If you have a debit card of State Bank of India ie SBI, then this news is for you. Actually, insurance cover is available on different types of debit cards of SBI. The insurance cover limit also varies according to the card type. The maximum insurance cover available on SBI cards is Rs 20 lakh. The important thing is that the insurance cover is free. This means that you will not have to pay premium.
10 lakh insurance cover on which card: SBI Visa Signature / Mastercard Debit card has an insurance cover of 10 lakh rupees. The sum assured is received by the nominee after the death of the subscriber. However, there are certain conditions for claiming this sum assured.
What are the conditions: For example, the card must be used at least once on any channel- ATM or POS or e-commerce in the 90 days preceding the date of accident. At the same time, the maximum amount of personal air accident insurance cover (in case of death only) is Rs 20 lakh. This means that if the card user dies during air travel, then the nominee can claim up to Rs 20 lakh.
Users also get a purchase protection cover on the card. It covers losses including theft/burglary within 90 days of purchase. However, it is necessary that the goods are purchased from the Point of Sale / Merchant Establishment through an eligible SBI Debit Card.
