If you use an ATM card, you will receive 5 lakh rupees for free. How does this work?

Processing an ATM insurance claim: A person who has used an ATM card from any government or private bank for at least 45 days is eligible for this insurance, per RBI regulations.

Yes, if you use an ATM card, the bank may provide you with up to Rs. 5 lakh in insurance (5 Lakh Rs Insurance). This is unknown to a lot of individuals. The cardholder’s family members must apply for this sort of insurance. You won’t collect this money if you don’t make a claim. You were informed in this news article how to file a claim (ATM Insurance Claim) for 5 lakhs if necessary. You must read this information because hardly any bank employee would have told you about it.

Banks do not give information to customers

Insurance is the most significant perk associated with an ATM card; as soon as a bank distributes an ATM card to a customer, the latter is granted Accidental Insurance. However, few people are able to make insurance claims for it because of a lack of awareness about this insurance. Aside from the residents of the community, many educated people are also ignorant of the regulations governing ATMs. Additionally, the bank does not orally provide this information to its clients.

Who gets insurance?

The RBI regulations provide that every cardholder who has used an ATM card from a government or private bank for at least 45 days is eligible for insurance. The type of ATM card will determine how much money is available for the insurance of ATMs.

Insurance for each category

According to various categories, the bank offers insurance to cardholders. There are three types of cards: Classic, Platinum, and Standard. 50k on a regular MasterCard, 1k on a classic ATM card, 1.5-2k on a Visa card, and 5k on a Platinum card.

Read More: More interest is now being paid on RBL Bank savings accounts: Compared to FDs, starting an account here will earn you more interest; view the current rates.

Can make a claim up to 5 lakh upon death

If an accident results in the death of an ATM card holder, insurance ranging from 1 to 5 lakh rupees is provided. On the other side, the insured amount of up to Rs. 50000 is available if one hand or one leg is hurt. You must apply to the bank for this. The application must be submitted to the bank by the cardholder’s nominee.

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