look news india
ATM Card Insurance: Currently, you may find someone who does not own or use an ATM. Thanks to the Pradhan Mantri Jan-Dhan Yojana (PMJDY), ATMs have now become a part of everyone's daily life. People prefer to keep ATM cards instead of cash in their pockets. But do you know that as soon as the ATM card is issued by the bank, the cardholders get accident insurance and untimely death insurance. Most people in the country are unaware that they can avail life insurance cover on debit/ATM cards also.
The sum insured depends on your card. Some debit cards offer free accident insurance coverage up to Rs 3 crore. This insurance coverage is provided free of cost and no premium is charged from the debit card holder nor are any additional documents asked by the banks.
The transaction must be done through debit card within a certain period
There are certain terms and conditions for free accident insurance coverage on debit cards. The most important thing is that the cardholder has to make certain transactions through that debit card within a certain period. This period may vary for different cards. To activate the insurance policy on some ATM cards, the cardholder has to make at least one transaction within 30 days. Some cardholders are required to make a transaction within the last 90 days to activate insurance coverage.