Accidental Insurance on Debit Card

How to claim accidental insurance on debit card?

In today’s fast-paced world, debit cards have become a necessity in our lives. They offer convenience, security, and easy access to cash which make them a perfect choice for millions of people. However, many of us don’t know that debit cards come with an additional benefit that could be a lifesaver for us which is accident insurance coverage. 

Accidents can happen to anyone, at any time and place they can be minor mishaps to life-altering incidents. They can leave us physically and financially unstable. Luckily, debit cards offer coverage to their users for accidental insurance, proving a lifesaver during some unexpected events. 

In this blog post, we will explore various aspects of debit card accidental insurance coverage. We will also get to know how to claim accidental insurance on debit card. Let’s start!

What is Debit Card Accidental Insurance Cover? 

Accidental insurance coverage offered by debit cards is an insurance type that covers the policyholder if he suffers from any accidental injury, disability, or sometimes death. The policy’s coverage is so extensive that it covers accidents that occur both domestically and internationally, offering peace of mind to the insured. 

The insurance payout is provided by the bank or any other financial institution that issued the debit card. However, the terms and conditions of the coverage may vary with banks, insurance companies, or policy types. So first get yourself familiarized with the policy details and limitations included. 

What does Debit Card Accident Insurance Cover? 

The coverage amount may differ based on the bank and the type of debit card, meanwhile, it includes the following coverage generally: 

1- Death Benefit: In case of the accidental death of an insured person, the insurance policy will provide the entire lump sum payout to the designated beneficiary. This amount will be very helpful for your loved ones during an already difficult and emotional time. They can cover your funeral expenses easily and get financially stable by covering their daily life expenses. 

2- Disability Benefit: If an accident results in permanent disability or losses of some specific functionalities like vision limb etc., the insurer will offer a payout. The amount can be used to cover medical expenses and the cost of their lifestyle expenses. 

3- Medical Expense Reimbursement: This insurance plan also covers medical expenses you have to go through due to an accident. These may include hospitalization costs, surgeries, physiotherapies, medications, and other related expenses, based on the policy’s terms. 

4- Transportation Costs: Some policies offer transportation costs when the insured or cardholder needs medical evacuation because of an accident. It includes the ambulance expenses to carry the injured to the hospital from the accident spot. 

5- Temporary Total Disability Benefit: In case, the insured person has to go through temporary total disability like failure of an organ or bone for some time, the plan will offer a fixed weekly payout for a specific time frame. 

6- Daily Cash Allowance: When a policyholder is hospitalized due to an accident, the insurance policy offers a daily cash allowance to ease the financial burden of medical expenses. 

Note that the benefits and extent of coverage of the insurance plan may differ in different banks and card types. Some have more comprehensive plans while others offer basic coverage for accidental injuries and disabilities. So review the insurance policy document thoroughly to understand the specific terms and conditions of the policy. 

Read out: Life Insurance Policy

How to Claim Accidental Insurance on Debit Card?

If you have to claim a debit card accidental insurance plan, you have to follow these steps to get an insurance claim: 

1- Inform the Provider 

First, you have to inform the bank or the insurance provider company about the accident as soon as possible. Some banks have dedicated helpline numbers for claims as well and detailed information is also given on their official site. Moreover, when you call the bank representatives, they also guide you through the claim procedure and ask you to prepare the necessary documents to initiate the process. 

2- Collect the Required Documents

Next, you have to collect all the required documentation to support your claim. You may require: 

  • A filled claim form (usually available on the bank’s site or the nearest branch)
  • Medical reports and bills related to the accident.
  • A copy of the police report (if any). 
  • Death certificate (in case of death due to accident)
  • Discharge summary (when hospitalized)
  • Any other documents asked by the bank or insurance provider company. 

3- Submit the Claim 

Once you have gathered all the necessary documents, submit your claim to the bank or insurer. However, also keep a copy of all the documents with you for having records. 

4- Wait for Claiming Process

The claiming process may take time based on the complexity of your case and the procedure of the insurance provider. If it’s a simple process, the bank will process the claim within a few weeks and give you the payout accordingly. 

5- Follow Up 

If you don’t get any response or update from the bank about your claim, don’t hesitate to follow up on the process. You have the right to seek information about the status of your insurance claim. 

What are the Debit Card Conditions that come with Accident Insurance Cover? 

Along with some exciting benefits, it’s also important to be aware of some specific conditions that come with this coverage. Here are some of them: 

Eligibility Criteria: Not all debit cardholders automatically qualify for accidental insurance plans. Some banks offer the benefits to only specific types of debit cards or account holders who meet certain criteria. It’s essential to check whether you meet the eligibility criteria or not. 

Coverage Amount: The policy will specify the maximum amount that the insured can claim in case of accidental death or injuries. Be aware of your limit to avoid any misconception about the potential payout. 

Insurance Activation: Sometimes, the accidental insurance plan only gets active when the cardholder performs a specific action. It may include making a minimal transaction while using the debit card or activating the insurance plan via the bank’s online portal. If you fail to activate your policy, it may lead to a rejected claim, even if the accident happens during the coverage period. 

Accidental Insurance on Debit Card: The Bottom Line 

No doubt, an accidental insurance plan provided with debit cards is a valuable benefit. Moreover, understanding the specific conditions is vital to making the most out of this feature. Read the policy document carefully, and know about the coverage limits, exclusions, and inclusion to make sure you are protected in case of an accident. 

By staying informed of the terms and conditions of the policy, you can confidently use your debit card, knowing that you have an extra layer of protection wherever life takes an unexpected turn.