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Did You Know? ATM Card Comes With Free Insurance Cover

Did You Know? ATM Card Comes With Free Insurance Cover
Credit/Debit Card Provide Free Insurance Cover

An ATM card is not new for anyone, not even for a 5-year-old kid. We are all aware of its feature and how to use ATM cards. But, do you know that your debit and credit card can give you free accidental insurance cover up to Rs.5 or 10 lakhs?

Surprised!

Only a few know about this facility but most Indian citizens are unaware of it. Even banks do not tell us about this free facility that comes with owning a debit card.

How to Claim free accidental Insurance Cover on Debit/Credit Card?

Credit/Debit cards comes with a free insurance cover

The moment the bank issues you ATM, your claim for the accidental and life insurance cover starts from that moment.

Bank provides you insurance cover ranges from Rs.50,000 to Rs. 10 Lakhs.

Conditions to Claim Free Insurance Cover-

  1. In case of an accident, you can claim your insurance cover by providing documents of your medicals and FIR report copy to the bank.
  2. In case of death, a nominee of the cardholders has to provide a copy of the death certificate to the bank, to claim insurance money.

Important Point-

But before claiming insurance money on your debit or credit cards, it is a must that cardholders should have performed at least one purchase from that card 90 days before the accident.

If you have more than two debit or credit cards, you can avail the benefit of insurance money only from one card. Banks provide insurance claims only on one card to the cardholders.

Insurance Money Depend on the Debit or Credit Card types-

Credit/Debit Cards comes with free insurance cover

Banks can provide different ranges of insurance coverage, on different categories of debit and credit cards you are using.

For example –

  • With a classic card you can get – Rs.1 Lakh
  • With a Platinum card, you can get – Rs. 2 Lakh
  • With a Master card, you can get – Rs. 50,000
  • In Platinum master card you can get – 5 Lakh
  • With a Visa card, you can get – 1.5 -2 lakh

And if you have opened a bank account under Pradhan Mantri Jan-Dhan Yojana, the insurance coverage amount is Rs. 1- 2 lakhs on Rupay card.

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