HomePersonal FinanceGeneral Insurance7 Free Insurance you may not be aware of

7 Free Insurance you may not be aware of

Free Insurance

Do you know that free insurance cover facility is offered along with many goods and services? My friend had an accident at home. It was due to LPG Gas cylinder. Two people from family were hospitalized. Unfortunately, he has not purchased a medical insurance policy. However, he was aware of free insurance facility offered with LPG gas cylinder. He filed his claim along with medical bill and reports and he was able to get claim settlement for the hospitalization. It was a great relief to him. He was able to file this claim as he was aware of such free insurance. Usually, people are not aware of free insurance policies. So, today let’s discuss 7 free insurance that you might have missed.

7 Free Insurance you may not be aware of

Debit card (ATM) Free Insurance Cover

Cover – Up to 10 Lakh

If you are holding ATM card, you can avail free accidental insurance (without paying any premium) on your debit cum ATM card. Almost all private and public sector bank provides free accidental insurance on ATM card. The amount of insurance cover varies from bank to bank. The cover is in the range of Rs.50,000 to Rs.10 Lakh. In order to avail this benefit your account should be active. This facility is not given for inoperative account. Apart from accidental insurance, many banks provide medical insurance with hospitalization benefit also.

LPG Gas cylinder Free Insurance Cover

Cover – Up to 40 Lakh

Every register LPG gas cylinder holder is automatically enrolled in an accidental insurance policy that provides 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 inform the distributor in writing about the event immediately.

Also Read – 10 Tips to reduce Term Insurance Premium

Bank Deposit Free Insurance 

Cover – Up to 1 Lakh

Your bank deposits are insured up to 1 Lakh against any default by the bank. It is a small amount. It is applicable for all deposits such as savings, fixed, current and recurring. The cover is offered by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Air Travel Free Insurance 

Cover – Variable

Most of the airline offers bundled accidental insurance cover along with flight ticket.An insurance amount under this case is variable and depends on the airline. In addition to that few bank also offers coverage of accidental insurance along with ATM card.

IRCTC Rail Insurance

Cover – 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.

Also Read – e-insurance account usage and benefits

Company Deposit Free Insurance 

Cover – Up to 20,000

Under companies act 2013, it is mandatory to buy insurance cover up to Rs.20,000 for company deposit. This cover company has to buy separately. DICGC is not offering any insurance cover like this.

Damage to Mobile Phone

Cover – Variable

It is a special type of insurance and purchased by the retailer under group cover. The insurance cover is variable. It provides coverage for physical damage and loss of mobile.

I hope 7 Free Insurance discussed above will be useful to you.

Do share your query and suggestion in the comment section.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.
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