ATM Card Insurance: Big News! Get Free Insurance of Up to Rs 3 Crore on Your Card, Check How

ATM Card Insurance: Most people invest in insurance coverage these days. Insurance offers you financial support in the event of an unfortunate event along with security cover. All insurance policies, however, typically only provide benefits when the premium is paid. However, did you know that insurance can also be obtained at no cost? That is accurate. Actually, you also get free insurance coverage with your debit card.

Generous Coverage Limits

Up to Rs 3 crore in free accidental insurance coverage is available with certain debit cards. This insurance coverage is provided without charge, and the debit card holder is not required to pay a premium or provide any further documentation as requested by the banks.

Debit cards come with free accidental insurance coverage, however there are certain restrictions. The requirement that the cardholder use the debit card for specific transactions within a set time frame is the most significant of them.

HDFC Bank Millennia Credit Card

Different banks have different requirements for completing certain transactions in order to be eligible for complimentary accidental insurance coverage. For instance, free insurance coverage of Rs 5 lakh for domestic travel and Rs 1 crore for overseas travel is provided by the HDFC Bank Millennia Credit Card. The card holder must make at least one purchase within 30 days in order for the insurance coverage to be activated.

In order to qualify for the free insurance coverage, Kotak Mahindra Bank Classic Debit Card members must perform at least two transactions totaling at least Rs 500 during the last 30 days. Similarly, in order to activate the insurance coverage, holders of DBS Bank India Infinity Debit Cards must have made a transaction within the previous ninety-day period.

Insights from DBS Bank

The MD and head of DBS Bank's consumer banking group, Prashant Joshi, told ETNow that UPI transactions are typically not covered by insurance. On the other hand, internet e-commerce and Point of Sale (POS) transactions qualify for insurance coverage.

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