DSP Account



1.    Further to this PS Dte letter No C/27087/AG/PS-3 (P) dated 20 Dec 2011.

2.   The Personal Accidental (Death) Insurance (PAI) cover on ATM Cards issued by SBI DSP accounts have been renewed with effect from 31 Dec 2011 with following modifications :-

(a) Rs 3 lacs PAI (Death) Cover for ATM Card holders of DSP accounts under Silver Variant. (enhanced from current Rs 2.5 lacs).

(b) Rs 5 lacs PAI (Death) Cover for Gold International ATM Card holders of all Salary Package Accounts under Gold, Diamond variants (enhanced from the current Rs 4 lacs).

(c) Rs. 5 lacs PAI (Death) Cover for Platinum International ATM Card holders under Platinum accounts. (no change).

3.  In addition theft and burglary cover for up to Rs. 5,000/- will be available on purchases made through ATM cards, from the date of purchase up to 60 days or up to policy expiry date whichever is earlier. Also Platinum International ATM card provides complimentary Lost Card Liability up to Rs. 50, 000/-.

4.   The Free PAI cover and Purchase Protection Cover will be governed by the following:

(a) The PAI Cover will be available ONLY to ATM card holders of Salary Package Accounts where at least 2 month’s salary is credited to the account preceding to the date of the incident.

(b) Only Cards issued to the Primary Account Holders of Salary Package accounts are covered.

(c) In case of multiple accounts related to a single Customer, ONLY ONE account will be taken into consideration.

(d) In case of (c) above, if the account holder has been issued more than one ATM Card and such cards are of different categories e.g. Domestic/Silver International ATM Card, Gold International ATM Cards, Platinum International ATM Card, etc. then the highest variant will be covered.

5.   As before, Pensioners are not covered under Personal Accident Insurance (Death) Cover.

6.    It is important to note that benefit of PAI cover will be available to the claimant only if the accounts are opened/converted under the Salary Package with appropriate product code i.e. DSP.

7.   The processes for submission of claim is listed in the annexure. Though the claim procedure is to be completed between the claimant and the Insurance Company the same has been enclosed for the information and guidance of claimants.

8.    The above PAI (Death) cover is valid up to 31 Dec 2012 and bank reserves the right to review, modify or withdraw the offer.

9.    Claim intimation letter is to be submitted to the United India Insurance Company Ltd within 60 days of death of the ATM Debit Card Holder. The Claim form is to be submitted as per details attached as Appendix.

10.   It is observed that the number of claims preferred under this cover have been low during the last year, the reason for which is probably the low level of awareness of this facility amongst troops. It is therefore, requested to circulate the scheme extensively, so
that the information on this benefit is disseminated to environment.



                                                                                     (Refer Para 9)




1.   Name and address of Insurance Provider (Claim to be submitted to):-

Senior Divisional Manager
United India Insurance Company Ltd
Divisional Office No 14
Mehta House, 3rd Floor, 91
Mumbai, Samachar Marg
Fort, Mumbai-400 001
Phone No Direct 022-22691373
Fax – 022-22660984
Email – united[at]vsnl[dot]net

2.   For Death Claim:-

(a) Claim intimation letter to be submitted to the United India Insurance Company Ltd within 60 days of death of the ATM Debit Card Holder.

(b) Nominee will submit a simple application to the Card issuing Branch with


(i) The copy of death certificate.

(ii) Certified copy of police report and F.I.R.

(iii) Certified copy of Post Mortem Report.

(iv) Name of the nominee duly certified by the Bank officer with full address.

(v) Claim form duly filled up.

(vi) Details of Account Number and the card number, if available. However submission of Debit card will not be mandatory.

(c)  Branch Manager will confirm from the branch record the name of the nominee and the card number. The related Debit Card will be immediately blocked/hot listed.

(d)  The application and relevant documents mentioned under Para 2 (b) above with the forwarding letter of the Branch Manager will be sent to the Insurance Company for processing at their end.

3.   For purchase protect cover claims:-

The claimant to

(a) Intimate the insurance company immediately on discovery of theft or burglary.

(b) Submit certified copy of F.I.R.

(c) Submit a proof of purchase made with the related Debit Card i.e original purchase Cash Memo with Bank Debit slip indicating purchase of stolen item.

(d) Submit claim form duly filled up.

(e) Declaration to the effect that items purchased have been stolen/lost to theft/burglary.

(f) The purchase protection will be available up to 60 days from the date of purchase excluding perishable items if purchase takes place within the policy period


4.   Settlement by Insurance Company:-

(a) Insurance Company after receipt of the application will initiate the process of claim settlement.

(b) All the correspondence related to claim will be then directly taken up with the claimant/nominee without involving Bank.

(c) All the settlement/disputes will be between the claimant and the Insurance Company and the Bank will not be a party to such disputes.

(d) The claim settlement will be entirely the responsibility of the Insurance Company and Bank will have no liability towards any claim/dispute.

5.   Nominee registered with the Bank for the primary account linked to the Debit card issued to Salary Package account holder will be considered as nominee for the Personal Accidental Death Cover available to the card holder.