SBI Offers Free Insurance on its Debit Card

The debit card has become an important part of our life. It plays an important role in making our life cashless. Many people use debit cards only to withdraw cash or do shopping.

But do you know that you also get free insurance in debit cards?

The insurance cover limit also varies for different types of debit cards. Various types of insurance coverage include personal accident cover, purchase protection cover, and permanent disability cover.

Today we will talk about Complimentary Personal Accident Insurance of ₹ 20 lakh, purchase protection cover of ₹ 2 lakh, and add on the cover-up to ₹ 50000 on the SBI debit card.

Personal Accident Insurance

Personal accident insurance without air travel

Under this insurance, non-air accidental death insurance will be available to the SBI debit cardholder based on the debit card.

To take advantage of this insurance plan, you must have used the card at least once on any channel such as ATM/ POS/ e-commerce during the 90 days before the date of the accident.

  • SBI Gold MasterCard/ Visa – ₹ 2,00,000
  • SBI Yuva (Visa) – ₹ 2,00,000
  • SBI Platinum (MasterCard/ Visa) – ₹ 5,00,000
  • SBI Pride (MasterCard/ Visa) – ₹ 2,00,000
  • SBI Premium (MasterCard/ Visa) – ₹ 5,00,000
  • SBI Signature (Visa) – ₹ 10,00,000

Personal air accident insurance

Under this insurance, air accident death insurance will be available to the SBI debit cardholder based on the debit card.

To take advantage of this insurance plan, you must have used the card at least once (financial / non-financial transactions) on any channel such as ATM/ POS/ e-commerce during the 90 days before the date of the accident.

Additionally, the ticket for the air journey during which all debit cardholders have died must also be purchased with the SBI debit card.

  • SBI Gold MasterCard/ Visa – ₹ 4,00,000
  • SBI Youth (Visa) – ₹ 4,00,000
  • SBI Platinum (MasterCard/ Visa) – ₹ 10,00,000
  • SBI Pride (MasterCard/ Visa) – ₹ 4,00,000
  • SBI Premium (MasterCard/ Visa) – ₹ 10,00,000
  • SBI Signature (Visa) – ₹ 20,00,000

Purchase Protection Cover on SBI Debit Card

This insurance coverage covers loss caused by theft of goods purchased (excluding perishable goods, jewelry, precious stones) within 90 days of purchase of any material. But the condition is that the material was purchased from the point of sale/merchant establishment through SBI debit card. Details about the amount received on purchase protection cover on SBI debit cards are given below.

  • SBI Gold MasterCard/ Visa – ₹ 5,000
  • SBI Youth (Visa) – ₹ 5,000
  • SBI Platinum (MasterCard/ Visa) – ₹ 50,000
  • SBI Pride (MasterCard/ Visa) – ₹ 5,000
  • SBI Premium (MasterCard/ Visa) – ₹ 50,000
  • SBI Signature (Visa) – ₹ 1,00,000

Purchase protection cover of up to Rs 2 lakh will be available on SBI Debit Card (Mastercard/ Maestro/ Visa) issued to payroll account holders.

Add on cover

If the personal accident insurance claim is accepted as a valid claim then the cost of taking two family members to the hospital as an additional benefit and the expenses incurred to bring the dead body of the insured home from the hospital is also provided by the insurance company.

  • Gold (MasterCard/ Visa)
  • Youth (Visa)
  • Platinum (MasterCard/ Visa)
  • Pride (MasterCard/ Visa)
  • Premium (MasterCard/ Visa)
  • The maximum covered amount in the signature (Visa) is ₹50,000

Checked-in baggage loss cover will be provided for baggage lost during air travel, but the condition for this air ticket is purchased with an eligible SBI debit card. In this situation, the debit cardholder will get a cover of ₹ 25,000.

SBI RuPay Debit Card Cover

National Payment Corporation of India (NPCI) also offers Personal Accident Insurance cover for SBI RuPay Debit Cardholders, But this will be given only in case of accidental death or permanent total disability.

You will get an insurance cover of up to Rs 2 lakh on the SBI RuPay Platinum Debit Card, but for this, you must have done at least one successful financial or non-financial transaction within 45 days from the date of the accident.

Covers available on other SBI RuPay Debit Cards

  • ₹ 1 lakh on Classic Rupees Debit Cards.
  • ₹ 1 Lakh on PMJDY (Pradhan Mantri Jan Dhan Yojana) SBI Debit Cards released till 28 August 2018.
  • Insurance of ₹ 2 lakh on PMJDY (Pradhan Mantri Jan Dhan Yojana) SBI Debit Cards issued after 28 August 2018.

Leave a Comment

%d bloggers like this: