ATM Card Free Insurance: If you have a debit card, this news could be very important for you. All banks provide debit cards to their account holders. This is colloquially known as an ATM. ATMs are used for withdrawing money. ATM cards are used for online payments and shopping. Bank-issued ATM cards offer free insurance up to ₹10 lakh. The cover amount varies depending on the ATM facility. Let’s learn how to claim.
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Free Insurance Amount on ATM Card
If any bank’s ATM card has been used for more than 45 days, you can avail of free insurance. This includes accident insurance and life insurance. Insurance claims can now be made in both situations. This amount is determined by the card category. SBI provides its Gold ATM cardholders with a death cover of ₹4 lakh and an accident cover of ₹2 lakh. Premium cardholders receive a death cover of ₹10 lakh and a minor accident cover of ₹5 lakh.
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Free Debit Card Insurance Claim Process
The process for claiming free insurance on a bank debit card is very simple. First, the account holder must add the nominee’s details. You can submit hospital treatment expenses, a police FIR, a certificate, etc., to the claim. Claims can be made both offline and online. The bank offers this facility to its customers. You can visit your bank branch and fill out a claim form. Submit this form along with all the documents. The claim process then begins. The claim must be filed within 60 days of the accident.