In an innovative move, several banks are offering ATM cards that come with free insurance coverage of up to ₹3 crores, providing customers with added financial protection. This feature, as highlighted in the YouTube video linked above, enhances the traditional functionality of ATM or debit cards, transforming them into tools for both banking and security. This benefit has garnered attention for its potential to safeguard individuals and their families in unexpected situations.
The insurance included with these ATM cards typically covers accidental death and disability. For instance, if a cardholder experiences a tragic accident resulting in fatal or life-altering injuries, the insured amount can be claimed. This coverage is often activated automatically when the cardholder performs regular transactions, such as ATM withdrawals or point-of-sale payments, ensuring accessibility without additional effort.
To avail of this benefit, most banks require cardholders to fulfill certain criteria, such as making at least one transaction within a specified timeframe, often 45 to 90 days. These terms may vary between banks, so customers must familiarize themselves with the specific rules associated with their cards. Additionally, it’s essential to retain transaction records to simplify the claims process if the need arises.
The claims procedure for this insurance is generally straightforward, involving the submission of required documents like the cardholder’s transaction history, accident proof, and identification details. Banks offering this feature strive to ensure a smooth claims experience for beneficiaries, reinforcing their commitment to customer welfare. This coverage can significantly ease financial burdens in times of crisis, making it a valuable addition to the debit card offering.
This unique feature demonstrates how banks are evolving to meet the changing needs of their customers. By combining convenience, security, and financial protection, ATM cards with insurance benefits are becoming a popular choice for individuals seeking added value. Customers are encouraged to check with their respective banks to determine if their ATM card includes this benefit and to take full advantage of this protective measure.
