Debit Card Insurance: Free insurance cover is also available with the debit card issued by the banks. This insurance coverage is given for free, and neither any premium is charged from the debit card holder, nor are any additional documents required by the banks. Most people are not aware of this facility, due to which they are not able to take advantage of it. Let us know how it works and how to claim it.

There are some conditions with free life insurance cover on a debit card, and unless the debit card holder fulfills these conditions, the life insurance cover will not work. One of these conditions is that the debit cardholder should make at least one specific type of transaction during a fixed period. The practice of offering free life insurance cover with a debit card is common, as it is offered as a group life insurance product. Many major banks like HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, and DBS India offer a free insurance policy on debit cards.

Claiming without a policy number is not easy.
The next question that arises is how the nominee can claim insurance in case of the death of the debit card holder. This is because, unlike traditional term life insurance, the policy number is not issued by the bank.

Important condition to be eligible for insurance on a debit card
One of the most common important conditions is that a particular type of transaction must be done within a specified number of days. For example, Kotak Mahindra Gold and Platinum debit card holders must have done at least 6 POS or ecommerce transactions of Rs 500 in the last 60 days. For DBS Bank Infinite debit card holders, it is necessary to do at least one POS or ecommerce transaction in the last 90 days. For HDFC Bank debit card customers, it is necessary to do at least one POS or payment gateway transaction in the last 30 days.

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