According to a report in The Hindu, consumer activist T. Sadagopan said that he came to know about the insurance cover through a social media post and recently through an advertisement for the card of a public sector bank.
A senior official of Chennai-based Indian Bank said that the bank provides insurance cover for debit cards under the RuPay card program as it is issuing only RuPay debit cards. He said that all the credit card types issued by the bank are eligible for insurance coverage. Insurance is offered to the customers against accidental death and permanent total disability.
Also Read – Indian Railways News: Good news for railway passengers, Tejas Express will be back on track from August 7
Insurance cover from 50 thousand to 10 lakh rupees
The official said that the insurance coverage ranges from Rs 50,000 to Rs 10 lakh, depending on the variants of debit and credit cards. He said that the Personal Personal Accident Policy only covers death due to accidents or accidental injuries which are unintentional or not inflicted on oneself.
HDFC Bank sources said the insurance coverage depends on the kind of relationship the customer has with the bank and the insurance coverage for both debit and credit cards starts from Rs 2 lakh and goes up to Rs 10 lakh.
Card should be in active use
Sadagopan says that there is a lack of awareness about such facilities being offered to the customers and it is the duty of the banks to inform the customers. One of the conditions for claiming insurance is that the card must be in active use and claims must be made within a specified time frame.
Intimation of claim required within 90 days
For example, under the Rupay insurance program, the claim must be reported within 90 days from the date of the accident and all supporting documents related to the claim must be submitted within 60 days from the date of intimation. In addition, the cardholder should have made an active transaction (financial or non-financial transaction) 90 days prior to the date of accident.