The ATM card kept in your pocket gives you insurance up to Rs 5 lakh. Very few people know about this, but it is true. The ATM card not only makes your cash transactions convenient and secure but also provides you with insurance cover of up to Rs.5 lakh. Very few people know about ATM insurance, with the help of which you can get up to 5 lakh rupees. We are telling you how to claim it.
5 lakh insurance is available on ATM card
As per RBI rules, it is mandatory to provide insurance at ATMs. According to the rules, if you have been using an ATM card of any nationalized or non-nationalized bank at least 45 days ago, then you are entitled to get this insurance. How much claim you will get for this, it also depends on the category of your ATM card.
ATM cards are available in three categories
Banks provide ATM cards to their customers in three categories. Including Classic, Platinum and Normal cards. The sum insured on each card is different. For example, insurance of only Rs 50000 is available on a normal master card. Whereas on Classic ATM card, insurance of Rs 1 lakh is available. On the other hand, insurance of Rs 1.5 to 2 lakh is available on Visa card, while insurance of up to 5 lakh is available on Platinum card. Apart from this, insurance of 1 to 2 lakh rupees is available on Rupay card.
When can you claim
According to the rules, if the ATM card holder dies in an accident, then the insurance amount will be given to his family according to the category of the card. This amount will be up to Rs 5 lakh according to the category of the card, while if the card holder becomes disabled, then he gets 50 thousand to 1 lakh rupees.
How to claim
To claim it, the card holder’s family or the card holder has to go to the bank and make a claim. The nominee of the card holder will have to go to the concerned bank and make a claim in this regard, and fill the form. They will have to provide proof of the card holder’s treatment and a copy of the accident complaint filed with the police. In case of death, certificate of dependent, copy of FIR and death certificate will have to be given. After completion of the paperwork, the bank will give the sum insured to the card holder or the dependent of the card holder.
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