If you have used the ATM card of any bank for more than 45 days, then you are eligible for free insurance facility. These include both accident insurance and life insurance.
ATM card free insurance: All banks give debit cards to their account holders. This debit card is also colloquially called ATM card because it is used to withdraw money from bank ATM. You also use ATM card for online payment and shopping. Do you know that you get free insurance cover up to Rs 10 lakh on the ATM card provided by the bank? The amount of cover varies depending on the ATM facility of the banks. Let us know what kind of cover is available on bank ATM and how you can claim.
Free insurance amount on ATM card
If you have used the ATM card of any bank for more than 45 days, then you are eligible for free insurance facility. These include both accident insurance and life insurance. Now you will be able to claim insurance in both these situations. The amount has been fixed according to the category of the card.
SBI gives a cover of Rs 4 lakh (death on air), Rs 2 lakh (non-air) to its Gold ATM card holders. At the same time, Premium card gives the holder a cover of Rs 10 lakh (death on air), Rs 5 lakh (non-air). Many banks including HDFC Bank, ICICI, Kotak Mahindra Bank provide different amounts of cover on their debit cards.
Free Insurance Claim Process on Debit Card
The process to claim free insurance on bank debit card is very easy. For this, first of all the account holders should add the nominee information. You can make an insurance claim with the hospital treatment expenses, a certificate, a copy of the police FIR. Apart from this, if the account holder dies then in such a situation the nominee can submit the death certificate.
You can make claim both online and offline. Banks provide this facility to their customers. You can take the claim form by going to your bank branch. This form has to be filled and submitted along with the documents. Then the claim process starts. It is best to file a claim within 60 days of the accident.
Once the claim is reported, the insurance company appoints an investigating officer to investigate the case within three days and a report is prepared within 30 days. Upon paper verification, the claim amount is credited to the account via NEFT within 10 days.
