Benefits of ATM card: ATM card is not only used to withdraw money, but it also gives you the benefit of accident insurance. But very few people know about it. If you use your ATM card regularly, you can claim free insurance up to Rs 5 lakh. Learn how this facility works and how it can be claimed in this article.
Insurance facility on ATM card: An unknown benefit
Using an ATM card not only makes your money safe, but it also includes the benefit of insurance coverage. If you have been using an ATM card of any bank for the last 45 days, you can claim the insurance. The amount of insurance depends on the category of your card.
How much insurance is available on which card?
The insurance amount varies on every ATM card. Here are the different types of cards and their insurance amounts:
| ATM card type | insurance amount |
|---|---|
| classic card | up to ₹1 lakh |
| platinum card | up to ₹2 lakh |
| general master card | up to ₹50,000 |
| platinum master card | up to ₹5 lakh |
| visa card | ₹1.5 to ₹2 lakh |
The type of your card determines how much insurance you get.
Insurance on Pradhan Mantri Jan-Dhan Yojana card
If your account is opened under Pradhan Mantri Jan-Dhan Yojana, then your RuPay Card Insurance facility is also available.
- Accidental death or disability: In this situation, insurance of ₹ 1 to ₹ 2 lakh is available.
- special benefits: Insurance up to ₹ 5 lakh can be claimed in case of death or disability of the ATM cardholder.
Documents required for insurance claim
To avail the benefits of insurance, it is necessary to submit the correct documents. Know here which documents are required:
- accident case,
- copy of FIR
- hospital treatment certificate
- Insurance policy information
- in case of death,
- copy of FIR
- death certificate
- Nominee’s Dependent Certificate
- Cardholder’s bank account details
Note: You can get complete information about the documents by contacting the concerned bank.
How to make an insurance claim?
It is very easy to claim insurance on ATM card. You have to follow the following procedure:
- contact the bank:Apply for insurance claim by visiting your bank branch.
- submit documents: Submit the necessary documents like FIR, hospital certificate, and other information asked by the bank.
- follow the procedure:The bank will examine your application and contact the insurance company.
- claim acceptance: If your documents and application are found correct, the insurance amount will be transferred to your account.
What is covered under insurance?
- accidental death: Sum insured can range from ₹1 lakh to ₹5 lakh.
- loss of body in accident: Insurance up to ₹ 1 lakh is available in case of loss of hand or leg.
- life insurance: Some banks also provide life insurance along with ATM card.
Who can avail the benefit of this scheme?
This scheme is applicable for all ATM card holders. But often people are not able to take advantage of it due to lack of information. This scheme has been created in the public interest, so make sure you understand it completely and take advantage of it when needed.
ATM Card Insurance: Lack of Awareness
Most people are not aware of the insurance benefits of ATM cards. This facility has been available for many years, but due to lack of financial literacy people are unaware of it. So ask your bank about this facility and make sure you avail its benefits.
