Pls advice low balance Bank Account which offer Free Accidental or Life insurance.

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Pls advice which Bank offer Free Accidental or Life insurance with low balance saving bank account.

Currently I have rupee card that have free Accidental  insurance of Rs 2.00 lac but for that I have to pay early fees, and SBI accendital insurance policy.

Pls feel free to tag relevant bank expert in DD.

Thanx in advance for your valuable inputs.

21 Comments  |  
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I will personally say to avoid bank account based insurance…they are good add-ons but they should not be the only insurance product.
1. Low coverage
2. Conditional coverage (debit card usage is mandatory to get covered )…
3. Don’t have dedicated helpline/support to claim…

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Nearly all bank’s (hdfc,icici,sbi,idfc,etc.) debit card itself comes with free accidental insurance; The insurance amount is generally of 2Lakhs for all basic variants debit card; You must have used the card 30 days before the insurance claim with a minimum of around 500Rs transaction; In a nutshell, if you have use the debit card once every 30 days with a min of 500 in any PoS/atm/ecom, then you can easily avail the accidental insurance of 2L; For more info you may read below:
https://www.idfcfirstbank.com/personal-banking-...
https://www.hdfcbank.com/personal/pay/cards/deb...
https://www.sbi.co.in/web/personal-banking/card...
https://www.icicibank.com/Personal-Banking/acco...

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Entertainer
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12 rupee pradhan mantri insurance 🥺

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Deal Cadet
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The Debit card insurance is only Rs 2.00 lacs per person irrecptive of card ,so my idea is you can accumulate free insurance offered by low balance saving account like IDBI offer free insurance for parent on kids saving account.
Request to mark this post to bank expert in our forum. Thnx in advance. @androgame @rajrocks

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Mehtahitesh wrote:

The Debit card insurance is only Rs 2.00 lacs per person irrecptive of card ,so my idea is you can accumulate free insurance offered by low balance saving account like IDBI offer free insurance for parent on kids saving account.
Request to mark this post to bank expert in our forum. Thnx in advance. @androgame @rajrocks

@rogerthat

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Guys insurance is provided by mastercard , visa and rupay

And these companies provide such claim on mutually exclusive basis plus if got any other accidental insurance , you will not be compensated.

So no matter how many variations of card u hold,

You can claim for any one card.




@rajrocks

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Deal Subedar
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Please don’t cheap out on an important product like health/life insurance
Buy a proper one

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We need to take two insurance

1. Term insurance. avoid moneyback, and other life insurance products etc. or bank account which sells insurance products along with their savings account. Also, you need to take term insurance at the early stage of your life. If you start early, the premium you pay will be lower. For example, if you are taking a term insurance at the age of 25 for 1 crore, you will pay premium of 8000 per year. If you are taking at the age of 35, it will be 15000 and if you are taking at the age of 45, it will be 30000. Take it from reputed providers like HDFC Ergo, etc. Term insurance premium will not change through out the policy period. Some of the providers offers “Till 75 years”. you can choose that

2. Health insurance. Health insurance premium will revise once in 5 years based on your age.

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rogerthat wrote:

Guys insurance is provided by mastercard , visa and rupay

And these companies provide such claim on mutually exclusive basis plus if got any other accidental insurance , you will not be compensated.

So no matter how many variations of card u hold,

You can claim for any one card.




@rajrocks

Does it mean, if someone has below debit card -

SBI VISA Debit card which offers Accidental Insurance 5 Lacs
ICICI VISA Debit card which offers Accidental Insurance 5 Lacs
PNB Rupee card which offers Accidental cover of Rs 2.00 Lacs

So the total Accidental insurance will not be Rs 12 Lacs and it will be Maximum Rs 5.00 Lacs ?

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Majestic wrote:

Please don’t cheap out on an important product like health/life insurance
Buy a proper one

Thnks for the advice.

I already have separate road Accidental insurance and health policy, but i am doing this exercises to get additional insurance as there will be no harm in free accidental insurance.

Guys need your valuable inputs if you are aware which bank offer free or low premium accidental (Road accident) or life insurance alongwith low balance saving account or Debit card with minimum annual charges.

@abhishek012 @saitama @kaviarasu @rohit_agarwal @danishali2020443
@jambui @danishali2020443 @guest_999 @nimod @Snikeus
@caks2006407 @rogerthat @_One_Miller_ @Desi @nimod @BlueFlash @Simbha3
@Atlantic @rohan8397 @guest_999 @getready @ F7-Dimer-Primer @Tejaa
@A.M.A.Z.O @kirandr221996 @JaffaReddy @drupal @Alexios @ DealBroker23
@demerius2020 @rohan8397

Thanks in advance for your valuable inputs. pls feel free to mark this post to subject expert.

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Shopping Friend
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Mehtahitesh wrote:

Thnks for the advice.

I already have separate road Accidental insurance and health policy, but i am doing this exercises to get additional insurance as there will be no harm in free accidental insurance.

Guys need your valuable inputs if you are aware which bank offer free or low premium accidental (Road accident) or life insurance alongwith low balance saving account or Debit card with minimum annual charges.

@abhishek012 @saitama @kaviarasu @rohit_agarwal @danishali2020443
@jambui @danishali2020443 @guest_999 @nimod @Snikeus
@caks2006407 @rogerthat @_One_Miller_ @Desi @nimod @BlueFlash @Simbha3
@Atlantic @rohan8397 @guest_999 @getready @ F7-Dimer-Primer @Tejaa
@A.M.A.Z.O @kirandr221996 @JaffaReddy @drupal @Alexios @ DealBroker23
@demerius2020 @rohan8397

Thanks in advance for your valuable inputs. pls feel free to mark this post to subject expert.

