance cover provides coverage for loss of goods/articles purchased within 90 days of purchase (except perishables, jewellery, and precious stones) due to theft/burglary/housebreaking, including theft from a car. The goods must have been purchased at a Point of Sale (POS)/merchant establishment using one of the qualifying SBI debit card types.
• Purchase Protection Cover (Salary Package Account Holder): This insurance cover is available on all VISA/MasterCard versions provided to Salary Package Account Holders.

The amounts available based on coverage are listed below: 

It is important to note that if multiple cards are issued to a single account, the above-mentioned insurance cover will be provided to just one card per account. Customers can visit their nearest SBI branch or check the official website to know more about the insurance coverage provided on their card type.

HDFC Bank Debit Card Insurance

HDFC Bank Debit Cards offer various insurance covers to provide financial protection to their cardholders. The insurance covers include Personal Accidental Death Cover, Free Accidental Base Cover, Accelerated Insurance Cover, and Accidental Air Insurance Cover. However, to be eligible for the insurance claim, the cardholder must have carried out at least one transaction using their debit card.

HDFC Bank offers accidental death coverage for its cardholders. The amounts vary based on the type of card: 

• Free Accidental Base Cover: The Free Accidental Base Cover is applicable to all HDFC Bank Debit Card types, including Platinum Debit Card, Times Points Debit Card, Millennia Debit Card, RuPay Premium, Business Debit Card, Rewards Debit Card, Gold Debit Card, and Women's Debit Card. The cover amount is Rs.5 lakhs.
• Accelerated Insurance Cover: The Accelerated Insurance Cover provides additional coverage to the cardholder, based on their spending pattern for the last twelve months. The Base Cover is Rs. 5 lakhs, and the Accelerated Cover amount can go up to Rs.5 lakhs for all card types except for HNW Platinum, which can go up to Rs.7 lakhs.
• Accidental Air Insurance Cover: The Accidental Air Insurance Cover provides coverage for international travel using HDFC Bank Debit Card. The cover amount is up to Rs.3 crores for Platinum Debit Card, up to Rs.1 crore for Times Points Debit Card, and Millennia Debit Card, up to Rs.25 lakhs for Rewards Debit Card, Gold Debit Card, and Women's Debit Card.

It is important to note that the Accidental Air Insurance Cover is only applicable for international air tickets purchased using the HDFC Bank Debit Card. Additionally, the insurance claim is subject to terms and conditions, and the cardholder should carefully review the eligibility criteria and other details before availing of the insurance cover.

ICICI Bank Debit Card Insurance

The following amounts are available as insurance coverage from ICICI Bank: 

Personal Accident Insurance: ICICI Bank provides personal accident insurance options to its customers based on the type of savings account they have. Each account has a different level of coverage that is provided to the account holder.

• The Regular Savings Account and Silver Savings Account offer Personal Accident Insurance for air accidents up to Rs.50,000.
•  On the other hand, the Gold Savings Account offers Personal Accident Insurance for non-air accidents up to Rs.5 lakhs.

• The Titanium Savings Account offers Personal Accident Insurance for air accidents up to Rs.30 lakhs and for non-air accidents up to Rs.10 lakhs.
• The Wealth Savings Account provides Personal Accident Insurance for air accidents up to Rs.40 lakh and for non-air accidents up to Rs.12 lakhs.
• The Wealth Select Savings Account offers the highest level of coverage, with Personal Accident Insurance for air accidents up to Rs.1 crore and for non-air accidents up to Rs.14 lakhs.

• It is important to note that these coverage options are available only to active savings account holders and are not applicable to Basic Savings Bank Deposit Account (BSBDA).

• ICICI Bank provides complimentary personal accident insurance for its customers, and the coverage offered depends on the type of account held. This means that the coverage may vary from air accident insurance up to Rs.50,000 to personal accident insurance up to Rs.2 crores, depending on the account type.

It is recommended that customers review the terms and conditions of their account to understand the coverage provided and any exclusions that may apply.

Kotak Bank Debit Card Insurance

Kotak Debit Card offers comprehensive insurance benefits to its customers, which can provide them with financial assistance in case of accidental death, loss of goods purchased using the card, and loss of baggage while travelling.  

Kotak Mahindra Debit Cards come with free insurance and a secure 6-digit PIN. The amounts are listed below: 

• Personal Accident Cover: One of the insurance covers provided is the Personal Accident Cover, which offers financial assistance of up to Rs.25 lacs to the beneficiaries or legal heirs in case the cardholder suffers an accident that leads to death. This policy covers accidental death due to road or rail accidents, and the eligibility criteria includes having a Kotak Debit Card.
• Air Accident Cover: the Kotak Debit Card also offers an Air Accident Cover of up to Rs.5 crores to provide financial protection to the beneficiaries or legal heirs in case of the cardholder's loss of life due to an air accident during domestic or international travel.

