If you have used the ATM card of any bank for more than 45 days, then you are eligible for free insurance facility. This includes both accident insurance and life insurance.
ATM card free insurance: All banks provide debit cards to their account holders. This debit card is also called ATM card in colloquial language because it is used to withdraw money from the bank ATM. You also use ATM card for online payment and shopping.
Do you know that you get free insurance cover of up to Rs 10 lakh on the ATM card provided by the bank? The amount of cover varies depending on the ATM facility of the banks. Let us know what kind of cover is available on bank ATM and how you can claim it.
Free insurance amount on ATM card
If you have used the ATM card of any bank for more than 45 days, then you are eligible for free insurance facility. These include both accident insurance and life insurance. Now you will be able to claim insurance in both these situations. The amount has been fixed according to the category of the card.
SBI gives a cover of 4 lakhs (death on air), 2 lakhs (non-air) to its Gold ATM card holder. At the same time, it gives a cover of 10 lakhs (death on air), 5 lakhs (non-air) to the Premium card holder. All banks including HDFC Bank, ICICI, Kotak Mahindra Bank provide cover of different amounts on their debit cards.
Process of free insurance claim on debit card
The process of claiming free insurance on bank debit card is very easy. For this, first of all the account holders should add the nominee’s information. You can claim insurance with the hospital treatment expenses, a certificate, a copy of the police FIR. Apart from this, if the account holder dies, then in such a situation the nominee can submit the death certificate.
You can make a claim both online and offline. Banks provide this facility to their customers. You can go to your bank branch and get the claim form. This form has to be filled and submitted along with the documents. Then the claim process starts. It is right to file a claim within 60 days of the accident.
Once the claim is reported, the insurance company appoints an investigating officer within three days to investigate the matter and the report is prepared within 30 days. Upon paper verification, the claim amount is deposited in the account through NEFT within 10 days.
