The most important criteria
The insurance cover granted on the card is also activated only if certain types of transactions specified by the banks are done through the debit card within a certain period. For example, HDFC Bank’s debit card stipulates that at least one transaction using a POS or payment gateway (e-commerce) within 30 days. Remember that every bank’s conditions will be different.
So check with your bank whether your debit card is covered by insurance. If any, also check the time limit conditions related to the card as mentioned above. Keeping this in mind will help you get free insurance coverage. Also note that such insurance services are generally group life insurance and therefore do not have an individual policy number.
How to claim?
Based on the general terms and conditions of the banks, the nominee or the heir of the policyholder should approach the bank with the prescribed documents within the specified time frame. Banking experts suggest that it is advisable to approach the bank for personal accident insurance claim within 60 days after the incident. Some banks allow online submission of both the claim related documents and the nominee’s KYC documents.
Below is the list of documents required to claim insurance sanctioned on debit card. (This is the most basic list of documents. Documents required by each bank may vary.)
- Nominee’s contact details including address
- Duly filled insurance claim application
- Original copy of death certificate
- Full postmortem report
- FIR (in accident cases only), photograph of accident site and vehicle details are required.
- If the accident was reported in a newspaper or local media, provide a copy or newspaper clipping.
- If the cardholder dies while undergoing treatment after the accident, the hospital records should also be provided.
- Salary slip or business section
- Driving license if the accident happened while driving
Meanwhile, if the documents produced are in the local language, they should be translated and attested by a notary. Similarly, if the nominee has not been nominated by the owner of the debit card, the documents to prove that he is the legal heir of the owner should also be submitted.