6 free/hidden insurance cover you didn’t know about

6 free/hidden insurance cover you didn't know about | Vrid
People illustrations by Storyset

A person lost his dad. His dad didn’t take any life cover, so he had no hope of any financial help. But suddenly, his friend tells him about some inbuilt/hidden insurance cover that his dad might have taken while using various products.

On time, he used these insurance covers and stabilised his family’s financials. In today’s newsletter, we will discover a few insurances that you might not be aware of and can be helpful in the future.

Estimated read time: 3 minutes and 42 seconds

Was this blog shared with you? You can subscribe to our personal finance newsletter to receive such insightful articles directly to your inbox!

Buckle up, here we go!

Via Tenor

Many products and services come bundled with some benefits, and insurance is one of the benefits. Often we wouldn’t be aware of it because it is hard to know all the details and keep track of them. 

But when it comes to a service or product that you use often might be a little easy to keep track of, right? Let’s discuss some insurance benefits offered by some well-known products or services. Who knows when you might need one?  

1. Deposit Insurance (Banks)

Did you know that your money deposit in banks up to ₹5 lakhs is insured?

Every deposit holder is eligible to get a maximum sum of ₹5 lakhs in case the bank cannot pay the depositor their promised sum.

DICGC (Deposit Insurance and Credit Guarantee Corporation) protects the investment of the customer in Fixed Deposits, Recurring Deposits, Savings Accounts and Current Accounts under this coverage.

The bank pays the premium for this insurance, and no extra amount is

charged to the customer or deducted from the principal. 

A couple of years back, this coverage was just up to ₹1 lakh.

2. Credit & Debit Card

Most credit & debit cards offer insurance for accidental death and permanent total disability. The coverage can start from ₹50k and go to a maximum of ₹20 lakhs. 

The coverage depends on the type of card you use. Also, the card should have been in use within 45 or 90 days before the accident. And you should intimate the claim within 60 days of the event. 

If you are using a credit or debit card, check the insurance details of your card.

Also, did you know there are other protection benefits offered by the cards like zero liability cover, price protection, etc? Be aware of them so that you can avail the benefits.

Via Tenor

3. Uber/ OLA/ Rapido

Do you know that app-based cab booking platforms like Ola, Uber, Rapido and others offer insurance coverage during travel?

Uber riders are insured for up to ₹5 lakhs in case of accidental death or disability and up to ₹2 lakhs for hospitalisation, including an OPD benefit of up to ₹50k. 

Uber provides this insurance coverage free of cost. Ola charges ₹2 per ride for the insurance. Other platforms like Rapido, Zoomcar, etc. also provide insurance. 

4. Employees Provident Fund (EPF)

If you are a salaried employee contributing to EPF every month, you have free life insurance of up to ₹7 lakhs. 

Under the Employees’ Deposit Linked Insurance (EDLI) Scheme, with an EPF account, you are eligible for free life insurance. 

The insurance cover ranges from ₹2.5 lakhs to ₹7 lakhs, based on the deceased’s salary drawn in the last 12 months of employment. You have to be an active contributor to the EPF scheme to avail this life cover.

Via Tenor

5. Train Rides – IRCTC

Indian Railway Catering and Tourism Corporation (IRCTC) offers you an insurance cover of up to ₹10 lakhs at a near-zero premium of 49 paise.

Passengers have the option of opting for a travel insurance while booking train tickets through the IRCTC website. If you select the option while booking your train, travel insurance will apply for all passengers booked under one PNR.

The maximum cover is up to ₹10 lakhs, in which you get a cover of ₹10 lakhs for death or permanent total disability because of a rail accident or any untoward incident. A coverage of ₹7.5 lakhs is available for permanent partial disability. The ₹2 lakhs coverage for hospitalisation expenses for injury is over and above the death or disability coverage. ₹10k for the transportation of mortal remains.

6. LPG

All of us use an LPG in our house to cook food. We all know how dangerous it is, as we have heard many incidents of LPG bursting. So, we take extra precautions when dealing with LPG. 

But what if something wrong happens? What can we do? Is there any insurance coverage for it? Yes.

All LPG consumers along with their families are covered against any accident that could take place because of the LPG cylinder.

Below are the insurance coverage details

  • Personal accident cover – ₹6 lakhs per person per event
  • Medical expenses max cover – ₹30 lakhs per event
  • Property damage cover – ₹2 lakhs per event

Note that you should always use ISI-marked accessories such as gas pipes and lighter. You should use the gas connection at the registered address only. 

Though complementary insurance seems very attractive and covers certain types of risks, you must not ignore the regular insurance products to cover specific risks. 

You may find the cover assured in inbuilt insurance to be lower than what you may need. Therefore, getting regular insurance products like term insurance, and health insurance will ensure that you do not remain exposed to risk because of under-insurance.

Share it with your buddies.


Still Curious?

If you are like us, who likes to analyse a little more or check out content in different formats, well you are in luck. Below you can find some suitable content we found.

ICICI Bank – Hidden insurane covers you didn’t know about!

Ditto – 7 lakhs of free insurance if you are an employee?

Ditto – Did you know your cab rides come with free insurance?

Note: We don’t have any affiliation with them. We are sharing links only for educational purposes. The opinions expressed by them belong solely to them and do not reflect the views of Vrid.



Did you enjoy this article?

DISCLAIMER: This newsletter is strictly educational and is not an investment advice or a proposal to buy or sell any assets. Please be careful and do your own research.

Experience the power of our cutting-edge expense tracker app! Join our waitlist to access smart categorization, insightful financial insights, and seamless expense tracking. Be part of the financial revolution – sign up now to stay updated and gain exclusive access to our app!