Kotak Mahindra Bank is one of the largest private banks in the country. It provides a variety of banking and investment services. Now a big update has come out for the customers of the bank. The bank has changed the rules related to debit card. So, if you are also a debit card user of Kotak Mahindra Bank, then you must read this news.
Special insurance facility available on debit cards
The bank has now announced that discontinue the insurance available on debit cards. The bank has also sent an email to the customers in this regard. The new rules will come into effect on July 20, 2025. However, claims made before this will remain valid and will be processed under the old rules. Those who have already claimed insurance will not be affected by this. So, if you have not yet availed this facility, then you have some time left.
Complete these tasks before 20th July
Customers are advised to check the information related to the policy and claim the insurance before the rules come into force. This means that they have a chance to avail of other insurance coverage, including personal accidental death cover, only till 20th July. Cardholders can avoid loss by claiming insurance in time. For additional information, you can visit the official website of the bank or the nearest branch. This is a golden opportunity for you to ensure your safety.
These great facilities were available on the Kotak Debit Card
Kotak Mahindra Bank used to provide many great insurance covers to its customers on its debit card, which are now going to be discontinued. These include:
Personal accidental death cover up to ₹ 15 lakh
If the cardholder dies in a rail or road accident, the insurance amount is provided to the nominee or legal heir. Insurance coverage depended on the type of card.
Lost card liability cover from ₹2.5 lakh to ₹6 lakh
Bank debit card users are used to get protection against fraudulent losses on lost cards.
Insurance cover on lost baggage of ₹1 lakh
All debit card users used to get insurance coverage of ₹1 lakh on lost baggage.
Air accident coverage up to ₹5 lakh
The bank used to provide customers coverage of up to ₹5 lakh in case of death in an air accident.
Insurance cover up to ₹1.5 lakh on purchased items
Debit card users used to get insurance coverage of up to ₹1.5 lakh on lost items purchased. However, this facility was available only if the item purchased with the debit card was lost within 60 days.
The discontinuation of these important features may come as a shock to Kotak Mahindra Bank debit card users. So, do not forget to check your policy and make the necessary claim before July 20.