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Nowadays, ATM cards have become a necessity for everyone, as they provide a safe option to carry money instead of cash. Most people are unaware of the insurance benefits of ATM cards which include accident and accidental death insurance.
In the event of death, the family will receive up to ₹ 10 lakh under the insurance coverage provided with the card. Accident insurance coverage is issued along with ATM cards by most banks, but few customers are aware of this since rarely do banks explain it.
The type of card makes a difference in insurance. The cover ranges as: a classic card offers a cover of ₹1 lakh, a platinum card offers ₹2 lahks, a standard mastercard ₹50,000, and a platinum mastercard ₹5 lakh. A holder of a Visa card gets cover of ₹1.5 to ₹2 lakh. RuPay cardholder gets up to ₹2 lakh.
Insurance sum: If there is a dismemberment of hand and leg, one can claim up to ₹50,000. But if the cardholder’s both limbs are affected and dies from the accident, the compensation will be ₹1-₹5 lakh or above, based on the type of the card. The family members may approach this insurance claim with the banks and financial institutions while submitting the FIR copies of treatment records death certificates and other evidentiary proofs.
