ATM Card Insurance: Debit Cards get insurance up to Rs 10 lakh, this is how you can claim
ATM Card Insurance: ATM cards have an insurance cover of up to Rs 10 lakh. Let us know how ATM card insurance coverage is decided and how it can be claimed.
ATM Card Insurance: All the banks in India issue ATM cards to all the customers. Earlier when there were no ATM cards, people had to go to the bank to withdraw money. But now with the use of ATM cards, anyone can easily withdraw money from anywhere. ATM cards are also widely used for online transactions.
Many banks issue different types of ATM cards. But do you know that ATM cards are also insured? Yes, let us tell you that some ATM cards have an insurance cover of up to Rs 10 lakh. Let us know how ATM card insurance coverage is decided and how it can be claimed.
ATM cards are insured in India. As soon as an ATM card is issued to a customer, he becomes eligible for insurance. But this insurance amount varies on different cards. If someone has an SBI Gold MasterCard or Visa card, he gets 4 lakh air death and 2 lakh non-air insurance cover.
Along with this, the premium cardholder gets an air death cover of Rs 10 lakh and a non-air cover of Rs 5 lakh. Insurance cover of Rs 50 thousand is available on normal MasterCard, Rs 5 lakh on Platinum MasterCard, while up to 2 lakh is available on Visa cards. Apart from this, cardholders get a cover of 1-2 lakh on the account opened under the Pradhan Mantri Jan Dhan Yojana.
Some rules have been made regarding ATM card insurance claims. Any insurance claim can be made only if any transaction has been done with the ATM card 90 days before the date of the accident. Whether money is withdrawn from an ATM or purchased online. If the card is not used for 90 days, then the claim will not be available. In case of an accident, a hospital bill, valid certificate, and police FIR will be required to make a claim.
If the ATM cardholder dies in an accident, the nominee will have to submit the death certificate. Claims can be made both online and offline. For offline, you will have to go to the bank and get the form. Then it has to be filled and submitted along with the relevant documents.
After submitting the claim with the required insurance form documents within 60 days, the insurance company appoints an officer. Who investigates? After verification, the final report is prepared. After this, the claim amount is sent to the account at an interval of 10 days. Let us tell you that it is advisable to claim within 60 days of the accident. Otherwise, the claim may be rejected.
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