The strategic alliance between insurance companies and banks have produced many type of combined bancassurance products. One of them is ATM Card Insurance which has been issued by one of the Indonesia joint-venture general insurance companies. This genuine product was designed to cover ATM cardholders issued by one of Indonesia private banks and claimed as the only ATM card insurance product in Indonesia up to now. 

With low insurance premium, ATM (Automatic Teller Machine) cardholders will be protected from financial loss caused by failure transaction in ATM room at anywhere location. As an example, when you, as an ATM cardholder make withdrawal transaction via ATM machine at mall or shopping centre, but there is no money exit from such AT machine, you can propose a claim for that unexpected incident and you will receive indemnification for up to a certain limit. This insurance also offers personal accident cover due to criminal acts by other person at the time you use your card in ATM machines.

As other insurance, generally the policyholders must fulfill claim procedures when propose a claim, such as attaching copy of valid identity, copy of ATM card, and so on. If you suffer bodily injury commited by robber or other criminal person, you must enclose medical treatment bills from hospitals or physicians. If policyholder dead in the event of robbery, the beneficiaries will be given any sum death benefit.

So, as the higher risk we face when we make a transaction in ATM room, especially at extremely dangerous location, and also possibility get failure in card transaction, the existence of this kind insurance will be likely increased in the next years. Insurance companies together with banks can try to arrange a similar product. In one side, banks will obtain fee based income and in other hand, insurance companies get more premium through banking channel distribution.