How to get insurance from bank?

Certain debit card variants of most banks come with free accidental insurance coverage up to Rs 3 crore in some cases. This insurance coverage is given for free, and neither is any premium charged from the debit card holder nor any documents asked for by banks. However, do note that this is a group insurance policy, hence independent policy numbers at a cardholder level are not available.

For example, according to the HDFC Bank website HDFC Bank's Millennia debit card has a free insurance cover of Rs 5 lakh for domestic Air/Rail/Road travel and Rs 1 crore for international air travel. For the insurance policy to be active on this specific card, a debit cardholder needs to conduct at least one transaction in the last 30 days.

The very definition of conducting transactions for being eligible for free accidental insurance coverage on a debit card varies from bank to bank. For example, Kotak Mahindra Bank classic debit card holders must conduct at least two transactions of Rs 500 each minimum in the last 30 days to be eligible for the free insurance coverage. DBS Bank India's infinity debit card holders must do one transaction in the last 90 days.

Know which transactions qualify for free debit card insurance cover

Only certain specific transactions are eligible for free insurance cover on debit cards. According to Prashant Joshi - MD and Head - of Consumer Banking Group, DBS Bank India, "UPI transactions are not eligible for insurance cover."

Here's what transactions qualify for free debit card insurance cover:

• Point of sale (POS) transactions,


• E-commerce online transactions