Debit card insurance: How much coverage does your ATM card offer

New Delhi: Bank ATM cum debit cards are used for transactions such as swipe-based payments, point of sale transactions and even money withdrawal from ATMs. However, did you know that these cards also come with an associated accidental insurance cover?

According to the Reserve Bank of India’s (RBI) rules, if any citizen uses debit card of any bank for a minimum of 45 days, then they are eligible to file an accidental insurance claim under coverage associated with that card.

How to check the insurance limit of your debit card

Banks issue different types of ATM cards to their customers. The insurance coverage amount varies according to the type of card issued to the accountholder. To get an idea about the insurance cover offered on debit cum ATM cards see the tab;e below:

Insurance offered on RuPay debit card issued to PM Jan Dhan Yojana bank accountholders:

How to file debit card accidental insurance claim?

In the event of an accident, an ATM cum debit card cardholder can use their card to receive insurance coverage for expenses incurred during medical treatment. In case of death during the accident, their relatives may file the application on their behalf. Here’s how citizens can apply for this cover:

Immediately inform the bank or the insurance company about the accident
File the insurance claim in the prescribed format
Once the insurer has satisfied itself based on the documents filed and medical report, the claim will be disbursed
It is mandatory to file a First Information Report (FIR) if the accident is fatal
The FIR and a post-mortem report is required while filing insurance claims for fatal accidents
 Banks issue different types of ATM cards to their customers. The accidental insurance coverage amount associated with these cards varies according to the card type.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today