Today we are going to explain What is ATM Card Insurance, Debit card insurance and How to claim it.
ATM card is also known ad Debit card.
Currently, everyone is using an ATM Card and carrying a Debit card. And you will also know that the person holding the ATM card also gets insurance for free – but what is this insurance, to what extent is it protected, and how will the claim of this insurance be received after the death of the cardholder?
Very few people know; that’s why we felt that this subject should also be covered so that the general public can get the information – that’s why all these things have been covered in this Article.
In this article, we will basically talk about the SBI Debit Card, the insurance available on debit cards of other banks is also almost the same, just there can be a slight difference in the amount of claim and the requirement. Friends, ATM or Debit card insurance, is either given by the card provider company like Mastercard, Visa, RuPay etc. or both the bank and the card provider company together – the first thing to understand in this insurance is that it is accidental insurance. It means that if there is a death due to an accident or permanent disability, then only the cover of this insurance can be found.
Debit card insurance has no meaning in the matter of normal death. People reach to claim on normal death by taking information about insurance on different platforms , so don’t do this because this claim will be payable only in matters of accident. The second important thing is that what will be the conditions for the claim and what will be the amount of the claim, then the claim amount is different for each type of card- If we talk about SBI then in SBI SBI Gold Card, Platinum Card , Premium cards and Signature cards are in vogue, out of which Gold Card is insured up to 2,00,000, Platinum Card is insured up to 5,00,000, Premium Business Card is also insured up to 5,00,000 and SBI Signature Debit Card is up to 10,000 – 100,000 insurance would be available and if there is a death in air accident then this amount doubles.
i.e. in case of death due to air accident, the amount received as a claim would be from Rs.4,00,000 to Rs.20,00,000. But it is available only when the card holder uses that card regularly, it should not happen that the account was opened and the card was found along with it, but just brought it home and did not use it. In any case, to make a claim, it is necessary that the card must have been used during the period of ninety days prior to the date of the accident, otherwise the insurance coverage will not be available. And double claim in the matter of air accident will be available only if you have booked the flight ticket using the same debit card for the flight in which the accident happened. If you have an SBI Rupay Debit card, then the insurance cover will be from one to two lakh rupees, but it is necessary to use the card in the 45 days before the death of the accident.
It is not necessary that you have used the card at ATM only, but if the card has been used for any online transaction, then you will get accidental insurance cover. Apart from this, if you do any shopping with debit card, then you also get purchase protection. Purchase protection insurance claim is available when you have made a purchase with the card and if that item is stolen from your home or your vehicle within ninety days of purchase – Purchase protection amount Rs.5000 on Gold Card, Platinum Card 50,000 on premium business cards, Rs.50,000 on premium business cards and Rs.1,00,000 on signature debit cards. There is also another salary package account. If you have a debit card on a salary package account, then the cover of purchase protection insurance is Rs.2,00,000.
Up to Now the most important thing is how the claim for debit card insurance will be done, so friends, keep in mind that the FIR of the accident must be done because it will be the most important document for the claim. In case of any accidental death or disability, you will get the claim form from the same bank, which has to be filled completely, along with the copy of FIR, charge sheet or FR, Panchnama, post mortem report etc. In the event of the death of the account holder, the nominee of the account holder or the heir of the deceased person, you have to file a claim along with their ID, bank details etc. Generally the claim is settled within 90 days of filing the claim and the amount is transferred to the beneficiary’s account.
There is no specific rule about how many days the claim should be filed after the accident, but the claim should be filed as soon as possible. If there is a delay of more than three to four months in filing the claim, then the insurance company will Claim can be rejected.
