ATM Card Insurance: All the banks in India issue ATM cards to their customers. Earlier, when there were no ATM cards, people had to go to the bank to withdraw money. But now, with the use of ATM cards, money can be withdrawn from anywhere with great ease. ATM cards are also used a lot for online transactions.
Many banks issue different types of ATM cards. But do you know that insurance is also provided on ATM cards? Yes, let us tell you that there are some ATMs which have an insurance cover of up to Rs 10 lakh. Let us know how the ATM card insurance cover is decided and how a claim can be made.
You get 10 lakh insurance on your ATM card
ATM card insurance is provided in India. As soon as an ATM card is issued to a customer, he becomes eligible for insurance. But the amount of insurance varies on different cards. If someone has SBI Gold MasterCard or Visa card, then he gets an insurance cover of Rs 4 lakh death on air and Rs 2 lakh non-air.
So along with this, the premium card holder gets a death on air cover of 10 lakhs and a non-air cover of 5 lakhs. Rs 50 thousand on a normal master card. Rs 5 lakh on a platinum master card. An insurance cover of up to 2 lakhs is given on a visa card. Along with this, Rupay card holders with accounts opened under the Pradhan Mantri Jan Dhan Yojana get a cover of 1-2 lakhs.
How can you make an insurance claim?
Some rules have been made regarding ATM card insurance claim. One can claim insurance only if any type of transaction has been done from the ATM card within 90 days before the date of accident. Whether money has been withdrawn from ATM or online purchase has been made. If the card is not used for 90 days, then claim will not be received. If there is an accident, then hospital expenses bill, valid certificate and police FIR will be required to make a claim.
If the ATM card holder dies in an accident, then the nominee will have to submit the death certificate. Claim can be made both online and offline. For offline, one has to go to the bank and get the form. Then it has to be filled and submitted along with the relevant documents.
Claim must be made within 60 days
After submitting the insurance form along with the documents, the insurance company appoints an officer who investigates. After verification, the final report is prepared. After this, the claim amount is sent to the account at an interval of 10 days. Please note that it is right to make a claim within 60 days of the accident. Otherwise, the claim can be rejected.
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