Apart from cash withdrawal, there are some benefits of ATM card which we are generally not aware of. This is the benefit of insurance available on ATM card. Let us know about it in detail.
Whenever we open an account in a bank, we also get a debit card on that account. It helps people in online payment and cash withdrawal, but apart from cash withdrawal, there are some benefits of ATM card which we are generally not aware of. This benefit is about the insurance available on ATM card.
Let us tell you that customers get insurance benefits ranging from Rs 25 thousand to Rs 5 lakh on ATM cards, about which common people are often not aware. Because of this he is not able to take advantage of this huge benefit.
Who gets the benefits?
Let us tell you that only those people get the benefit of ATM card insurance who use this ATM card for at least 45 days. This facility can be found in ATM card of any government or non-government bank. Along with this, the amount of insurance benefit you will get also depends on which category your ATM card belongs to.
Coverage is available according to different cards
The insurance amount is decided according to the category of ATM card. Insurance coverage is available up to Rs 1 lakh on Classic Card, Rs 2 lakh on Platinum Card, Rs 50 thousand on Ordinary Master Card, Rs 5 lakh on Platinum Master Card and Rs 1.5 to 2 lakh on Visa Card. With RuPay card available on Pradhan Mantri Jan Dhan accounts, customers get insurance coverage of Rs 1 to 2 lakh. If a person dies in an accident, then in such a situation his family can get the benefit of insurance up to Rs 5 lakh.
Claim this way
If an ATM card holder dies in an accident, the card holder’s nominee will have to go to the bank branch where the person had an account and submit an application for compensation there. After submitting the necessary documents in the bank, the nominee gets the insurance claim. The most important thing is that in case of death or accident within 45 days of using the bank’s ATM card, the dependents of the person concerned can claim compensation under the insurance policy.
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