While most customers in the country have their individual insurance policies from various insurers, not many know that their debit cards also come with insurance coverage. Customers holding Kotak Mahindra Bank debit cards can file an insurance claim in cases they meet with air accidents, lose their card, lose their baggage while travelling and for purchase protection.
Lost Card Liability Insurance
For customers, who have lost their Kotak Mahindra Bank debit card, can file for a lost card liability insurance. By doing so, the insurance covers the costs at merchant establishments 30 days before the report and 7 days post reporting. Transactions in this case will be PIN based, except in cases when the customer is abroad.
Documents Required for Lost Card Liability:
To avail the insurance, customers have to first submit the following documents:
- Police acknowledgement of the lost debit card.
- Letter to the bank along with the police acknowledgement giving details of the incident - resulting in the customer losing his/her card.
For customers that have used their Kotak Mahindra Bank debit card to purchase goods, and if the goods happen to be lost, stolen or damaged, the Purchase Protection insurance covers losses up to 60 days from the date of purchasing the goods. All transactions in this case too is PIN based, except if the customers is abroad - as PIN based transactions are not a requirement there.
Documents Required for Purchase Protection:
- Customers have to submit an original invoice of the item that has been lost, stolen or damaged.
- Customers will also have to submit the details of the replacement cost.
- Police acknowledgement of the item that has been either lost, stolen or damaged or first hand information.
- Final police report of the incident.
Lost Baggage Insurance
In cases when customers have bought their travel ticket using their Kotak Mahindra debit card, and their baggage happens to be lost during their travel, Kotak Mahindra offers Lost Baggage Insurance. The Lost Baggage Insurance covers the cost of losses in this case - whether it is a domestic or international travel.
Documents Required for Lost Baggage Insurance:
- Customers have to submit a copy of debit card statement for items in lost baggage that have been purchased using one’s Kotak Mahindra debit card.
- Customers have to submit a police FIR - accounting the details of the loss of baggage or theft.
- In case of loss of precious metals which were in the baggage, the customer has to submit original copies certifying the purchase of such goods.
- Copy of old passport, if one’s passport has been lost with the baggage.
- Original embassy receipts in cases where replacement of passport is required.
- Emergency travel certificate - if the customer has lost his/her passport.
- Copy of new passport will also be required when issued to complete the insurance coverage.
All the documents have to be submitted at the nearest Kotak Mahindra Bank branch.
Air Accident Insurance
If the customer has used his/her Kotak Mahindra debit card to purchase a flight ticket and a mishap has occurred on the flight journey resulting in loss of life, the nominee can claim for Air Accident Insurance. Customers or nominees of the card holder can claim for this insurance only when he/she has used the card at least 89 days prior to the mishap.
Documents Required for Air Accident Insurance:
- The customer or nominee has to first submit a copy of the debit card statement displaying the purchase of the flight ticket.
- Original death summary of the death certificate has to be submitted.
- Medico-legal certificate and police account of the accident.
- Copy of post-mortem.
- Doctor’s certificate stating details of the injuries leading to the death of the card holder.
- Copy of legal heir certificate - person who would receive the insurance cover for the loss of life.
All documents have to be submitted at the nearest Kotak Mahindra Bank branch.
Insurance Cover for various Kotak Mahindra debit cards
Listed below are insurance coverages that come with various Kotak Mahindra debit cards.
|Debit Card Type||Lost Card Liability||Purchase Protection Limit||Lost Baggage coverage||Air Accident Coverage|
|Junior Debit Card||Rs.1.5 Lakh||Rs.50,000||Not Applicable||Not Applicable|
|Access India Debit Card||Rs.1.5 Lakh||Rs.50,000||Not Applicable||Not Applicable|
|Youth Debit Card||Rs.1.5 Lakh||Rs.50,000||Not Applicable||Not Applicable|
|Silk Debit Card||Rs.1.5 Lakh||Rs.50,000||Not Applicable||Not Applicable|
|Classic Debit Card||Rs.1.5 Lakh||Rs.50,000||Not Applicable||Not Applicable|
|Gold Debit Card||Rs.1.75 Lakh||Rs.75,000||Rs.1 Lakh||Rs.15 Lakh|
|Platinum Debit Card||Rs.2 lakh||Rs.1 Lakh||Rs.1 Lakh||Rs.20 Lakh|
|Business Class Debit Card||Rs.1.75 Lakh||Rs.1 Lakh||Rs.1 Lakh||Rs.20 Lakh|
|Business Power Debit Card||Rs.1 Lakh||Rs.20 Lakh||Rs.1 Lakh||Rs.20 Lakh|
|Jifi Debit Card||Rs.20 Lakh||Rs.1 Lakh||Rs.1 Lakh||Rs.20 Lakh|
|Privy League Signature Debit Card||Rs.4 Lakh||Rs.1.5 Lakh||Rs.1 Lakh||Rs.1 crore|
|Privy League Platinum Debit Card||Rs.20 Lakh||Rs.1 Lakh||Rs.1 Lakh||Rs.20 Lakh|
|Wealth Management Infinite Debit Card||Rs.5 Lakh||Rs.1.5 Lakh||Rs.1 Lakh||Rs.5 Crore|
Terms and Conditions to avail Kotak Mahindra Debit Card Insurance
- Insurance coverage for Lost Card Liability will commence from the date of dispatch of the card. For the Lost Baggage Protection, Purchase Protection and Air Accident, the insurance coverage will commence from the date of activation.
- The above listed insurance coverages will not be valid for procuring a visa.
- Lost Card Liability and Purchase Protection insurance coverages will be payable only through PIN based transactions - except if the customer is abroad.
- Claims have to filed at the bank within 60 days from the date of blocking the card.
- For loss of card, claims need to be filed within 30 days.
- In case of misuse of card such as skimming, phishing and so on, the customer has to take immediate action within 24 hours to be eligible for the insurance coverage.
- In case of misuse of the card (skimming, phishing, counterfeiting), the insurance will cover losses for a period of 30 days from the date of the card being blocked.
- If fraudulent activity is done by someone known to the cardholder, coverage will not be payable.
- The decision taken by the bank on claims is final.
- In cases for coverage of medical expenses, the insurance coverage shall play its part for a period of 30 days.
Kotak Mahindra Bank Debit Card Insurance FAQs
1. In case of lost baggage insurance, will Kotak Mahindra Bank cover all the expenses of the items in the bag?
Firstly, you will have to have purchased your travel ticket using your Kotak Mahindra debit card. Next, only items that have been purchased using your Kotak Mahindra debit card will be covered, not everything.
2. What if I not able to get the police to file an FIR for lost baggage or lost card?
Your claim will not be settled if this is the case.
3. What if the customers is involved in an air accident and has not made a nomination in his/her bank account?
The legal heir of the customer can claim the insurance.
4. Do all Kotak Mahindra debit cards have the same insurance coverage?
No, it varies depending on the card the customer holds.
5. What is the first step to be taken if my card is lost or stolen?
You have to block your card immediately. This can be done either by calling the 24/7 Kotak Mahindra customer care or via your net banking account.
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