ATM Card free Insurance: In today’s era, having an ATM card in your pocket has become a necessity. This card has not only reduced people’s dependence on cash but has also made their money more secure. But do you know that this ATM card also protects your family financially. Yes, very few people would know that on every ATM card, people get free insurance up to Rs 5 lakh, which they can claim in case of any loss of life. Let us know what is its full method.
Insurance is available according to the card
First of all, it is important to know who can get this insurance. According to the rules of RBI, a person who has been using an ATM card of a nationalized or non-nationalized bank for at least 45 days before, becomes entitled to this insurance. How much will be the amount of this amount, it all depends on the category of ATM card you get.
Different card issuing bank
Actually, classic, platinum and normal cards are issued to banks. People get insurance of 50 thousand rupees on normal master card, 1 lakh rupees on classic ATM card, 1.5 to 2 lakh rupees on visa card and 5 lakh rupees on platinum card. On the other hand, people get insurance of 1 to 2 lakh rupees on RuPay Card Insurance available with open accounts under Jan-Dhan Yojana.
Can claim up to 5 lakhs in case of death
If there is an accident with an ATM card user, then the sum insured is given to him according to the category of his card. In case of death, the family gets insurance ranging from 1 to 5 lakh rupees according to the card. At the same time, in case of loss of one hand or one leg, 50 thousand rupees and in case of loss of both legs or both hands, an insurance amount of up to Rs 1 lakh is available.
Application has to be made by going to the bank itself
This amount of insurance is not available on its own, rather it has to be claimed by going to the bank. For this, the nominee of the cardholder holding the ATM card has to go to the concerned bank. After this, a request for help has to be made by giving an application there. After this, an application is made in the hospital by applying proof of treatment and copy of FIR. At the same time, in case of death, documents like dependent’s certificate, copy of FIR, death certificate have to be attached. A few days after this paperwork is completed, the victim’s family gets the claim