PMJDY zero balance account with RuPay PMJDY Cards give 2 lacs Free insurance.

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Mehtahitesh wrote:

Does it mean, if someone has below debit card -

SBI VISA Debit card which offers Accidental Insurance 5 Lacs
ICICI VISA Debit card which offers Accidental Insurance 5 Lacs
PNB Rupee card which offers Accidental cover of Rs 2.00 Lacs

So the total Accidental insurance will not be Rs 12 Lacs and it will be Maximum Rs 5.00 Lacs ?

Read their terms and condition , many of them are created in small to save big conpanies

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Mehtahitesh wrote:

Does it mean, if someone has below debit card -

SBI VISA Debit card which offers Accidental Insurance 5 Lacs
ICICI VISA Debit card which offers Accidental Insurance 5 Lacs
PNB Rupee card which offers Accidental cover of Rs 2.00 Lacs

So the total Accidental insurance will not be Rs 12 Lacs and it will be Maximum Rs 5.00 Lacs ?

Insurance most basic condition is “indemnity” so if you have multiple insurance policies then in case of any accident you cannot claim more than what you spent on treatment & this is why you must inform about any insurance policies you already have when applying for another policy.

https://economictimes.indiatimes.com/tdmc/your-...

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guest_999 wrote:

Insurance most basic condition is “indemnity” so if you have multiple insurance policies then in case of any accident you cannot claim more than what you spent on treatment & this is why you must inform about any insurance policies you already have when applying for another policy.

https://economictimes.indiatimes.com/tdmc/your-...

Thnks for input.All the detail given in ET article are related to Health policy.

But what in case of Accidental death case and one hold multiple insurance in below pattern-

SBI VISA Debit card which offers Accidental Insurance 5 Lacs
ICICI VISA Debit card which offers Accidental Insurance 5 Lacs
PNB Rupee card which offers Accidental cover of Rs 2.00 Lacs

So the total Accidental insurance will not be Rs 12 Lacs and it will be Maximum Rs 5.00 Lacs ?

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Mehtahitesh wrote:

Thnks for input.All the detail given in ET article are related to Health policy.

But what in case of Accidental death case and one hold multiple insurance in below pattern-

SBI VISA Debit card which offers Accidental Insurance 5 Lacs
ICICI VISA Debit card which offers Accidental Insurance 5 Lacs
PNB Rupee card which offers Accidental cover of Rs 2.00 Lacs

So the total Accidental insurance will not be Rs 12 Lacs and it will be Maximum Rs 5.00 Lacs ?

As per my knowledge… Only 1 insurance policy is applicable at any given point of time… So in this case we can say Max will be ₹5L.. 🙂

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Mehtahitesh wrote:

Thnks for input.All the detail given in ET article are related to Health policy.

But what in case of Accidental death case and one hold multiple insurance in below pattern-

SBI VISA Debit card which offers Accidental Insurance 5 Lacs
ICICI VISA Debit card which offers Accidental Insurance 5 Lacs
PNB Rupee card which offers Accidental cover of Rs 2.00 Lacs

So the total Accidental insurance will not be Rs 12 Lacs and it will be Maximum Rs 5.00 Lacs ?

In case of accidental death too there is some limit but you can claim for multiple policies provided you have disclosed the fact of holding multiple policies to all the insurers.
https://economictimes.indiatimes.com/wealth/ins...

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Almost every bank has Accidental Insurance either based on their Debit Cards or Fixed Deposits ranging from 1 – 50 Lacs AFAIK. But terms and conditions are bit tricky like this one for IDFC Visa signature debit card Insurance of 35 Lacs like the below, (So pick your bank first based on your criteria then go through their insurance terms then choose it ). Even Airtel payments bank has 1 Lakh insurance but the condition is you need use their debit card every month.

Minimum 1 POS transaction in each month, for previous 3 calendar months, immediately preceding the month of incident & value of each such transaction to be >= Rs. 500 in each of the 3 months. POS includes retail point of sale transaction and excludes online transactions using debit card.

Example: If the actual loss (Death / Permanent Total Disability of cardholder) is in the month of April, then there should be at least 1 POS transaction in each of the previous months of Jan, Feb & Mar and the value of each POS transaction in each of the 3 months has to be >= Rs. 500.

Refer this for more details: https://www.idfcfirstbank.com/personal-banking-...

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guest_999 wrote:

In case of accidental death too there is some limit but you can claim for multiple policies provided you have disclosed the fact of holding multiple policies to all the insurers.
https://economictimes.indiatimes.com/wealth/ins...

Thnks for input.
To whom we have to inform about existing policy to ViSA or to Bank in case if Debit card ?

@rogerthat can you pls guide bank is providing accendital insurance with Debit card or VISA/ Master Card is providing insurance , as free insurance amount also very according to Debit card you hold.

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abhishek012 wrote:

PMJDY zero balance account with RuPay PMJDY Cards give 2 lacs Free insurance.

Yes this is a good option.
I was about to tag you here smile

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Mehtahitesh wrote:

Thnks for input.
To whom we have to inform about existing policy to ViSA or to Bank in case if Debit card ?

@rogerthat can you pls guide bank is providing accendital insurance with Debit card or VISA/ Master Card is providing insurance , as free insurance amount also very according to Debit card you hold.

Bank in case of debit card & either they will clarify it themselves or will refer you to the agency handling the policy on their card’s behalf.

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Mehtahitesh wrote:

Thnks for input.
To whom we have to inform about existing policy to ViSA or to Bank in case if Debit card ?

@rogerthat can you pls guide bank is providing accendital insurance with Debit card or VISA/ Master Card is providing insurance , as free insurance amount also very according to Debit card you hold.

Google for best results

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