In today’s time, almost every person has a bank account and one with him ATM or Debit Card It happens. Most people use this card only for withdrawing money or online shopping, but very few people know that on their ATM card Free insurance up to 10 lakh rupees even get. This insurance bank automatically activates as soon as the card is issued, which includes facilities like accident insurance and life insurance on untimely death. To take advantage of this insurance, you do not have to pay any premium, it is necessary to follow some important conditions.
This facility of banks is especially beneficial for those who travel often or have more transactions than the ATM card. Many times people are unable to take advantage of this free insurance due to lack of information and in difficult times Financial help They are deprived of. In this article, we will tell you that complete information about free insurance up to Rs 10 lakh on ATM card, its conditions, process of claiming and important things related to it.
ATM Card Free Insurance Claim – Full process
Free insurance on ATM card or debit card is usually two types – accidental insurance and death insurance. It can vary according to the category of insurance cover card (Gold, Platinum, Classic etc.) and the rules of the bank. Almost all big banks like SBI, HDFC, ICICI, Kotak Mahindra provide this facility to their customers.
ATM Card Free Insurance
| Speciality | Description |
|---|---|
| Insurance amount | ₹ 50,000 to ₹ 10,00,000 (Depending on Card and Bank) |
| Insurance type | Accident insurance, death insurance |
| Eligibility | Active ATM/Debit Card, recently used |
| Major bank | SBI, HDFC, ICICI, Coast, Winder |
| Card category | Gold, Platinum, Classic, Premium etc. |
| Conditions of use | Card transaction required within 30-90 days |
| Claim process | Online/offline, with necessary documents |
| Claim time limit | Claim required within 30-60 days of the incident |
Free insurance on ATM card-which banks and cards
- SBI Gold Debit Card: 4 lakh (air accident), 2 lakh (non-air)
- SBI Premium/Platinum Card: 10 lakh (air accident), 5 lakh (non-air)
- HDFC, ICICI, Mahindra Box: Cover from ₹ 50,000 to ₹ 10,00,000 on different card category
- Rupay card: ₹ 2 lakh on non-pemenium card, up to ₹ 10 lakh on premium
Note that insurance amount and conditions vary according to the category of bank and card.
Major conditions of ATM Card Free Insurance
- The card holder has recently used the card within (usually 30-90 days)-whether money is withdrawn from ATM, purchased on the POS machine or has done online transactions.
- It is necessary to have a nominee update in the bank in the name of the cardholder.
- Insurance is found only in an accident or untimely death, not on normal death or disease.
- Application is necessary within 30 to 60 days of the accident to claim.
- The status of the card holder’s account should be active.
How to claim ATM Card Free Insurance?
It is very easy to claim free insurance on ATM card, just you should know the right documents and process.
Claiming process
- Update Nominee information: First of all get the nominee information updated in your account.
- Prepare the document:
- Claim Form (get from bank)
- Death Certificate
- Police FIR (in case of accident)
- Postmortem Report (Accident Cases)
- Cardholder and nominee identity card (Aadhaar, PAN etc.)
- Bank statement/transaction log (proof of card use within 90 days)
- Other necessary documents (eg hospital papers, driving license etc.)
- Submit claim form: With all the documents, submit the form to the bank branch or send it via the bank’s website/email.
- Investigation and payment: The bank and insurance company examines the documents and transfer the claim to the account in 10-30 days.
Documents required for claim
- Nominee contact details
- Full claim form
- Death Certificate
- Postmortem Report (Accident Cases)
- FIR or Panchnama
- Hospital papers (if treated)
- Cardholder and nominee identity card
- Bank Statement/Transaction Log
- Card proof (eg card copy)
- Legal Heer Certificate for not having a nominee
Benefits of ATM Card Free Insurance
- Insurance cover without any premium
- Family security for family in case of accident or untimely death
- Easy claim process
- Available by almost all major banks
- Diversity in amount according to the category of card holder
Under what circumstances can the claim be rejected?
- If the card holder has not used the card in the scheduled time (usually 30-90 days)
- Documents are incomplete or wrong
- Nominee information is not updated
- Insurance conditions have not been followed
Frequently asked questions (FAQ)
Q1. Does every ATM card get an insurance of 10 lakhs?
No, the insurance amount varies according to the category of the card and the rules of the bank. ₹ 50,000 is available on some cards and up to ₹ 10 lakh on some premium card.
Q2. Does this insurance also get medical expenses or disease?
No, this insurance is found only in an accident or untimely death, not on illness or normal death.
Q3. How many days before the card is necessary to claim?
The use of cards is necessary in most banks within 30-90 days, only then the claim will be valid.
Q4. How long does the claim process take?
When all the documents are correct, the claim amount is transferred to the account within 10-30 days.
Q5. Claim can be done online?
Yes, many banks also provide online claim facilities, but hardcopy of documents can also be sought.
ATM Card Free Insurance – Precautions and Suggestions
- Always keep nominee information updates in your account.
- Keep using the card from time to time, so that insurance remains active.
- In case of accident or death, inform the bank immediately.
- Keep all the necessary documents.
- Take complete information about the conditions of insurance and claim process from the bank.
conclusion:
Free insurance of up to Rs 10 lakh on ATM card is a very beneficial facility, due to which most people are unaware. If you use your card periodically and follow the necessary conditions, you and your family can get this insurance cover. It is very easy to claim with the right documents if needed. Therefore, be aware of this facility and take full advantage of your rights.
Disclaimer: Free insurance of up to 10 lakhs on ATM card is true, but it is not available on every card and in every bank. Insurance amount, conditions and claim processes may vary according to the bank and card category. This insurance is found only in the event of an accident or untimely death, not on illness or normal death. Also, recent use of cards is necessary, otherwise the benefit of insurance will not be available. Therefore, read the conditions related to the bank carefully and use the card from time to time.
