Insurance up to Rs 5 lakh is available on your debit card, know how?
Debit cards have made life easier for customers to pay for purchases, but these cards also come with an insurance cover. Read on to know more...
Transaction through debit card i.e. ATM card has become very common in the country. Customers use it more for withdrawing money from ATMs and for shopping. Apart from this, its trend is also in full swing in online payment, but do you know that debit card also provides many more facilities, including free insurance up to Rs 5 lakh.
Coverage is available according to the card
Most debit cards come with insurance coverage which provides protection against various risks. These include personal accident cover, baggage protection cover etc. However, the type of coverage and how much will be available are decided according to the card. The amount of coverage will also be different on different types of cards. For example, one lakh rupees is available on Classic card, two lakh rupees on Platinum card, 50 thousand rupees on normal Mastercard, 5 lakh rupees on Platinum Mastercard and 1.5 to 2 lakh rupees on Visa card. On the other hand, if someone has opened a Pradhan Mantri Jan Dhan account, then under the RuPay card, customers get insurance coverage of Rs 1 to 2 lakh.
When do you get the benefit of insurance
If a debit card holder dies in an accident, then in such a situation his family can get the benefit of insurance up to Rs 5 lakh. However, the benefit of insurance is available only when this ATM card has been used for 45 days. The benefit of insurance can be found in the ATM card of any government or non-government bank.
How to claim?
If an ATM cardholder dies in an accident, the nominee will have to visit the branch of the bank where the person had an account. An application will have to be given for the claim as well as necessary documents will have to be submitted to the bank. Death certificate including card holder’s account details will have to provided to the bank.