UPI payment has certainly reduced the need for cash today, but the need for cash has still not ended. If you suddenly need cash, that need can be fulfilled quickly through an ATM card. But ATM card does not only withdraw cash, it also provides many facilities,
information about which is not given by the bank. One of these facilities is your accidental insurance. Yes, whether the ATM card is of a private bank or a government bank, every card also comes with complimentary insurance cover. This accidental cover can range from Rs 25 thousand to Rs 20 lakh.
There are two types of insurance cover in SBI
According to the information available on the SBI Bank website, there are two types of insurance covers from SBI. The first is Personal Accidental Insurance (Death) Non Air and the second is Personal Air Accidental Insurance (Death). The insurance amount is decided according to the category of the ATM card. In case of death or accident of the ATM card holder, this insurance can also prove to be a support for the dependents.
These are the terms and conditions of both types of insurance cover
Personal Accidental Insurance (Death) Non Air Insurance Cover provides insurance to the debit card holder for accidental death other than air travel. Whereas under Personal Air Accidental Insurance (Death) Insurance Cover, the debit card holder is given coverage only for air accidental death. In both the cases, if the ATM card has been used during the last 90 days from the date of accident, then a claim can be made for the insurance cover.
How much insurance on which card?
SBI Gold (MasterCard/Visa) Personal Accidental Insurance (Death) Non Air Card offers insurance up to Rs. 2,00,000, while Personal Air Accidental Insurance (Death) offers insurance up to Rs. 4,00,000. SBI Platinum (MasterCard/Visa) Card offers insurance coverage up to Rs. 5,00,000 in case of Personal Air Accidental Insurance (Death), and Personal Air Accidental Insurance (Death) offers insurance coverage up to Rs. 10,00,000.
Insurance cover up to Rs 10,00,000 on this card
SBI Pride (Business Debit) (Mastercard/Visa) cardholders get insurance cover up to Rs 2,00,000 on Personal Air Accidental Insurance (Death) card and insurance cover up to Rs 4,00,000 on Personal Air Accidental Insurance (Death). SBI Premium (Business Debit) (Mastercard/Visa) cardholders get insurance cover up to Rs 5,00,000 on Personal Air Accidental Insurance (Death) card and insurance cover up to Rs 10,00,000 on Personal Air Accidental Insurance (Death) card.
Coverage up to Rs 20,00,000 on this card
SBI Visa Signature/MasterCard Debit Card holders who have a card with Personal Air Accidental Insurance (Death) are given insurance coverage up to Rs 10,00,000. Those who have a card with Personal Air Accidental Insurance (Death) are given insurance up to Rs 20,00,000.
How to claim
If an ATM card holder dies in an accident, the nominee of the card holder has to go to the bank branch where the account was opened. There, an application for compensation has to be submitted. Necessary documents have to be submitted to the bank. After a few days, the nominee gets the insurance claim, but keep in mind that in case of death or accident within 45 days of using the bank’s ATM card, the dependents of the concerned person can claim compensation under the insurance policy.
