Kotak Mahindra Bank to Discontinue Debit Card Insurance Benefits from July 20

Kotak Mahindra Bank has announced that it will stop providing complimentary insurance benefits linked to its debit cards from July 20, 2025. Customers have been notified about this change through email and SMS communication. The discontinuation applies to all card variants that currently offer insurance coverage.

As of 11:17 AM on May 13, 2025, Kotak Mahindra Bank share price was trading at ₹2,117.90, a 1.26% decrease,  with a -18.25% decline over the past six months and a 37.68% rise over the past year.

Claims Valid Till Deadline

Any insurance claims submitted to the bank on or before July 20, 2025, will be accepted and processed under the existing policy terms. However, claims made after this deadline will not be entertained. The bank has not specified any transitional provisions beyond the cut-off date.

List of Benefits Being Discontinued

The debit card insurance benefits being withdrawn include several covers currently available to cardholders. These include a personal accidental death cover of up to ₹15 lakh for incidents involving road or rail accidents, with conditions that apply. The amount varies based on the type of debit card.

The air accident insurance cover offers up to ₹5 lakh in case of accidents during air travel. There is also a lost baggage insurance benefit of up to ₹1 lakh, applicable if the travel ticket was purchased using the debit card and baggage is reported lost.

Another feature is purchase protection, which covers goods worth up to ₹1.5 lakh if they are stolen or damaged within 60 days of being purchased through the debit card. The lost card liability cover provides protection against unauthorised transactions, with limits going up to ₹6 lakh, depending on the card variant.

These covers were offered through third-party insurers, including United India Insurance Co. Ltd. and Zurich Kotak General Insurance Co. Ltd. Most of the policies were valid for one year and renewed on a rolling basis.

What Customers Should Do

Cardholders are advised to check their current insurance entitlements and submit any pending claims before the July 20 deadline. Full details, terms, and conditions are available on Kotak Mahindra Bank’s official website.

Read more: Kotak Mahindra Bank Share Price Hits 52-Week High After New CTO Appointment

Conclusion

All insurance benefits attached to Kotak Mahindra Bank debit cards will be discontinued from July 20, 2025. Customers will need to explore alternatives if they wish to continue similar coverage beyond that date.

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