Very few people know that on our ATM or Debit card, we also get the benefit of insurance ranging from Rs 25 thousand to Rs 5 lakh. However, most people are not aware of this. This benefit is available only to those people who have used their ATM or Debit card for 45 days. This benefit is available on ATM cards of both public sector banks and private banks.
After opening an account in the bank, we are given an ATM card or debit card to withdraw our money deposited in it. Through this card, we withdraw money from ATM machine or pay by swiping or online. But very few people know that we also get the benefit of insurance ranging from Rs 25 thousand to Rs 5 lakh on our ATM or Debit card. Let us know about all the details related to it.
Insurance is available on Debit or ATM card
We get the benefit of insurance ranging from 25 thousand rupees to five lakh rupees on the ATM or debit card of the bank. However, most people are not aware of this. This benefit is available only to those people who have used their ATM or Debit card for 45 days.
This benefit is available on ATM cards of both public sector banks and private banks. Also, the amount of insurance you will get depends on the category of your ATM or debit card. Let us tell you that every bank issues credit cards of different categories of ATMs to its customers and you also get different types of facilities on each card.
Insurance is available according to the category of the card
The amount of insurance available is decided according to the category of the card. If your card belongs to the Classic category, you will get Rs 1 lakh as insurance, Rs 2 lakh on Platinum Card and Rs 5 lakh on Platinum Master Card.
Insurance coverage up to Rs 1.5 to 2 lakh is available on Visa cards. At the same time, insurance coverage of 50 thousand rupees is given on MasterCard. With the RuPay card available on Pradhan Mantri Jan Dhan accounts, customers get insurance coverage of Rs 1 to 2 lakh.
This is how you can claim
If a person dies in an accident, then in such a situation his family is given the benefit of insurance up to 5 lakhs. To claim this insurance, the nominee of the card holder will have to visit the branch of the bank where the person had an account and submit an application for compensation there.
After submitting the required documents to the bank, the nominee gets the insurance claim. Most importantly, in case of death or accident within 45 days of using the bank’s ATM card, the dependent of the concerned person can claim compensation under the insurance policy.
