Did you know that up to Rs 10 lakh insurance is available on ATM cards? Learn how to claim

Did you know that up to Rs 10 lakh insurance is obtainable on ATM cards? Learn how to claim

ATM cards have made one’s life simple. You do not have to stand in a queue in a bank for withdrawing cash . ATM cards can even be used for online shopping. Not only this, ATM cards come up with different other advantages too which people are actually not aware of. For instance, ATM cardholders obtain insurance cover also.

Range of insurance cover

Almost all banks – whether private or public – give accidental hospitalization cover or accidental death cover to their consumers having an operation bank account. The range of insurance provided under the criteria initiates from Rs 50000 to Rs 10 lakh, relying upon the customer to customer bank dealings. People are unwilling to know about the cover provided by the banks and neither banks give  any information to their customers. However, most of the banks are providing cover on credit cards even. If the bank account is inoperative, then your cover may obtain withdrawn by the bank.

How to claim for insurance?

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

It supports in deposits and transfer of money

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

It gives  safety

Digital cards give safety of not losing money especially while travelling. You may even not fall short of money because ATM cards are directly linked to your bank accounts. You can withdraw as much as you can as per the cash availability in a your bank account. They can be accessed anywhere 24×7. ATM cards are highly secured with the 4 digit PIN. So rather keeping cash in your pocket, which is quite unsafe these days, keep your cash  in your bank account. Swiping machines are even obtainable at every small store nowadays. So it’s better to ignore carrying cash in hand. Moreover, the government has even limited the cash transaction limit to up to Rs 3 lakh in a day.

It can be utilized  for shopping

ATM cards can even be used for purchasing things either at a brick and mortar store or a shopping website. For utilizing  the card at a brick and mortar store, you can simply swipe the card in a PoS machine and make payments. While doing online shopping, you can enter your card information along with the one-time password which safe your transaction and once you enter the same, your payments obtain debited from your account. Doing online shopping via debit cards may even give you cash back advantages  which are not limited to credit cards users only. Therefore, it’s suggested to all card holders to create the best use of your ATM cards.

After the demonatisation move, the government is promoting cashless transaction services . So, you may search sudden changes in various financial inclusions. But then you require to be aware of that changes which are being amended by the government from time to time before heading towards the digital platform for doing your daily transactions.