[ad_1]
Do you have a debit or credit card? You Can Apply For Free Insurance Coverage | Photo credit: iStock images
The devastating Covid-19 pandemic has so far claimed the lives of 4.65 lakhs of Indians according to official figures and unofficial accounts estimate the number to be much higher. The pandemic has also made people aware not only of best health practices, but also of the financial guarantees available against eventualities such as emergency hospitalization or even death.
Life insurance is one of those financial instruments intended to help the family members of the deceased person in the event of loss of income of the breadwinner. Despite the crucial nature of life insurance products, few can have it, but a large part of the population has bank accounts and debit cards or ATM cards.
Not many people know that most ATM or debit cards and credit cards issued by public and private banks come with free coverage in the event of accidental death or accidental hospitalization. According to data available from the Reserve Bank of India, the total number of debit cards issued by all banks in India was over 92 crore as of September 2021.
This insurance coverage can range from Rs 50,000 to Rs 10 lakh depending on the type of card that is provided to the account holder.
The only condition to benefit from accidental hospitalization or death insurance coverage is that the card has been used within 90 days of the accident. For insurance coverage to apply, the debit or credit card may have been used either at an ATM, point of sale (PoS), or e-commerce platforms, within the stated 90-day period.
The claim can be made at the bank branch where the card holder has an account. It is not specified that the claim must be made no later than 90 days after the accident. Any complaint made after 90 days may be rejected. The beneficiary of the claim could be the agent on the account of the cardholder or the legal heir.
It should also be noted that this claim made to the cardholder’s bank will not affect the claim process of another external insurer.
The claim can be made by submitting certain documents to corroborate accidental death or permanent disability.
For example, to benefit from SBI’s RuPay card insurance, the following documents are required:
a) Complaint form duly completed and signed.
b) Original copy of the death certificate.
c) Original or certified true copy of the FIR / Police report giving the description of the accident.
d) Original or certified true copy of the post mortem report as well as the chemical analysis / FSL reports, if applicable.
e) Aadhar copies of the cardholder and the candidate.
f) Declaration of the issuing banks of the card duly signed by the authorized signatory and the bank’s stamp specifying that: the card holder holds a RuPay card on the IIN issued by RuPay and mentions the 16-digit card number / bank system account statement) 3. Applicant’s name and bank details (including copy of passbook) 4. Brief description of accident according to FIR translated into English or Hindi. 5. Name and contact details of the bank agent with the identifier of the e-mail.
[ad_2]
