Get secured through Debit/Credit Cards

Issued in Public Interest :-

Some learning I would like to share it with you. This is all about Credit and Debit Card

This is all about how the survivors of a deceased due to an accident get benefited and supported financially just in lieu of the CC/DC usage. A learning which I gathered over the last one week after Byju’s accident.

Please read the whole article carefully and share it with every one.

Most of us know the Credit Card comes with an accidental insurance. But how many of us knew the debit card also covers the same. Please check the below most important points on how can you be eligible for the same

Credit Card

(this is based on HDFC card and I am sure this will be common for most of the cards. Please check with your bank for specific details)

  1. Accidental Death – Cover for 5 times of your credit limit maximum up to Rs. 50,00,000/-
  2. Purchase Protection – Fire & Burglary coverage for the items purchased above Rs. 5000/- using Insured Credit Card of HDFC BANK (Up to 180 days) – Maximum Sum Insured being Rs. 2,00,000/-
  3. The cover is applicable for primary cards only.
  4. For the card holder to be eligible for a claim, 4 Non ATM swipes / E Commerce transactions is mandatory in the month prior to the month of date of accident.

(This means the CC should be used at a POS (Point of Sale) using the swipe machine. ATM and online transaction is not counted)

  1. Cardholder will be eligible for a valid claim in the month of policy inception with 4 Non ATM swipes / E commerce transactions apart from the subsequent month coverage from the date of accident.
  2. The policy covers Accidental Death due to Rail or Road Accidents only.
  3. The Personal Accident cover is on worldwide basis.
  4. The following risk / perils have been explicitly excluded under the policy:
    1. Injury caused by surgery
    2. Nuclear energy risk
    3. Professional activities of police/ military personnel
    4. Offshore activities
    5. Suicide
    6. Under Influence of Alcohol and/or Drugs.

How to Claim?

  1. Legal heir to intimate any accidental death event within 30 days with the bank insurance company
  2. Legal heir should submit all relevant claims document within 60 days from date of loss
  3. Bank insurance company to check and revert within 3 working days for claims received if any additional documents are required
  4. If all the documents are as per the checklist, Insurance company to process the claim and settle the claim to claimant/customer’s account which has been provided along with the claim document
  5. In case of claim repudiation the claimant will be provided with a repudiation letter with the reason of repudiation by the Insurance Company.

What all documents are needed to be submitted?

  1. Duly filled and signed claim form
  2. Customer to mention “<Bank Name> Credit Card Claim” in the right hand corner of the claim form and leave the policy no: field empty
  3. Medical documents and death summary from the hospital. (if the card holder is admitted to hospital)
  4. Postmortem Report (Medical office stamp mandatory in Post Mortem report
  5. Death certificate issued by municipal authorities
  6. Police FIR copy (Police station stamp mandatory in the copy)
  7. Viscera Report/Chemical analysis Report/Histopathological Report if applicable
  8. Last one month’s credit card statement prior to date of loss
  9. Final Police investigation report(if applicable)
  10. Credit card copy
  11. If Claimant not registered provide legal heir certificate from collector office/civil court
  12. KYC (Know your customer) form (all mark * are mandatory) and submit self signed KYC documents as per checklist mentioned in the form, along with recent passport size photo
  13. KYC documents for card holder and nominee both (Photo id and address proof)
  14. NEFT details of the nominee (Cancellation cheque printed name to be mentioned). If printed name not available in nominee cheque copy, Please provide Bank statement or Pass Book for account number verification

Terms & Conditions:

  1. Corporate Cards and Commercial Cards are excluded from the promotion.
  2. The feature is applicable only on Retail and Business Credit cards
  3. Card Holder/s whose account has been classified as delinquent before or during the currency of the Program, or when the gift is to be collected, will not be eligible for the benefits of the Program.
  4. This offer is non-encashable, not extendable and non-negotiable.
  5. Returned purchases, disputed or unauthorized/fraudulent transactions, EMI’s and Card Account Fees will not be considered for this offer.
  6. This offer is valid for Indian residents and citizens only.

All are requested to check the terms and conditions come along with the credit card booklet or at your bank website

Debit Card

Almost all banks – whether private or public – provide accidental hospitalisation cover or accidental death cover to their customers having an operation bank account. The range of insurance provided under the criteria starts from Rs 50000 to Rs 10 lakh, depending upon the customer to customer bank dealings.

If the bank account is inoperative, then your cover may get withdrawn by the bank.

To claim for the insurance, you need to inform the police as soon as the concerned person meets with an accident. Keep all the relevant documents intact concerning the person who met with the accident. If the person is hospitalised, then you need to keep all the medical documents with you or if, by any chance, the person expires, then in such a case you need to have the postmortem report, police report, death certificate, and a valid driving licence of the deceased person. *You also need to tell the bank that the cardholder has made some valid transaction through the ATM card within 60 days.*

With inputs from various banks

Useful links

https://www.icicibank.com/Personal-Banking/cards/Consumer-Cards/Debit-Card/debit-card-insurance-card.page

https://www.sbi.co.in/portal/web/personal-banking/insurance-covers-available

https://www.kotak.com/en/personal-banking/cards/debit-cards/debit-card-services/insurnace-on-debit-card.html

https://www.hdfcbank.com/assets/popuppages/important_msg.htm

One Comment on “Get secured through Debit/Credit Cards

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