Accident Insurance: Most banks also provide accidental insurance cover along with debit cards. If you know all the conditions related to it then it will be easier for the nominee in an unfortunate situation.
Accident Insurance: Many banks of the country also provide insurance on debit cards. But, most of the people are not able to take advantage of it due to lack of information. If you keep some information and papers ready, you can easily avail the benefits of this insurance which is given as a gift along with the debit card. So let us understand how this insurance that comes with the debit card can be availed.
All major banks provide this facility
Kotak Mahindra Bank, HDFC Bank, State Bank of India, ICICI Bank and Development Bank of Singapore are some of the major banks which also offer insurance cover with their debit cards. For this you also have to fulfill some conditions. Only after fulfilling these conditions you become entitled to this life insurance. After this, in the unfortunate event of death due to an accident, your family members get the benefit of this insurance.
It is very important to know the rules related to transaction
One of these conditions is to transact money through the card within the stipulated time. It is very important for you to know from your bank how much money will be transacted and you will be entitled for life insurance. The second question that arises is how the nominee will be able to claim after the death of the cardholder.
The bank gives you this insurance cover under the group insurance policy. In this you get protection from accident cover, purchase protection, air accident, card fraud etc. In these you do not get a separate policy number. Since you do not have the policy number, it is a bit difficult to claim it. Many banks provide insurance cover up to Rs 1 crore under this.
Claim will be available after fulfilling these conditions
The first condition set by banks is minimum transaction. Kotak Mahindra Bank imposes a condition of minimum 6 transactions of Rs 500 within the last 60 days. DBS Bank requires one transaction in 90 days. HDFC Bank imposes a condition of 1 transaction in 30 days. Therefore, you should know its terms and conditions from your bank.
How to make claim
In case of death in an accident, the nominee will have to contact the bank with all the documents within the stipulated time. Claim should be made within 60 days. Every bank has different rules in this regard. The nominee will have to submit the customer’s death certificate and KYC related documents along with the claim form. These can also be sent through email by calling the bank branch or customer care.
What documents will be needed
- Nominee address and contact details
- insurance claim form
- Original death certificate
- post mortem report
- FIR or Panchnama (in case of accident)
- Spot Panchnama, accident spot and photo of the vehicle.
- newspaper cuttings
- Papers received from the hospital on death during treatment
- Salary slip or type of business
- driving license
- Successor certificate in case there is no nominee
