Your ATM Card Provides You With Insurance Cover Of Up To Rs 10 Lakh
I am aware that ATM cards in India come with complimentary insurance coverage of up to Rs. 10 lakh. This insurance coverage is offered by the National Payments Corporation of India (NPCI) and is valid for all RuPay debit cards issued by banks in India.
The insurance coverage includes:
Personal Accident Insurance (PAI): This covers accidental death and disability of the cardholder. The coverage amount is up to Rs. 10 lakh.
Purchase Protection Insurance: This covers the loss of goods purchased with the debit card due to theft, burglary, or housebreaking. The coverage amount is up to Rs. 50,000.
Travel Insurance: This covers medical expenses, loss of baggage, and other travel-related expenses. The coverage amount varies depending on the type of travel insurance plan.
To claim the insurance benefits, you need to meet the eligibility criteria and follow the claim process as specified by the insurance provider. The eligibility criteria and claim process may vary depending on the type of insurance coverage.
Here are some of the eligibility criteria for claiming insurance benefits on ATM cards:
The cardholder must be a resident of India.
The cardholder must be the primary account holder.
The cardholder must have been using the debit card at the time of the incident.
The cardholder must have met the minimum transaction requirements, if any.
The claim process for insurance benefits on ATM cards may vary depending on the type of insurance coverage and the insurance provider. However, the general steps involved in claiming insurance benefits are:
Contact the insurance provider and lodge a claim.
Provide the required documents to the insurance provider.
The insurance provider will assess the claim and decide whether to approve it or not.
If the claim is approved, the insurance provider will pay the claim amount to the cardholder.
It is important to note that the insurance coverage offered on ATM cards is only a complimentary benefit. The coverage amount and the terms and conditions of the insurance may vary depending on the bank and the type of debit card. It is advisable to read the terms and conditions carefully before claiming insurance benefits.