Do you know about the facilities available on your credit card? Mostly it does not know what facilities are being available on their credit cards. For example, many credit cards offer air accident benefits, but users do not know about it. After the plane crash held in Ahmedabad this month, this benefit is being discussed on the credit card. Actually, the air accident insurance proves to be very helpful in case of an accident.
Only primary cardholder covers
Air Accident Insurance only covers the primary cardholder. This means that family members traveling with cardholders do not come under the purview of this cover. Secondly, this facility is not available on the add-on card. Some credit cards offer complimentary air ecridech insurance when the card is used to purchase flight tickets.
Coverage ranging from 3 crore to 5 crore rupees
For example, Avios, Tiger and Pinacle Credit Cards of Indusind Bank have a cover of 25 lakhs. HDFC Bank’s Infinia, SBI Aurum and Platinum Charge Credit Card of America and American Express have coverage ranging from Rs 3 crore to Rs 5 crore. Coverage amount may make a difference according to the card. However, some conditions are associated with this feature.
Facility for paying flight tickets
If a person buys flight tickets with a credit card and air accident insurance facility is available on the card, then the person gets financial compensation when the death occurs in the air accident. It is a matter of keeping in mind that the status of the credit card should be active only then will there be a compensation in the event of air crash. The time frame may make a difference according to the condition of the company that is the credit card.
Condition of at least one transaction
For example, it is necessary to have at least one transaction in the last 10 days for coverage of 1 crore on the Ashva card of IDFC First Bank. For the same coverage amount in the Rubyx card of ICICI Bank, it is necessary to have a transaction in the last 60 days. This period is 180 days on other cards like Au Zenith Plus. Ankur Mittal, co-founder of card Insider, said that it is very important to read polic documents.
Insurance money is not available in some situations
Air Accident Insurance is not benefited in certain conditions. For example, if there is an air crash due to terrorist conspiracy, then the user will not get the benefit of air accident insurance. There are certain conditions to file the claim. First, the family member of the cardholder will have to contact the card company with necessary documents.
The facility going to end on these cards
SBI cards are going to shut down the complimentary air accident insurance on some of its premium cards. From July 15, SBI Card Elite, Miles Elite and Miles Prime will not get 1 crore coverage facility. Along with this, air accident insurance facility will also be withdrawn on SBI Card Prime and Pulse. The facility will also end on August 11 on the co-branded SBI cards.
