You know, your ATM will automatically get Accident Insurance in the bank. The rate of this insurance can range from 50 thousand to 10 lakh. For this, you have to keep your bank account running.
If you have an ATM card of any government or private bank, then the date of issuance of your card also includes “Accident insurance” or “Accidental Hospitalization Cover” itself, from which the family will get the death of the ATM holder. Under this insurance, there is a provision of different types of compensation available for disability to death.
How to claim for insurance after death?
If an ATM holder dies, then his family members/relatives will have to inform the branch of the bank within 2 to 5 months where he has an account. Application of compensation will have to give in the same branch. Before paying compensation, the bank will check whether the person has done financial transactions within 60-90 days. It is necessary to submit a post mortem report, police report, death certificate, valid driving license.
You can go to the bank to find out how much insurance cover is available on your card right now. Many banks ensure the MasterCard holder a sum of Rs 50,000/- and insure up to Rs 1 lakh on the classic ATM. All visa cards are insured of Rs 2 lakh and a master friend card is insured of Rs 25,000/-. At the same time, you can get insurance of up to Rs 2 lakh on the platinum card and up to Rs 5 lakh on the master platinum card.
Banks generally don’t promote this plan to the customers. If an information brochure comes with your debit-credit card, you have to read it carefully, and if the bank refuses, then go to the Consumer Forum and claim your rights.