The benefits on Kotak Mahindra Bank’s debit card are going to reduce. The bank has emailed its customers informing them that the insurance services linked to their debit cards will soon stop.
These insurance benefits will no longer be available after July 20, 2025. However, all insurance claims made before this date will still be accepted as per the existing rules.
What insurance benefits were available on Kotak Debit Cards?
Personal Accidental Death Cover
If the cardholder dies in a road or rail accident, their nominee or legal heir gets an insurance amount.
This cover can be up to ₹15 lakh, based on the card type. Certain conditions must be met to get the benefit.
Lost Baggage Insurance
If you book a travel ticket using the Kotak debit card and your baggage is lost during the journey, you can get up to ₹1 lakh as insurance cover.
Purchase Protection (Insurance for bought items)
If any item bought with the Kotak debit card is lost or damaged within 60 days, the bank provides insurance cover of up to ₹1.5 lakh.
Air Accident Insurance
In case of death due to an accident during air travel, an insurance cover of up to ₹5 lakh is provided.
Lost Card Liability Cover
If your debit card is stolen and misused, the bank gives protection against loss up to ₹6 lakh.
What happens after July 20?
Kotak Mahindra Bank has clearly said that no insurance benefit will be available on the debit card after July 20, 2025.
But any claim made before this date will still be processed as per the old rules.
How to file an insurance claim?
If you have already made a claim, you can contact the bank by email. The complete details about the claim process are available on Kotak Mahindra Bank’s website.
This update is important for customers using insurance facilities through their debit cards.
Customers should check their policy details carefully and submit their claims before July 20, 2025, to avoid any loss.
