State Bank of India (SBI) is providing a valuable benefit to its ATM/debit cardholders: an accidental insurance cover of up to ₹20 lakh. While most people are aware that an ATM card allows them to withdraw cash and make purchases, many may not know about the complimentary insurance protection that comes with it.
SBI offers accidental and death insurance coverage to its ATM cardholders, which can provide significant financial support to their families in the unfortunate event of an accident or sudden death. The insurance amount varies depending on the type of debit card, with coverage ranging from ₹25,000 to ₹20 lakh.
Eligibility for Insurance Coverage
According to SBI’s guidelines, the complimentary insurance cover is applicable only if the cardholder has used the ATM card at least once within 90 days prior to the accident, either at an ATM, POS terminal, or for an online transaction. This usage requirement ensures that the insurance remains active.
Insurance Amount Based on Card Type
The insurance cover varies by card type. Here’s a breakdown of the coverage based on SBI ATM card categories:
- Classic Card: Coverage of ₹1 lakh
- Platinum Card: Coverage of ₹2 lakh
- Normal Master Card: Coverage of ₹50,000
- Platinum Master Card: Coverage of ₹5 lakh
- Visa Card: Coverage ranging from ₹1.5 lakh to ₹2 lakh
- RuPay Card: Coverage between ₹1 lakh and ₹2 lakh
How to Benefit from SBI’s Free Insurance
SBI’s accidental insurance is a valuable yet often overlooked benefit. To ensure this coverage remains active, customers should make sure to use their debit cards regularly. In case of any unfortunate incident, the dependents of the cardholder can claim the insurance amount according to the card’s category.
This initiative by SBI underscores the importance of understanding the benefits associated with ATM cards, as they provide not only convenience but also financial protection.