Friday, 9 November 2018

Your ATM card can provide you insurance up to Rs 10 lakh: 5 things to know

ATM cards have made one's life easy. You do not have to stand in a queue in a bank for withdrawing money. ATM cards can also be used for online shopping. Not only this, ATM cards come up with various other benefits too which people are actually not aware of. For instance, ATM cardholders get insurance cover also.

Range of insurance cover

Almost all banks – whether private or public – provide accidental hospitalisation cover or accidental death cover to their customers having an operation bank account. The range of insurance provided under the criteria starts from Rs 50000 to Rs 10 lakh, depending upon the customer to customer bank dealings. People are reluctant to know about the cover provided by the banks and neither banks provide any information to their customers. However, most of the banks are offering cover on credit cards also. If the bank account is inoperative, then your cover may get withdrawn by the bank.

How to claim for insurance?

People are hardly aware of this fact because of which they are reluctant to make any insurance claim. To claim for the insurance, you need to inform the police as soon as the concerned person meets with an accident. Keep all the relevant documents intact concerning the person who met with the accident. If the person is hospitalised, then you need to keep all the medical documents with you or if, by any chance, the person expires, then in such a case you need to have the postmortem report, police report, death certificate, and a valid driving licence of the deceased person. You also need to tell the bank that the cardholder has made some valid transaction through the ATM card within 60 days.

It helps in deposits and transfer of money

You can not only withdraw money using ATM cards, but you can even deposit money in the deposit machine without visiting a bank. If you do not have a net-banking facility then also you can transfer your funds through ATM machines by inserting the card and choosing the transfer option and entering the details of the beneficiary for making the successful transfer of payments. Some of the banks are providing unlimited cash transaction facility through the ATM card within a month without incurring any additional charges.

Avail Cashbacks

Not many know that they can avail cashback offers through their ATM card on both online and retail shopping. Banks like HDFC, ICICI, SBI and PNB offer such cashback schemes.

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