Last Update: February 17, 2023, 16:06 IST
Consumers are often not interested in knowing about the coverage that banks provide to ATM cardholders, and neither banks nor their customers provide direct information.
Depending on the customer to customer bank transaction, the insurance cover ranges from Rs. 50,000 to 10 lakhs Rs.
The use of ATM cards has made life simple. There is no queue to withdraw money at the bank if you have an ATM card. Online shopping can also be done with the ATM card. Many brands and shopping apps offer discounts if the customer completes their payment through credit or debit cards. We all know that ATM cards provide many additional benefits but not many know that ATMs are covered by cardholder insurance.
Do you know about such benefits of ATM card? If your answer is no, then keep reading. Almost all banks, whether public or private, provide their customers, who have operational bank accounts, accidental hospitalization or accidental death coverage. Depending on the customer to customer bank transaction, the insurance cover ranges from Rs. 50,000 to 10 lakhs Rs. Consumers are often not interested in knowing about the coverage that banks provide to ATM cardholders, and neither banks nor their customers provide direct information.
Nevertheless, most banks now offer insurance coverage for credit cards. If the bank account is inoperative, the bank can take back your insurance.
How to claim insurance coverage for deceased person?
Given that people are rarely aware of this information, they hesitate to file any insurance claims. As soon as the concerned person is involved in an accident, you should inform the police to file an insurance claim. Maintain the integrity of any relevant papers regarding the accident victim.
If the person is hospitalized, you will need to keep all of their medical records. If, however, the person dies, then the relative of the deceased person must have the postmortem report, police report, death certificate and current driving license of the deceased person, if any. You must inform the Bank that the Cardholder has used the ATM Card for some valid transaction during the last 60 days.
With regard to accidental death insurance, credit or debit cards offer free accidental death cover ranging from Rs 30,000 to Rs 10 lakh, depending on the card being used by an individual, said a tax and investment expert registered with SEBI. depends on the type.
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