Of what use is the personal accident cover under my credit card?
Deepak Mondal, Kolkata
Credit card issuers give a complimentary personal accident insurance cover of a fixed sum like Rs 10 lakh for one year or till the card needs renewal. This means that in the event of loss of the card holder’s life resulting from a train accident, while traveling on a valid ticket, the card holder’s family shall be paid Rs 10 lakh. Most cards offer this as a complementary feature only for the first year of the card being issued. For subsequent years, you will have to pay the required premium yourself to renew the policy.
