Did you know? like credit cards, the State bank of India or SBI debit cards also come with insurance cover. Yes, India's largest lender offers complimentary insurance cover to its debit card users. It provides insurance cover like personal accidental (air), personal accidental insurance (non-air), baggage loss cover, purchase protection insurance and various other add on covers. The SBI debit card insurance covers primarily include family transportation and transportation of mortal remains.
SBI provides different insurance covers up to ₹ 10 lakh to ₹ 50 lakh, depending on the type of your debit card. From SBI Gold to Business card and Master to Visa card, the insurance cover differs.
ALSO READ: SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty
Here are some more details about the insurance cover on your SBI ATM-cum-Debit Card
1. Personal accidental death Insurance (Air): If the SBI debit cardholder meets unfortunate accidental death while in air, Personal accidental death Insurance will be provided to him/her. For this, the debit card must be once on any of the channels for either financial or non-financial transaction during the last 90 days from the date of the accident. Another condition which is important to claim the insurance money is that the flight on which this incident occurred should be booked using the SBI's debit card for you to be eligible to claim the benefit.
2. Personal accidental death insurance cover (Non-air): The debit cardholder becomes eligible for such a relief if his or her debit card was used once on either of the channels including point of sale terminal, ATM or any of the e-commerce portal within 90 days time before the date of the accident.
3. Purchase protection cover: SBI also provides insurance cover for lost or stolen goods purchased using different SBI debit card. The cover remains valid until a period of 90 days from the purchase date and on the premise of being lost due to any of the incidences such as house-breaking, theft from vehicle, theft, burglary etc. The insurance cover does not include perishable, jewellery or other precious stones.
4. Add on covers: Some of SBI's debit cards also provide for expenses incurred in carrying two immediate family members as well as mortal remains of the deceased from the hospital to his or her home if the personal accidental death claim is cited to be valid by the bank. The maximum cover extended under this add-on benefit is Rs. 50,000 and the bank's debit card that come loaded with this benefit include Gold (MasterCard/VISA), Yuva (VISA), Platinum (MasterCard/VISA), Pride (MasterCard/VISA), Premium (MasterCard/VISA) and Signature (VISA).
Also, there is compensation payable in case of checked-in baggage loss which is up to Rs. 25,000. But for you to be eligible for the claim in case of such a loss, the air ticket should be purchased via the debit card.
Also Read: SBI Customers Attention! SBI Bank likely to charge processing fees on home loans, top-up plans
Also Read: SBI lowers rates on non-repo-linked loans by 10 bps
Latest Business News
