VIRAL SACH: Banks provide free accidental insurance with ATM cards

It is being claimed in a viral message on the social media that banks accord insurance to ATM card owners without any fee. What is the truth of the message? It is being claimed that if a person has a bank account and uses an ATM card, he is entitled to accidental insurance extended by the bank without any fee. It is being also claimed that if someone dies within 45 days of using the ATM card, his family can claim the insurance amount. Here is the truth of the viral message. If you have a platinum card, you would be entitled to a sum of Rs 2 lakh. If you have a classic card or kisan debit card, you would get Rs 50,000. PNB ‘mitra’ debit card holders are entitled to Rs 25 thousand. According to the scheme, 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. Before paying the compensation, the bank would check whether any transaction happened in the last 45 days. As soon as you open the account, banks provide the insurance cover. The message is true.