Prices Increasing soon Prices Increasing Soon

10 Free Inbuilt Insurance Covers You Don’t Know About

There are various financial products that come loaded with an insurance cover but most of the buyers don’t know about them. The best part about these covers is that most of them are free or affordable.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Let’s go in deep to know the insurance covers you did not know about:-

1.  Bank Deposits

Fixed deposits of all banks, including foreign banks in India, regional banks and co-operative banks, are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Under this coverage, each account holder is entitled to get up to Rs 1 lakh coverage, inclusive of principal amount and interest, if the bank is unable to pay the amount due on the FD to the customer due to cancellation of license or merger. However, if the account holder owes any dues to the bank, the amount will be first deducted by DICGC from the payout. The premium cost of the insurance plan will be borne by banks. The types of deposits covered by DICGC are savings and current accounts and fixed and recurring deposits.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

2.  Home Appliances Cover

Manufacturers of home appliances, such as refrigerator, TV and washing machine, offer insurance coverage to buyers against electrical or mechanical breakdown. But do not confuse this with warranty of appliances. These insurance covers which you did not know aboutare commonly offered during festive season. Though it seems you do not have to pay for them, a percentage of the insurance cost is included in the cost of appliance.

3.  Mobile Phone Cover

Mobile phone manufacturers offer group covers to their smartphone buyers. It covers mobile phones lost or damaged due to burglary, theft and riots. For instance, Nokia has partnered with New India Assurance to cover Nokia mobile handsets against theft and accidental damage. Recently, Telenor India Communication, a mobile network operator, launched an insurance coveryou did not know about of up to Rs 50,000 for its customers. 

4.  LPG Insurance Cover

All registered gas consumers and their families are covered against accidents from LPG cylinders. To file for a claim, the accident should be first reported at the local police station. The distributor should also be informed in writing within a few days of the accident. Note that you should always use ISI marked accessories such as gas pipe and lighter. Also, the gas connection should be used at the address registered with the dealer. That is, if your registered address is Building A, you will not get coverage if the accidents happen in Building B.

5.  Train Journey

Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) offers insurance coverage you did not know about, for baggage while booking e-tickets. Under the offer, passengers can claim the money in case of loss or theft of the baggage. Also goods such as mobile phones, laptops and other valuable articles are covered as part of the insurance coverage.

6.  Zero Liability Cards

Various banks offer zero liability cover to protect VISA and MasterCard cardholders against any unauthorized transaction on their credit or debit card. Banks bear an additional cost of the insurance to cover the liability in case of loss of card. Once the card is reported lost or stolen, the cardholder is not liable to pay for any transaction made on it. In case of a debit card, the transacted amount will be refunded to the customer.

7.  Pradhan Mantri Jan DhanYojana

Under Pradhan Mantri Jan DhanYojana, account holders are given RuPay Debit card along with zero balance bank account. This debit card offers free personal accident insurance and life insurance coverage of up to Rs 1 lakh and Rs 30,000 respectively.

8.  RuPay Card

RuPay is an Indian version of Visa and MasterCard credit and debit cards. It can be used at ATMs, merchant outlets and e commerce websites. The card offers free personal accidental death and permanent disability insurance of up to Rs 2 lakhs. In all probabilities it is an insurance cover you did not know about.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

9.  Employees Deposit Linked Insurance (EDLI)

The Employee Provident Fund (EPF) has an inbuilt insurance cover of Rs 6 lakh. The insurance clause offers financial protection to the family after the death of an employee. All members of EPF are automatically eligible for EDLI. Of the total employer’s contribution, 0.5% goes towards EDLI as the premium amount.

10.  Mutual Funds Cover

Nowadays, fund houses such as Birla Sun Life, ICICI Prudential and Reliance Capital,  offer free life insurance you did not know about, to cover SIP investors. Under this cover, if something untoward happens to you, the fund house will continue paying premium on your behalf. On maturity of the investment, the nominee receives the proceedings.

Premium By Age

Life insurance articles

  • Recent Article
  • Popular Articles
24 Apr 2024

Most Common Life Insurance Frauds in India

Life insurance fraud is a financial crime that can be committed

Read more
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Best Life Insurance Policy in India with High...

The best life insurance policy in India is a type of life

Read more
15 Dec 2021

Life Insurance for Parents in India

With the increase in the average life expectancy rate, the older population in India is on the rise. Most of the

Read more
08 Jun 2022

Life Insurance for NRI

Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many

Read more
14 Apr 2014

Life Insurance Quotes

Life insurance quotes are the approximate premium rates for the specific life insurance policy. It helps you

Read more
26 Dec 2022

Canara Guaranteed Fortune Plan

Canara HSBC life insurance company introduces a guaranteed fortune plan that provides assured benefits to life

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best decision I have ever made. I feel so good knowing that

Read more
Need Help? Request Callback
View Plans
Download the Policybazaar app
to manage all your insurance needs.