Insurance to cover Robbery at ATM

To be frank, every time I withdraw money from the ATM during odd hours or in an isolated street, I look over my shoulders- just to make sure I am alone! Its not hard to imagine a scenario when we would be robbed and assaulted as we walk out of the ATM after withdrawing money. Since daily withdrawal limits are limited by most banks the monetary losses will be limited in such a scenario. However, as a result of this robbery or attack, the physical injuries that one sustain might be far more.

Fear not, now there is an insurance cover to protect you from such robberies at ATM. Under this policy if the insured person is robbed within 10 minutes of withdrawal of money from the ATM, or if any subsequent withdrawals have been made from the ATM, and the stolen funds are not recovered within 48 hours of the robbery, the insurer shall pay you back the amount that was lost. Along with this payback, if the insured person meets with injuries, which results in his death,  as a direct result of this robbery and assault within 90 days of the robbery, the insurer shall pay the insured's heirs an accidental death benefit of Rs. 1 lakh. If the insured requires inpatient treatment for more than 3 days as a result of the injuries sustained during the robbery and assault, and within 30 days of the incident, the insurance company shall pay a daily amount to the insured.

The person whose name appears on the ATM card will be the insured person. However on payment of additional premium, the immediate family members can also be covered for incidental use of the ATM card. To claim under this policy, a copy of the police report has to be submitted, along with  a fully completed dated and signed claim form, written confirmation from the Insured’s records that the Transaction occurred along with details of the time, date and location of the Transaction.

In India, private sector, new generation insurers are offering this product. So the next time you step into an ATM, to feel secure, ask your bank to provide you with ATM robbery insurance cover!