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SBI debit cardholders! These insurance covers are available on your card

IamCheated.com Research Team | October 15, 2019  6:10:pm

SBI debit cardholders! These insurance covers are available on your card

When you open a bank account, you are given a kit by your bank. This kit consists of important things like a debit card and cheque book. The debit card issued by your bank is very useful and it is used for various purposes like cash withdrawal, making payments and much more. Today, we can't imagine even a day without using our debit cards. Be it paying bills at a restaurant or shopping at the mall, we prefer using our debit cards to make payments.

Many people believe that debit cards are used just for withdrawing cash and making payments, but it offers much more. You may not know that debit cards even offer insurance. If you are an SBI cardholder, you are eligible as the State Bank of India (SBI), offers complimentary insurance cover on its debit cards. In this blog, we will discuss the various insurance covers available on the SBI debit card.

See Also: SBI Account Holder? Tips to keep your money safe

1. Personal accidental insurance for non-air death

Under this, insurance cover is offered to debit cardholders for non-air accidental death. This cover becomes operational when you use your card at least once at an ATM machine, Point of sale (PoS) or during online shopping for financial transactions in the last 90 days from the date of the accident. The cover amount is fixed based on the type of debit card variant.

Cover amount of Rs 200,000 for

  • SBI Gold (MasterCard or Visa)
  • SBI Yuva (Visa)
  • SBI Pride Business debit (MasterCard/Visa)

Cover amount of Rs 5,00,000 for

  • SBI Platinum (MasterCard or Visa)
  • SBI Premium Business debit (Master Card/Visa)

Cover amount of Rs 10,00,000 for

  • SBI Visa Signature debit card

2. Personal Air Accidental Insurance (Death)

 In this, the personal accidental cover is offered to the debit cardholder for air accidental death. This cover becomes operational when you use your card at an ATM, PoS or for online shopping during the last 90 days from the date of the accident. You can use your card for both financial and non-financial transactions. But, there is a condition that you should have used your debit card to purchase an air ticket.

Cover amount of Rs 400,000 for

  • SBI Gold (MasterCard or Visa)
  • SBI Yuva (Visa)
  • SBI Pride Business debit (MasterCard/Visa)

Cover amount of Rs 10,00,000 for

  • SBI Platinum (MasterCard or Visa)
  • SBI Premium Business debit (Master Card/Visa)

Cover amount of Rs 20,00,000 for

  • SBI Visa Signature debit card

3. Purchase Protection

This insurance covers the loss of goods due to theft, burglary, housebreaking, and theft from vehicle, within 90 days from the purchase of such goods.  Perishables, jewelry, and precious stones are not covered under this policy.  To avail this, goods must be purchased using the eligible debit card variants at PoS or merchant establishments.

Cover amount of Rs 5,000 for

  • SBI Gold (MasterCard or Visa)
  • SBI Yuva (Visa)
  • SBI Pride Business debit (MasterCard/Visa)

Cover amount of Rs 50,000 for

  • SBI Platinum (MasterCard or Visa)
  • SBI Premium Business debit (Master Card/Visa)

Cover amount of Rs 1,00,000 for

  • SBI Visa Signature debit card

4.  Purchase protection cover for salary package accountholders

Cards issued to salary package accountholders are eligible for this cover. It includes all MasterCard, Maestro, and VISA variants. The cover amount is Rs 2 Lakhs.

See Also: SBI Debit and Credit Card Holders Beware of this Fraud

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