The ATM card also offers the protection of accident insurance. Insurance cover ranging from Rs 2 lakh to Rs 10 lakh is given on different categories of cards. Under the social security scheme, the central government has made it mandatory to provide insurance cover of at least two lakhs on ATM cards issued by all banks, but due to lack of information, people are not able to take advantage of the ATM card insurance scheme.
how much insurance on which card
According to bank officials, under the National Financial Mission, the Government of India has made it mandatory to have an insurance cover of at least two lakh rupees on the ATM card. Accidental insurance of Rs 2 lakh is available on Rupay card and Visa card. The amount of insurance on Master Card is five lakh rupees and the insurance cover of 10 lakh rupees on Platinum card. However, the amount of insurance may be different for ATM cards issued by different banks. After the death of the ATM card holder in an accident, his dependents can go to the concerned bank within 45 days to claim.
Transaction must be done within six months
To get the benefit of insurance from ATM card, the cardholder is required to do ATM transaction at least once within six months. Even if money is not to be withdrawn, at least balance inquiry must have been done.
Amethi’s leading bank manager Vimal Kumar Gupta said that the government has made it mandatory to have an insurance cover of at least two lakhs on ATM cards issued by all banks. It is not known how many people have taken advantage of this in Amethi district.