look news india
ATM Card Insurance: In today's time, there will be very few people who do not use ATM card. Due to Pradhan Mantri Jan Dhan Yojana and RuPay card, ATM has become an important part of everyone's daily life. This has not only reduced the dependence on cash, but has also made transactions easier. If you want to buy anything, it can be done easily through ATM. ATM also provides many facilities. But due to lack of information, people are not able to avail its benefits. Similarly, insurance is also available through ATM without paying premium.
As soon as the ATM card is issued by the bank, cardholders get accident insurance and untimely death insurance. Most people in the country are unaware of this, they also get life insurance cover on debit/ATM cards. According to the website of State Bank of India, Personal Accidental Insurance (Death) Non Air Insurance Debit card holders are given insurance for untimely death.
Free Insurance amount on ATM Card
If you have used the ATM card of any bank for more than 45 days, then you can avail the benefit of free insurance facility. This includes both accident insurance and life insurance. Now you will be able to claim insurance in both these situations. The amount has been decided according to the category of the card. SBI gives a cover of 4 lakhs (death on air), 2 lakhs (non-air) to its gold ATM card holders. At the same time, premium card holders are given a cover of 10 lakhs (death on air), 5 lakhs (non-air). All banks including HDFC Bank, ICICI, Kotak Mahindra Bank give different amounts of cover on their debit cards. Some debit cards provide free accident insurance coverage of up to Rs 3 crore. This insurance coverage is given for free. No additional documents are asked for by the bank in this.
Debit card transactions are very important
The insurance benefit is available only when certain transactions are made with that debit card within a certain period. This period may vary for different cards. For some ATM cards, the cardholder has to make at least one transaction in 30 days to activate the insurance policy. Some cardholders have to make a transaction within the last 90 days to activate the insurance coverage.