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