Yes, if you use an ATM card, the bank may provide you with up to Rs. 5 lakh in insurance (5 Lakh Rs Insurance). This is unknown to a lot of people. The cardholder’s family members must apply for this sort of insurance. You won’t collect this money if you don’t make a claim. You were informed in this news article how to file an insurance claim for 5 lakhs if necessary (ATM Insurance Claim). You must read this information since hardly no bank employee would have told you about it.
Customers cannot get information from banks.
Insurance is the most significant perk associated with an ATM card; as soon as a bank distributes an ATM card to a client, the latter is granted Accidental Insurance. However, few individuals are able to make insurance claims for it because of lack of awareness about this insurance. Aside from the residents of the community, many educated individuals are also ignorant of the regulations governing ATMs. Additionally, the bank does not orally provide this information to its clients.
Who purchases insurance?
The RBI regulations provide that every cardholder who has used an ATM card from a government or commercial bank for at least 45 days is eligible for insurance. The kind of ATM card will determine how much money is available for the insurance of ATMs.
coverage for every category
According to several categories, the bank offers insurance to cardholders. There are three types of cards: Classic, Platinum, and Standard. 50k on a regular MasterCard, 1k on a classic ATM card, 1.5-2k on a Visa card, and 5k on a Platinum card.
Can make a claim up to 5 lakh upon death
If the ATM card users dies in an accident, then the insurance is available from 1 to 5 lakh rupees. On the other side, the insured amount of up to Rs. 50000 is available if one hand or one leg is hurt. You must apply to the bank for this. The application must be submitted to the bank by the cardholder’s nominee.