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.

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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.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

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 about are 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 cover you did not know about of up to Rs 50,000 for its customers.

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⁺Standard T&C Applied

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.

Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool by Policybazaar before buying.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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