Know more about what this debit card offers

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If a thief cleans out a pair of newly-purchased imported shoes or a nice jacket that you have bought with State Bank of India debit card, the purchaser is eligible for an insurance protection of up to Rs 1 lakh. This insurance cover varies between Rs 5,000 and Rs 1 lakh depending on the character of the debit card.

“This policy covers loss of goods/articles purchased (excluding perishables, jewellery, precious stones) due to theft/burglary/house breaking, including theft from vehicle, within 90 days of purchase of such goods. The goods must have been purchased by using the eligible debit card variants at Point of Sale/Merchant establishments,” says SBI in a statement.

An SBI debit card generally offers life insurance cover between Rs 2 lakh and Rs 20 lakh depending on the nature of the death and type of card.

Purchase insurance

According to the SBI website, the nation’s largest bank offers 5 variants of debit card. They are SBI gold, SBI platinum, SBI pride, SBI premium, and SBI signature debit card. For gold and pride cards there is a purchase protection of up to Rs 5,000.

For platinum and premium debit card purchase cover is up to Rs 50,000 and only for the signature debit card the purchase protection is up to Rs 1 lakh.

On the other hand, purchase protection cover is also available to those debit cards which are issued to salary package account holders. But here the protection cover is up to Rs 2 lakh and this is the same for all variants of debit cards, SBI said.

All the above covers will be available for only one debit card against an account. In the case of multiple cards issued to a single account, only one card would carry the cover.

Additional cover

Besides the above, personal accidental deaths are covered with insurance cover. The expenses incurred in transporting the mortal remains of the insured person from the hospital to the residence will also be reimbursed as additional benefits.

The insurance cover is up to Rs 50,000 across all the variants of debit cards.

Check-in baggage loss cover during air travel (domestic and international) is also there from the airline company, subject to the condition of the air ticket being purchased using an SBI debit card. The insurance limit is Rs 25,000 here.

This is available for all SBI debit cardholders. Personal accident insurance cover is also being offered by National Payments Corporation of India (NPCI) to SBI RuPay Debit Cardholders up to a limit of Rs 2 lakh.

Card details

According to the Reserve Bank of India’s latest data till May 2021 there were 6.23 crore credit cards and 91 crore debit cards in the system. All these cards have different types of insurance facilities.

Out of 91 crore debit cards, SBI has issued around 30 crores till May 2021. Almost all these cards have these types of insurance cover for all the eligible customers.