Remember that the cardholder must have made at least one valid purchase 90 days prior to the accident. If you believe that since you have four debit cards and one credit card that you can benefit from various insurance coverages, you are wrong. You will only have insurance coverage on one card, regardless of how many cards you have.
What SBI offers
For example, SBI customers get 4 insurance coverages on their debit card. These insurances are as follows:
Non-aviation personal accident (death) insurance : This insurance only protects the debit card holder in the event of non-air accidental death, depending on the type of debit card version held offered by the bank to the customer. This insurance coverage becomes active when the card is used at least once on any channel, i.e. eCom / PoS / ATM, within the last 90 days (financial transaction) from the date of the accident. .
Individual aviation accident insurance (death): This insurance only protects the debit card holder in the event of accidental death by plane, to the extent that the type of debit card version held allows it. This insurance coverage becomes active when the card has been used at least once during the last 90 days (financial transaction) from the date of the accident, provided that the plane ticket for this air trip has been purchased with the debit card.
Purchase protection: This coverage covers loss of property / items purchased within 90 days of purchase (excluding perishables, jewelry and gemstones) due to theft / burglary / break-in, including theft from a car . Goods must have been purchased at a point of sale / point of sale establishment using one of the qualifying debit card types.
Purchase Protection Coverage (Salary Package Account Holder): This cover is available on all VISA / MasterCard versions provided to holders of a Salary Package account.
- In the event that several cards are issued on the same account, the insurance coverage mentioned above will be provided to only one card per account.
- To find out what your bank offers on its type of card, visit your nearest branch or visit its official website for more information.
Free accident insurance covered by banks is excellent to claim. However, to claim the coverage, you must be eligible and follow the correct procedure at your respective bank.
Most cardholders are unaware of this fact. You probably had no idea before reading this article, but now you have.