Debit Card Insurance : Nowadays the use of debit card has increased a lot among people, people use debit card for withdrawing money and shopping. It has now become an essential part of our life due to which people now keep less amount of cash with them, because with the help of debit card their work is done easily.
The same bank also gives insurance to debit card holders, but often people do not have complete information about debit card insurance due to which they are not able to take advantage of it and the banks also do not give information about this, due to which they are not able to take advantage of it. Let us know what is debit card insurance and what are its benefits and how you can take it.
What is Debit Card Insurance?
This insurance is a facility provided by the bank, in which this facility is given to ATM card holders. In which the ATM card is given financial security to the customers in case of theft, loss or any kind of misuse. This facility is given by the bank to its debit card holders, in which insurance is given for both accident and life insurance. To avail this benefit, the debit card holder is required to use it for at least 45 days and the transaction is also required to be done within a certain time, only then they are given the benefit of insurance.
Who is eligible for this
Only bank debit card holders can avail the benefit of Debit Card Insurance, those debit card holders who are using the debit card of a bank for more than 45 days are eligible to avail this benefit, if the debit card holder dies in an accident then the benefit is given to his nominee.
Benefits
Debit card insurance provides many benefits to debit card holders, including financial security in case their debit card is lost or stolen and the insurance coverage is valid for 90 days from the date of taking the insurance. Some banks also provide accidental insurance with their debit cards, in which ATM card holders are also given accidental insurance and death insurance, in which insurance cover of up to 10 lakhs can be given.
How can you claim
To claim Debit Card Insurance, if your debit card is lost then you must immediately inform your bank about it, because if you do not inform on time then if any fraud is committed using your card then the bank is not responsible for it, Debit Card Insurance is an add on feature for which the users have to pay some extra amount, there are only a few banks which provide accident insurance in debit card for free.
Apart from this, you also have to maintain a minimum balance in your account. To claim this, you need to file a police complaint and have all the required documents and KYC, only then you can claim Debit Card Insurance.
