Life insurance in India is covered to only 2.72 per cent compared to 3.74 per cent in Asia and 3.99 per cent in Europe. The main reason behind most Indians does not purchase an insurance is that most people think that investing in insurance plans yield very less returns.
Many people do not know that free insurance cover facility is given along with several goods and services in India. Below are the seven free insurance coverages most people are unaware of.
Debit card (ATM) Free Insurance Cover
Coverage – Up to 10 Lakh
If you hold an ATM card, you are under free accidental insurance (without paying any premium) on your debit cum ATM card. Nearly all private and public sector banks provide free accidental insurance on ATM card. The amount of insurance covered differs from bank to bank. The cover is in the range of Rs 50,000 to Rs 10 Lakh. To avail this benefit, your account should be active. This facility is not given for inoperative account. Apart from accidental insurance, many banks offer medical insurance with hospitalization benefit too.
LPG Gas cylinder Free Insurance Cover
Coverage– Up to 40 Lakh
Every registered LPG gas cylinder holder is automatically registered in an accidental insurance policy that grants coverage of 40 Lakh. This also includes medical expense up to 30 Lakh and property damage up to 2 Lakh. To avail benefit of free accidental insurance, the customer has to notify the distributor in writing about the issue quickly.
Bank Deposit Free Insurance
Coverage– Up to 1 Lakh
Your bank deposits are insured up to 1 Lakh against any default by the bank. It is applicable for all deposits such as savings, fixed, current and recurring. The cover is granted by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Air Travel Free Insurance
Coverage– Variable
Most of the airlines offer bundled accidental insurance cover along with the flight ticket. The insurance amount under this case is variable and depends on the airline. In addition to that, few banks also allow coverage of accidental insurance along with ATM card.
IRCTC Rail Insurance
Coverage– Up to 10 Lakh
IRCTC offers free accidental insurance up to 10 Lakh for the passenger buying ticket online. This insurance cover is applicable for the confirm ticket only. This insurance also covers disability benefits.
Company Deposit Free Insurance
Coverage– Up to 20,000
Under companies act, 2013, it is mandatory to buy an insurance cover up to Rs 20,000 for company deposit. The company has to buy this cover separately. DICGC is not offering any insurance cover like this.
Physical or liquid Damage to Mobile Phone
Coverage– Variable
It is a unique type of insurance and bought by the retailer under group cover. The insurance cover is variable. It provides coverage for physical damage and loss of mobile.
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