ATM Card Insurance: Free insurance cover worth lakhs is available on ATM card, follow these steps to claim...
Today, every child has a bank account and there are only a few among them who do not use ATM cards. Thanks to Pradhan Mantri Jan Dhan Yojana, ATM has now become a part of everyone's everyday life. Instead of keeping cash in your pocket, people prefer to keep ATM cards.
But do you know that as soon as the ATM card is issued to you from the bank, the cardholders get accidental insurance and untimely death insurance? Most of the people in the country are unaware that they also get life insurance cover on debit/ATM cards.
You should be aware that the insurance amount depends on your card. Some debit cards offer free accidental insurance coverage up to Rs 3 crore. This insurance coverage is given free of cost and neither any premium is charged from the debit card holder nor any additional documents are asked by the banks.
Transactions will have to be done through a debit card within a certain period.
For information, let us tell you that there are some terms and conditions for Free Accidental Insurance Coverage on Debit Card. The most important of these 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 do at least one transaction in 30 days. Some cardholders are required to make a transaction within the last 90 days to activate insurance coverage.
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