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

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…

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...

12 rupee pradhan mantri insurance 🥺

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

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

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

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.

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-...