Free Life Insurance will be available on ATM card – know what are the schemes

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Life insurance will be available free on ATM card – know the value of your card

In today’s time, a large population of the country is using Debit Card. Debit card is a very useful thing, which probably everyone has today. Due to this the dependence on cash has also reduced. But there are still some people, who are not aware of the facility available on the debit card. With the help of debit card, you can not only do shopping, or withdraw money from ATM only. Rather, free insurance is also available on it. Due to lack of information, people are left out of using the essential facilities available for free.

As soon as the bank issues a debit / ATM card to a customer, along with that the customer gets Accidental Insurance or Life Insurance. According to the State Bank of India website, Personal Accidental Insurance (Death) Non Air Insurance provides insurance to the debit card holder against untimely death.

Insurance cover depends on the individual card. If one has an SBI Gold (MasterCard/Visa) card, then he gets a cover of Rs 2,00,000. According to the bank, this insurance cover is triggered when the card has been used once during the last 90 days from the date of accident on any channel ATM, POS, E-COM. However, due to lack of information about it, only a few people are able to claim this insurance.

what are the rules

Generally, if a person has been using the ATM of any government or non-government bank for at least 45 days, then he becomes entitled to the insurance service available with the card. However, different banks have fixed different periods for this. Banks issue several types of debit cards to the customers. The amount of insurance available on the ATM card is decided according to its category.

How much insurance will be available on which card?

Classic Card: Rs 1 lakh
Platinum Card: Rs 2 lakh
Normal Master Card: 50 thousand rupees
Platinum Master Card: Rs 5 lakh
Visa Card: Rs 1.5-2 lakh

Insurance coverage up to this much on all these is given by the banks. Under the Pradhan Mantri Jan-Dhan Yojana, customers get insurance coverage of one to two lakh rupees even on RuPay Card Insurance, which is available on an open account.

how to claim

If a debit card holder dies in an accident, then his nominee can go to the concerned bank and claim the insurance. For this, an application has to be made in the bank. Nominee has to submit death certificate, copy of FIR, dependent’s certificate, original copy of deceased’s certificate etc. PLC/GT

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