SBI, Kotak Mahindra Bank, HDFC Bank: Bank that offers free accident, Life Insurance with debit cards

Apart from SBI, several other banks include free insurance coverage with their debit cards, including protection for accidents, life, lost luggage, and transactions. With their debit cards, the majority of banks offer complimentary insurance coverage. However, it appears that most cardholders are ignorant of these details.

In this respect, cardholders should be aware that debit cards have free insurance. Furthermore included in the package are personal injury insurance, purchase protection, and baggage loss insurance.

Kotak Mahindra Bank:
Kotak Mahindra Bank gives a personal accidental death benefit of up to Rs 25 lakh. To activate the insurance coverage, there must have been at least one use of the card in the 90 days before the accident date, such as an ATM transaction, a point-of-sale transaction, or an online purchase. Moreover, Kotak Mahindra Bank offers a lost card liability coverage that protects purchases made at merchant locations and online portals with your lost or stolen cards up to Rs 6 lakh.

State Bank of India:
In addition to the coverage offered by the airline, the State Bank of India stated it provides different aviation accidental death insurance dependent on the type of debit card variation consumers are using. It also provides baggage loss insurance for local and international flights. The requirements are that a debit card must have been used to purchase the airline ticket and that the card must have been used at least once within 90 days of the accident.

SBI also covers any loss or damage to goods purchased with SBI debit cards within 90 days of purchase, up to Rs 1 lakhs. 

HDFC Bank
Except for air accidental insurance, which is available up to Rs 1 crore, accidental insurance coverage offered by HDFC Bank starts and stops at Rs 5 lakh.