What is Debit Card Insurance: ATM or debit card is considered a big part of a person’s daily life and it also helps a lot in transactions. You can make payment in minutes with ATM or debit card, however you should also know that debit card also provides many other benefits. Let us tell you that one of these debit cards can provide many other facilities apart from insurance coverage, travel insurance and shopping security.
Many times it happens that due to lack of information about debit card insurance coverage, cardholders are not able to avail many benefits, there are many people who do not have much information about their cards. For your information, let us tell you what is debit card insurance coverage and what are its benefits, how can you claim in it, you should know all this information.
What is Debit Card Insurance
Let us tell you that according to the information given by the bank, debit card insurance coverage is an insurance policy related to ATM card, if your debit card gets lost in any situation, then it provides you better security in that financial time. Generally, banks and financial institutions provide this security to debit card holders. If you want more information about insurance coverage, then you can directly contact customer care.
Verification of papers
Paper verification is also important. For your information, let us tell you that once you have made an insurance claim, then an investigation officer is appointed by the insurance company. This investigation officer gives the correct information of all the paper documents and the situation to the bank within 30 days. In such a situation, if there is a delay in submitting the papers, then you are also sent a reminder after 60 and 81 days.
After completing this entire process, verification is done and after this your claim amount is deposited in your bank account through National Electric Fund Transfer within 10 days. So if you also have a debit card of Rs 100 and you are getting accidental insurance on it, if you ever get into any problem, then you can claim this insurance in this way.
What is the time limit for making a claim
If any accident happens to you, then it is necessary to make a claim within 90 days. In such a situation, if a person is admitted in the hospital for a long time due to an accident, then also a claim can be made under this insurance.
Who will get debit card insurance coverage
You should know that the eligibility for debit card insurance coverage may vary according to the type of debit card and the bank that issued it. But you have to keep one more thing in mind that using multiple cards of the same bank or different banks does not mean that you are eligible for multiple insurance coverage.
