Free accidental insurance upto Rs 10 lakh with ATM cards of banks

Do you know that ATM card holders of all banks are eligible for accidental insurance cover by the card issuing bank? It ranges between Rs 50,000 to Rs 10 lakh.

However, if at all you must avail the insurance amount, your bank passbook has to be operational. The insurance cannot be availed for inoperative account. Banks provide accidental hospitalisation cover and accidental death cover.

Immediately inform the police after the accident and highlight everything properly.

In case of hospitalisation, all the medical reports have to be submitted. If it is a case of accidental death these things will be required to deposit: the post-mortem report, police panchnama, death certificate and valid driving license.

ATM card holders who has made minimum one transaction using the card 45 days before accident took place can only claim for the insurance. Transaction at any of the following places will be acceptable – ATM, online shopping, Micro ATM of the card issuing banks.

Even if accident takes place outside of India, the cover will be offered. Beneficiary of the claim amount can be any family member or legal heir or nominee.

ATM card holders get personal accident coverage (death due to accidental injury and permanent disability) in case of accidents occurring because of: travelling by train, aeroplane and water accidents, snake bite, electric current shock and it does not cover natural deaths or due to any disease etc.

If a person dies in an accident, his family members would have to contact the bank within 2 to 5 months. They would have to file an application regarding this in the branch where the account is located.

As soon as you open the account, banks provide the insurance cover.

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