Introduction
In the modern era, as mobile phones have become an integral part of people’s lives, so has the ATM card become a primary necessity for everyone. As people now prefer to carry an ATM card instead of cash in their pockets due to fear of robbery, it can be used to withdraw money from any location. However, are you aware that this small card not only provides this convenience but also entitles you to a substantial amount in case of an accident?
ATM Card: An Unnoticed Insurance Policy
Many people might not know that as soon as the bank issues an ATM card for you, it automatically comes with an accident insurance. Unfortunately, even banks do not inform their customers about this. Sanjay Kumar Agrawal, the Transport Secretary of Bihar, has revealed that as soon as a bank issues an ATM card to a customer, it also provides accident insurance. Depending on the category of the ATM card, the accident insurance amount ranges from 1 to 10 lakh rupees. However, due to lack of information, people are unable to take advantage of this. Users can apply for it within one month at the bank branch.
ATM Card Insurance: How Much and When?
The benefit of insurance on an ATM card is given to cardholders at the time of an accident or unexpected death. According to the rules, users who have been using the ATM card of any government or private bank for more than 45 days will receive the insurance amount according to the category of the ATM card. In this, you can get insurance of lakhs of rupees according to the category.
ATM Card Insurance: How Much and When Does It Apply?
If you use an ATM card and become a victim of an accident where you lose one hand and one leg and become disabled, you receive an insurance amount of 50,000 rupees. In case of losing both hands and legs, an insurance of 1 lakh rupees is provided, and in case of death, insurance up to 5 lakh rupees is given.
How to Claim Insurance on ATM Card
To claim the insurance available on the ATM card, the nominee of the cardholder has to apply at the bank branch. This application includes a copy of the FIR, a certificate of treatment, and other documents. After a few days, the insurance claim comes into the account. In case of death, the nominee needs a death benefit, a death certificate, a copy of the FIR, etc. After this, the insurance amount is received.
Conclusion
If you also use an ATM card, you can avail up to 10 lakh accident insurance. It is essential to be aware of your rights and the benefits that come along with your ATM card, and make sure to claim them when necessary. So, next time you use your ATM card, remember, it’s not just a tool for financial transactions, but also a safety net in times of unforeseen accidents.