• Lost Card Liability Cover: The Lost Card Liability Cover provides financial protection of up to Rs.6 lakhs in case of fraudulent transactions on the lost or stolen card at merchant outlets or online portals.
• Purchase Protection Cover: The Purchase Protection Cover provides protection of up to Rs.1.5 lacs against loss of goods purchased using the Kotak Debit Card. This cover is valid up to 60 days from the date of purchase, subject to certain terms and conditions.
• Lost Baggage Insurance Cover: The Lost Baggage Insurance Cover provides protection of up to Rs.1 lakh for loss of baggage during travel, provided the travel ticket was purchased using the Kotak Debit Card.

If want to know coverages and more details click on Kotak Mahindra Bank debit card Insurance.

Axis Bank Debit Card Insurance

Axis Bank offers two types of insurance cover on its debit card: Personal Accident Insurance and Baggage Loss/Checked-in Baggage Insurance. 

The types of debit cards that Axis Bank offers and their associated fees are listed in the following table: 

• Personal Accident Insurance:
  • Personal Accident Insurance provides financial coverage to the legal nominee of the cardholder in case of the cardholder's death due to an accident. The coverage is valid for a period of 180 days prior to the incident and applies only if the cardholder has performed at least one Point of Sale (POS) transaction during that period.
  • The insurance claim process involves the legal nominee intimating the bank about the death of the cardholder within 30 days of the incident and submitting required documents such as FIR/Panchanama copy, death certificate, identity card, and bank statements within 60 days of the incident.
• Baggage Loss Insurance:
  • Baggage Loss/Checked-in Baggage Insurance provides financial coverage to the cardholder in case of the loss of checked-in baggage while travelling. The coverage applies only if the customer has booked the flight ticket through Axis Bank Debit/Credit Card.
  • The claim process involves the cardholder intimating the bank within seven days of the loss and submitting required documents such as proof of ticket booking through Axis Bank Debit Card and flight details within 30 days of the loss. The claim process also involves submitting additional information if required by the insurance company.

AU Small Finance Bank Debit Card Insurance

AU Small Finance Bank provides several insurance benefits that ensure hassle-free transactions and protection against personal accidents.

The following is the list of benefits of debit card linked insurance coverage offered by AU Small Finance Bank debit card:

• Depending on the type of Debit Card Personal Accident Cover of Rs.10 lakh is provided.

• Against an accident aboard a flight, debit card linked insurance offers Air Accident Cover of up to Rs.1 crore.

• Purchase protection of up to Rs.50,000 is offered against the goods bought using your AU Debit Card, thereby protecting against damage from theft or fire till 90 days from the purchase date.

• Card Liability Cover on AU Debit Cards ensures safety against fraudulent transactions on the card and takes all responsibility of the lost or stolen card.

How To Claim Debit Card Insurance Coverage?

The process of claiming debit card insurance may differ across various banks. Here are the general steps you can follow to claim debit card insurance coverage:

Step 1: Review your debit card's insurance coverage: Check the terms and conditions of your debit card to understand what types of insurance coverage it offers, the benefits provided, and the claim process.

Step 2: Report the incident to the card issuer: If you need to claim insurance coverage, you should inform your card issuer as soon as possible. They will guide you on the next steps and provide you with the necessary documentation required to file the claim.

Step 3: Submit the required documentation: Depending on the type of coverage and the incident, you may need to provide specific documents, such as a police report or medical certificate. Make sure you are submitting all the necessary documents before your claim.

Step 4: Fill out the claim form: Your card issuer will provide you with a claim form that you need to fill out accurately and completely. Make sure to include all the necessary details to avoid any delays or rejections.

Step 5: Submit your claim: Once you have completed the claim form and gathered all the required documents, submit them to your card issuer. You may do this online, via email, or by mailing it to the address provided.

Step 6: Wait for a response: The time it takes for your claim to be processed and approved may vary depending on the insurance provider. You may receive an update from your card issuer on the status of your claim.

Step 7: Receive the benefit: If your claim is approved, the benefit will be paid out to you according to the terms and conditions of your coverage. It may be deposited directly into your bank account or sent to you in the form of a cheque.

Documents Required

The list of documents required for different types of Insurance claims is given below:  

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