ATM Card Insurance: Due to a lack of knowledge about it, few people are able to claim this insurance. One of the major reasons for this is the lack of financial literacy among the people. Let alone the people of the village, even the educated urban people do not pay attention to the terms and conditions related to ATMs. Banks also do not tell their customers about the insurance they get from ATMs.
In today’s time, there will be very few people who do not use ATM cards. ATMs have now become a part of everyone’s everyday life, thanks to the Pradhan Mantri Jan-Dhan Yojana and RuPay Card. This has not only reduced the dependence on cash but has also made money safe and easy to transact. Now if you want to buy something then there is no need to carry much cash for that. A small ATM card does all the work. Apart from these, there are some such benefits (ATM Card Benefits) from ATM cards, which people are not aware of. In the absence of information, people are deprived of access to essential facilities available free of cost.
Banks also do not give information to customers
The most important of the services available with an ATM card is free insurance (ATM card insurance). Yes… As soon as the bank issues an ATM card to a customer, the customer gets accident insurance or life insurance. However, in the absence of information about this, only a few people are able to claim this insurance. One of the major reasons for this is the lack of financial literacy among the people. Let alone the people of the village, even the educated urban people do not pay attention to the terms and conditions related to ATMs. Banks also do not tell their customers about the insurance they get from ATMs.
According to the card, so much coverage is available
If a person is using the ATM of any nationalized and non-nationalized bank for at least 45 days, he becomes entitled to claim the insurance that comes with the ATM card. Banks issue different types of ATM cards to the customers. According to the category of the ATM card, the sum insured with it is decided. Customers will get Rs 01 lakh on Classic Card, Rs 02 lakh on Platinum Card, Rs 50,000 on Normal MasterCard, and Rs 05 lakh on Platinum MasterCard and Visa. Insurance coverage up to Rs 1.5-02 lakh is available on the card. With RuPay card insurance available on accounts opened under the Pradhan Mantri Jan-Dhan Yojana, customers get insurance ranging from Rs.01 to Rs.02 lakh.
Read More: Cash Withdrawal Process Change At ATMs. Know Details.
How to claim ATM Insurance
If the ATM cardholder gets into an accident and becomes disabled in one hand or one leg, then he gets coverage of Rs 50,000. Similarly, in case of loss of both hands or both legs, the insurance benefit of Rs. 01 lakh is available. In case of death, the coverage ranges from Rs. 01 lakh to Rs. 05 lakhs on the basis of the card. To claim the insurance available with the ATM card, the cardholder’s nominee has to apply to the concerned bank. An insurance claim is received on submission of documents like a copy of FIR in the bank, certificate of treatment in the hospital, etc. In case of death, the nominee of the cardholder has to submit the death certificate, FIR copy, dependent’s certificate, and original copy. death certificate etc.
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