How To Claim ATM Card Insurance?
ATM cards have simplified life. You do not have to wait in line to withdraw money from a bank. Additionally, ATM cards can be used for online purchases.
In addition to this benefit, ATM cards offer several other advantages that most consumers are unaware of. For example, ATM cardholders also receive insurance coverage.
Range of insurance cover
Almost all public or private banks offer accidental hospitalization and death coverage to customers with operation bank accounts.
Depending on customer-to-customer bank transactions, the insurance coverage offered under the criteria ranges from Rs 50,000 to Rs 10 lakh. People are unwilling to learn about the protection banks offer, and neither bank provides information to customers.
However, the majority of institutions now offer coverage for credit cards. If your bank account is inactive, the bank may revoke your coverage.
How to claim insurance?
People are hesitant to file an insurance claim due to their ignorance of this information. To file an insurance claim, you must notify the police as soon as the insured individual is involved in an accident.
Keep any pertinent documentation regarding the accident victim in its original state. If the individual is hospitalized, you must carry all their medical records. If they pass away, you must carry their postmortem report, police report, death certificate, and valid driver's license.
You must also inform the bank that the cardholder has used the ATM card for a valid transaction within the past 60 days.
It facilitates deposits and money transfers.
Not only can you withdraw cash with an ATM card, but you can also deposit cash into a deposit machine without visiting a bank.
Suppose you do not have access to online banking. In that case, you can still transfer funds using an ATM by inserting your debit card, selecting the transfer option, and entering the recipient's information. Some banks offer unlimited ATM cash withdrawals each month at no extra cost.
It offers security
Digital cards protect against losing money, particularly when traveling. In addition, you may not run out of cash because ATM cards are directly linked to bank accounts.
You may withdraw up to the available funds in your bank account. They are accessible 24/7 from any place. With a 4-digit PIN, ATM cards are extremely safe. Therefore, keeping your money in a bank account instead of carrying cash is risky today.
In modern times, swiping machines are now available in any little store. Therefore, it is preferable not to carry cash in hand. In addition, the government has limited daily cash transactions to a maximum of Rs 3 lakh.
It is suitable for shopping.
ATM cards can also be purchased in physical stores and e-commerce websites. Paying with the card at a brick-and-mortar store is as simple as swiping it through a PoS machine.
Once you submit your card information and the one-time password that safeguards your transaction while buying online, your money will be deducted from your bank account.
Online purchases made with debit cards may also earn cash-back benefits, which are not exclusive to credit card users. Therefore, all cardholders are encouraged to make the most of their ATM cards.
Following the drive toward demonetization, the government is encouraging cashless transaction services.
Consequently, there may be rapid modifications to various financial items. Before using a digital platform for routine transactions, you must be informed of government-mandated modifications.
There are lot of insurance companies in the market offering various insurance policies at different rates. you must compare before buying an insurance policy. search on finndit.com and get the details of insurance policy providers near you.
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