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ESG
What does a savings account do? Ask yourself this question and the first thing that might come to mind is easy deposits and payments. However, that's not all you can do with a savings account. Today, savings accounts offer a range of benefits like
• Net banking
• Mobile banking facilities
• Zero-cost services
• Rewarding debit cards
and so on..
However, there are many more benefits that we usually may not be fully aware of.
Free personal accident insurance coverage is one such benefit that many savings accounts offer. Let’s understand the benefits of the cover.
How to get free personal accident insurance coverage with a savings account?
Most savings accounts offer a debit card for cashless transactions, cash withdrawals and other uses. This debit card offers a range of benefits which might include a personal accident insurance cover. When you avail of the debit card, you automatically get insured under the coverage without paying any additional fee.
What does personal accident insurance cover?
Personal accident insurance usually covers the following contingencies –
• Accidental death
• Total and permanent disablement suffered due to an accident. For example, loss of both legs, both hands, loss of sight in both eyes, etc.
In either of these instances, the cover pays a lump sum benefit. You or your family can use this lump sum benefit to compensate for the financial loss suffered due to these contingencies.
Benefits of personal accident insurance cover
Besides being free, personal accident insurance offers multiple benefits, which are as follows –
• Financial security
Accident insurance provides financial security to the insured individual. If the breadwinner of a family passes away in an accident, the family suffers a considerable financial loss. By paying a lump sum benefit in such cases, the cover helps the family face financial distress.
• Helpful in disabilities
Suffering a permanent and total disability might cause a job loss and even make the individual unfit to pursue gainful employment. This causes a loss of income which might cause a financial strain.
The personal accident insurance coverage pays a lump sum benefit for disabilities and eases financial difficulties.
• Peace of mind
By securing your finances against accidental contingencies, the personal accident cover gives you peace of mind.
Maximising the benefits of personal accident insurance
Since personal accident insurance coverage is beneficial, look for savings accounts that offer the coverage for enjoying the benefits. Moreover, check the coverage level and pick the highest possible coverage available for maximum financial protection.
IDFC FIRST Bank Savings Account can help you maximise the benefits of personal accident insurance cover. The savings account offers a choice of two debit cards and each card offers a complimentary personal accident cover with it. Have a look –
• Available with Savings Account that has a requirement of maintaining an Average Monthly Balance (AMB) of Rs 25,000 • Free personal accident insurance cover worth Rs 35 lakhs • Free air accident insurance cover worth Rs 1 crore |
• Available with Savings Account that has a requirement of maintaining an Average Monthly Balance (AMB) of Rs 10,000 • Free personal accident insurance cover worth Rs 5 lakhs • Free air accident insurance cover worth Rs 30 lakhs |
Also read - High interest and other must-have benefits in a Savings Account
The bottom line
Personal accident insurance adds a layer of financial security against accidental deaths and disablements. It provides financial compensation in case of accidental contingencies and alleviates your and your family's distress. Why buy the coverage independently when a savings account can offer it free of cost?
Choose IDFC FIRST Bank Savings Account and unlock the complimentary personal accident insurance, adding a layer of protection to your savings.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.