Did you know that your debit or credit card can offer insurance cover ranging from lakhs to crores of rupees? Most people are unaware of this hidden benefit because banks don’t openly disclose it.
Did you know that your debit or credit card isn’t just a means of payment, it can also provide insurance coverage worth crores? Unfortunately, banks often don’t disclose this hidden benefit to customers. Most people assume that every card offers insurance, but that’s not true. Banks only offer this feature on certain premium or special-tier cards.
For example, the HDFC Bank Platinum Debit Card offers air accident cover up to ₹3 crore, while the SBI Pride Debit Card offers air accident insurance up to ₹4 lakh. The SBI Platinum Debit Card also offers accidental cover of ₹5 lakh and air accident cover of ₹10 lakh. If you have an SBI ELITE or PRIME card, you can get insurance cover up to ₹1 crore. These benefits are no small feat. They can prove to be a significant relief for your family in times of crisis.
Know the conditions under which this benefit is available.
Each bank has its own conditions for customers to avail of the insurance facility. Many cards have a monthly spend limit, meaning you have to spend a certain amount each month. Some debit cards require maintaining a minimum balance. If these conditions are not met, the insurance automatically expires, and sometimes the customer is unaware of it.
Enroll, otherwise you will not receive a claim.
An insurance claim can only be received if you have nominated someone. In the event of an unfortunate event, the amount is paid to the person whose name is listed on the insurance policy linked to the card. Therefore, it is important to nominate a trusted person and tell them how to file a claim.
Be aware, stay safe
Your card can be more than just a means of purchase, but also a security shield. It’s important to understand the terms and conditions, obtain written information from the bank, and make a nomination. The next time you swipe your card, remember that it can also ensure your family’s financial security.
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