Insurance on Kotak Mahindra Bank Debit Cards

Documents Required for Lost Card Liability

To avail the insurance, customers have to first submit the following documents:

1. Police acknowledgement of the lost debit card.
2. Letter to the bank along with the police acknowledgement giving details of the incident - resulting in the customer losing his/her card.

Purchase Protection

For customers that have used their Kotak Mahindra Bank debit card to purchase goods, and if the goods happen to be lost, stolen or damaged, the Purchase Protection insurance covers losses up to 60 days from the date of purchasing the goods. All transactions in this case too is PIN based, except if the customers is abroad - as PIN based transactions are not a requirement there.

Documents Required for Purchase Protection

1. Customers have to submit an original invoice of the item that has been lost, stolen or damaged.
2. Customers will also have to submit the details of the replacement cost.
3. Police acknowledgement of the item that has been either lost, stolen or damaged or first hand information.
4. Final police report of the incident.

Also, read our top most viewed article on debit card Insurance with more details.

Lost Baggage Insurance

In cases when customers have bought their travel ticket using their Kotak Mahindra debit card, and their baggage happens to be lost during their travel, Kotak Mahindra offers Lost Baggage Insurance. The Lost Baggage Insurance covers the cost of losses in this case - whether it is a domestic or international travel.

 Required Documents for Claiming Lost Baggage Insurance

1. Customers have to submit a copy of debit card statement for items in lost baggage that have been purchased using one's Kotak Mahindra debit card.
2. Customers have to submit a police FIR - accounting the details of the loss of baggage or theft.
3. In case of loss of precious metals which were in the baggage, the customer has to submit original copies certifying the purchase of such goods.
4. Copy of old passport, if one's passport has been lost with the baggage.
5. Original embassy receipts in cases where replacement of passport is required.
6. Emergency travel certificate - if the customer has lost his/her passport.
7. Copy of new passport will also be required when issued to complete the insurance coverage.

All the documents have to be submitted at the nearest Kotak Mahindra Bank branch.

Air Accident Insurance

If the customer has used his/her Kotak Mahindra debit card to purchase a flight ticket and a mishap has occurred on the flight journey resulting in loss of life, the nominee can claim for Air Accident Insurance. Customers or nominees of the card holder can claim for this insurance only when he/she has used the card at least 89 days prior to the mishap.

Required Documents for Air Accident Insurance

1. The customer or nominee has to first submit a copy of the debit card statement displaying the purchase of the flight ticket.
2. Original death summary of the death certificate has to be submitted.
3. Medico-legal certificate and police account of the accident.
4. Copy of post-mortem.
5. Doctor's certificate stating details of the injuries leading to the death of the card holder.
6. Copy of legal heir certificate - person who would receive the insurance cover for the loss of life.

All documents have to be submitted at the nearest Kotak Mahindra Bank branch.

Insurance Cover for Various Kotak Mahindra Debit Cards

Listed below are insurance coverages that come with various Kotak Mahindra debit cards.

Terms and Conditions to Avail Kotak Mahindra Debit Card Insurance

1. Insurance coverage for Lost Card Liability will commence from the date of dispatch of the card. For the Lost Baggage Protection, Purchase Protection and Air Accident, the insurance coverage will commence from the date of activation.
2. The above listed insurance coverages will not be valid for procuring a visa.
3. Lost Card Liability and Purchase Protection insurance coverages will be payable only through PIN based transactions - except if the customer is abroad.
4. Claims have to filed at the bank within 60 days from the date of blocking the card.
5. For loss of card, claims need to be filed within 30 days.
6. In case of misuse of card such as skimming, phishing and so on, the customer has to take immediate action within 24 hours to be eligible for the insurance coverage.
7. In case of misuse of the card (skimming, phishing, counterfeiting), the insurance will cover losses for a period of 30 days from the date of the card being blocked.
8. If fraudulent activity is done by someone known to the cardholder, coverage will not be payable.
9. The decision taken by the bank on claims is final.
10. In cases for coverage of medical expenses, the insurance coverage shall play its part for a period of 30 days.

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