Having an active debit or credit card makes you eligible for accidental death cover of up to Rs 10 lakhs, depending upon the type of debit or credit card you are using. As per the insurance rules, debit or credit card users are given free accidental death cover that can be claimed within 90 days in the event of an account holder’s death. The rule also makes it clear that this free accidental life cover will be given on just one debit or credit card. If the person has more than one debit or credit card, then it doesn’t imply that the card holder will get insurance claim on each card. In the case of only one debit and credit card, insurance amount can be claimed on only one card.
How to claim for your card insurance?
Due to lack of awareness about Card Insurance people are reluctant to make any insurance claim. To claim for the insurance, you need to inform the police as soon as the concerned person meets with an accident. Keep all the relevant documents intact concerning the person who met with the accident. If the person is hospitalised, then you need to keep all the medical documents with you, but in case, the person expires then you need to have the post-mortem report, police report, death certificate, and a valid driving licence of the deceased person. You also need to tell the bank that the cardholder has made some valid transaction through the ATM card within 60 days of death.