ATM Card Insurance: Usually many people have a debit card. This is called ATM card. Even though its use has reduced due to increasing digitalization, it is still very much needed. This debit card also provides free insurance cover. No premium has to be paid in this. These include both accident insurance and life insurance.

In today’s time, there will be very few people who do not use ATM card. Due to Pradhan Mantri Jan Dhan Yojana and RuPay Card, ATM has become an important part of everyone’s daily life. It has not only reduced the dependence on cash, but transactions have also become easier. If you want to buy anything, it can be done easily through ATM. ATM also provides many facilities. But due to lack of information, people are not able to get its benefits. Similarly, insurance is also available through ATM without paying premium.

As soon as the ATM card is issued by the bank. Similarly, cardholders get accidental insurance and untimely death insurance. Most people in the country are unaware of this, they also get life insurance cover on debit / ATM card. According to the website of State Bank of India, Personal Accidental Insurance (Death) Non Air Insurance Debit Card Holder is given insurance for untimely death.

Free insurance amount on ATM card

If you have used the ATM card of any bank for more than 45 days, then you can avail free insurance facility. This includes 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 4 lakhs (death on air), 2 lakhs (non-air) to its Gold ATM card holders. Whereas, it gives a cover of 10 lakhs (death on air), 5 lakhs (non-air) to the Premium card holders. All the banks including HDFC Bank, ICICI, Kotak Mahindra Bank provide cover of different amounts on their debit cards. Some debit cards provide free accidental insurance coverage up to Rs 3 crore. This insurance coverage is given for free. No additional documents are asked by the bank in this.

Transactions through debit card are very important

The benefit of insurance is available only when some transactions are done through that debit card within a certain period. This period may vary for different cards. Some ATM cards require the cardholder to make at least one transaction in 30 days to activate the insurance policy. Some cardholders need to make one transaction within the last 90 days to activate the insurance coverage.