Life insurance up to 5 lahks is available for free on ATM card, know how to claim

Most people in the country are unaware of the fact that they get life insurance coverage on Debit/ATM cards as well. One of the main reasons for this is also that people have very little knowledge about this insurance coverage. But let us tell you that you must know about this insurance. Because a large number of people in the country use debit cards.

Jul 2, 2023 - 20:03
Life insurance up to 5 lahks is available for free on ATM card, know how to claim

It may not be possible for all classes of people in the country to have a credit card at one time, but almost everyone has a debit card. The manner in which the number of savings accounts has increased in the last few years proves that debit or ATM cards are present in a large population of the country.
Often people take the debit card lightly and ignore the facilities available to them. But let us tell you that you also get life insurance up to Rs 5 lakh for free on the debit card.
The great thing is that due to a lack of information about this insurance, very few people take advantage of this insurance. Let us know how to claim it.
Whenever you open your savings account in any bank, the bank gives you an ATM card or debit card immediately. Just by issuing this card to the bank, you get Accidental Insurance or Life Insurance.
According to the official website of the country's largest bank SBI, Personal Accidental Insurance (Death) non-air insurance is provided to the debit card holder.
The actual insurance amount depends on your card. Suppose a person has an SBI Gold (MasterCard/Visa) card, he gets an insurance cover of Rs.2,00,000.
This insurance cover is triggered when the card has been used at least once during the last 90 days from the date of the accident through any payment channel like ATM, POS, or e-com.
Suppose a person has been using the ATM of a government or private bank for at least 45 days, then he is eligible for the insurance cover that comes with the card, but this period limit varies from bank to bank. it occurs. Apart from this, the amount of its insurance is also fixed on the category of different debit cards of the banks.
Claiming this insurance is quite easy. Suppose a debit cardholder dies in an accident, then that person's nominee can go to that respective bank and claim insurance.
A claim can be taken on submission of the cardholder's death certificate, copy of FIR, cardholder's dependent's certificate, original copy of deceased's certificate, etc.
If you have a Classic Card then Rs 1 lakh, Rs 2 lakh on Platinum Card, Rs 50 thousand on a normal Master Card, Rs 5 lakh on Platinum Master Card, And on Visa Card, insurance is given from 1.5 to 2 lakh rupees.

Muskan Kumawat Journalist & Writer