Debit Card Insurance: A Comprehensive Guide on Claiming Without Policy Numbers in 2024

Debit Card Insurance

In the era preceding the widespread adoption of UPI, debit cards were the primary medium for cashless transactions, often accompanied by complimentary insurance covers provided by leading banks like HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, and DBS India. These insurance products, including personal accident, purchase protection, flight accident, and card fraud coverage, are structured as group life insurance policies. Unlike traditional term life insurances, these policies do not assign independent policy numbers to individual cardholders.

Insurance Coverage Overview:

Various banks offer different levels of insurance coverage on their debit cards. For instance, SBI Gold Debit Card holders are entitled to a 2 lakh non-air accidental death insurance, 4 lakhs for air death insurance, while Platinum Card holders enjoy 5 lakhs and 10 lakhs, respectively. HDFC Bank Debit Card users are covered with 5 lakh insurance for road, rail, and air accidents, along with 1 crore for international air travel accidents.

How to Claim Without a Policy Number:

Claiming insurance on a debit card without a designated policy number requires adherence to specific conditions set by the banks. For instance, Kotak Mahindra’s Gold and Platinum Debit Card holders must engage in at least 6 point-of-sale transactions or make a Rs 500 e-commerce transaction within the last 60 days to qualify for insurance. DBS Bank Infinite Debit Card holders need at least one point-of-sale and e-commerce transaction within the last 90 days. HDFC Bank Debit Card users can secure insurance by completing a POS or payment gateway transaction within 30 days.

Steps to Claim:

1. Approaching the Bank: The policy nominee should approach the bank within the stipulated time frame, usually within 60 days of the incident.
2. Required Documents: Nominees need to submit essential documents, including the claim form, the cardholder’s death certificate, and the nominee’s KYC details.
3. Submission Process: These documents can be submitted at the bank branch, and some banks may offer the convenience of online document submission.
4. Document Checklist: Necessary documents include the nominee’s contact details, a duly filled insurance claim form, the original death certificate, a complete post-mortem report, an FIR in case of accidental deaths, and newspaper cuttings if the incident wasn’t reported by local media.

Conclusion:

Navigating the process of claiming insurance on a debit card without a policy number involves understanding the specific transaction requirements set by the bank and timely submission of necessary documents. By demystifying this process, cardholders and their nominees can ensure the smooth execution of insurance claims in the unfortunate event of the cardholder’s demise.

Also Read…. Get Free Insurance Through Your ATM Card