Want insurance? Your bank debit card, credit card give FREE life cover up to Rs 10 lakh!

Having an active debit card or credit card makes you eligible for accidental death cover of up to Rs 10 lakh, depending upon the type of credit or debit card you are using. As per the insurance rules, debit or credit card users are given free accidental death cover that can be claimed within 90 days in the event of an account holders death. The rule also makes it clear that this free accidental life cover will be given on just one credit or debit card. If the person has more than one credit or debit card, then it doesn't mean the card holder will get insurance claim on each card. In the case of one credit card and one debit card, insurance amount can be claimed on only one card.

Speaking on the accidental cover against credit and debit cards, Manikaran Singhal, a SEBI registered tax and investment expert said, "Your credit or debit card gives you free accidental death cover which starts from Rs 30,000 to Rs 10 lakh, depending upon the type of card you are using." Singhal said that those who use RuPay debit card, especially the Jan Dhan account holders, they are eligible for Rs 30,000 accidental death cover on their RuPay debit card. This accidental death cover against the RuPay debit card of the Pradhan Mantri Jan Dhan account holders is an additional insurance cover. The Jan Dhan account cover also gives insurance cover of Rs 2 lakh to the account holders.

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However, here is a warning for those who don't use their cards. Highlighting the rules applied while giving accidental death insurance to the nominee of the card holder; Jitendra Solanki, a SEBI registered tax and investment expert said, "While claiming the accidental death claim against the credit or debit card, the nominee must know that the claim is given to only those cards that are operational means it has done transaction at least once in the last sixty days prior to death of the card holder." 

Solanki further said that one can have many cards, but can get just one such claim against any of the operational cards.