If you have an account in SBI Bank and you have an SBI ATM card, then there is great news for you, recently State Bank of India announced that the bank provides free accident insurance coverage to all its debit cardholders, with the insurance amounts up to Rs 20 lakh. This is a unique benefit offered by the bank, and it covers incidents like accidents or sudden death. Let's know its full details-
Types of insurance coverage based on card type
Classic Debit Card - Rs 1 lakh
Platinum Debit Card - Rs 2 lakh
Ordinary MasterCard - Rs 50,000
Platinum MasterCard - Rs 5 lakh
Visa Card - Rs 1.5 lakh to Rs 2 lakh
RuPay Card - Rs 1 lakh to Rs 2 lakh
As you can see, the coverage varies depending on the type of card, but it's all free! This means you don’t have to pay any additional charges to enjoy this benefit.
Eligibility Criteria for Insurance Benefits
ATM Card Usage: The cardholder must have used his/her SBI ATM card at least 90 days before the accident. The card can be used at ATMs, e-commerce transactions, or POS (Point of Sale) terminals.
This means the cardholder must have used the card at least 3 months before the accident occurred to be eligible for the benefit.
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