Nowadays most people invest in insurance policies. Life insurance gives you a security cover that provides financial support in case of any untoward incident. However, you get the benefit of any life insurance policy only when you pay the premium for it. But do you know that you can also get this insurance free of cost? For this, you just need to have a debit card.
People take debit cards lightly, so they ignore the facilities they get. You also get life insurance up to Rs 5 lakh free on the debit card. Let us know how you can take advantage of it.
How to get insurance on a debit card?
You get insurance on debit cards when you open your savings account in any bank. Because with the opening of the savings account, you get the ATM card or debit card of the bank. Along with this, you get life insurance coverage in case of death in any accident. According to the SBI website, the bank provides personal accidental insurance (death) and non-air insurance to its customers, and debit card holders.
How much insurance is available on which card?
Let us tell you that the amount of insurance available on a debit card depends on your card. If you have a classic card then you get insurance of Rs 1 lakh. At the same time, Rs 2 lakh is available on Platinum cards, Rs 50 thousand on normal Master cards, Rs 5 lakh on Platinum Master card and Rs 1.5 to 2 lakh on Visa card for free.
When and how can I claim?
Life insurance available on debit card can be claimed in case of untimely death of any cardholder. Claiming it is very easy. For this, the nominee of the cardholder has to go to the concerned bank and make an application. In he needs documents like the death certificate of cardholder, copy of FIR, certificate of dependent on card holder, original copy of the certificate of deceased etc.
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