ATM Card- At present, there are very few people who do not use ATM cards. Thanks to the Pradhan Mantri Jan Dhan Yojana (PMJDY), ATM has now become a part of everyone’s daily life. People prefer to keep ATM cards instead of keeping cash in their pockets. But do you know that as soon as you are issued an ATM card from the bank, cardholders get accidental insurance and untimely death insurance. Most people in the country are unaware of this fact that they also get life insurance cover on debit/ATM cards

The amount of insurance depends on your card. Some debit cards offer free accidental insurance coverage up to Rs 3 crore. This insurance coverage is given for free and neither any premium is charged from the debit card holder nor any additional document is asked for by the banks.

Transactions have to be made from the debit card within a certain period

There are certain terms and conditions for free accidental insurance coverage on debit cards. 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. On some ATM cards, the cardholder has to make at least one transaction in 30 days to activate the insurance policy. Some cardholders have to make one transaction within the last 90 days to activate the insurance coverage.

What is the insurance associated with ATM card?

Almost all the major banks of the country such as State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank (HDFC), ICICI Bank (ICICI), Union Bank (Union Bank), Bank of Baroda (Bank of Baroda) provide accidental death insurance or personal accident cover to their customers along with ATM or debit card. This insurance comes in handy when a person dies in an unfortunate incident.

1. SBI Gold (MasterCard/VISA)

Non-Air Accident Sum Assured: Rs 2 Lakh

Air Accident Sum Assured: Rs 4 Lakh

2. SBI Platinum (MasterCard/VISA)

Non-Air Accident Sum Assured: Rs 5 Lakh

Air Accident Sum Assured: Rs10 Lakh

3. SBI Pride (Business Debit Card – MasterCard/VISA)

Non-Air Accident Sum Assured: Rs2 Lakh

Air Accident Sum Assured: Rs4 Lakh

4. SBI Premium (Business Debit Card – MasterCard/VISA)

Non-Air Accident Sum Assured:Rs5 Lakh

Air Accident Sum Assured: Rs10 Lakh

5. SBI VISA Signature / MasterCard World Debit Card

Non-Air Accident Sum Assured: Rs10 Lakh

Air Accident Sum Assured: Rs 20 Lakh

This information has been taken from the bank’s website on May 1, 2025.