The Indian financial market has seen a significant spike in credit card usage in the last decade. As of January 2018, there were more than 36.24 million credit cards in active use across the country.
The increasing number of cardholders has necessitated multiple revisions of existing card security and safety regulations. Financial institutions implemented several procedures to reduce card fraud; you can also avail credit card insurance to protect yourself against any misuse of the card, in case the card is lost or stolen.
Card protection plans are tailor-made insurance policies to protect you against unauthorised transactions. In case of a loss or theft of your credit cards, you can contact the insurer and cancel or block the lost unit.
The wallet care policy by Bajaj Finserv under their range of Pocket Insurance products bring along several advantages for credit card holders as well as debit card owners. Let’s take a look at some of the benefits of opting for a credit card protection plan.
1. Fraud protection
Credit card fraud protection is one of the most vital aspects of these insurance schemes. Globally, almost 14% of the credit card holders come across at least one attempted fraud in a year.
Policies like Wallet Care protect you against various types of credit card frauds. These include PIN-based fraud, phishing over phone or email, and unauthorised transaction where OTP is not required. This card protection plan provides coverage of up to Rs. 1,00,000 against any of the above-mentioned types of frauds along with any fraud committed after your card is misplaced or stolen.
2. Instant card blocking
The largest numbers of credit card frauds are committed within the first 24 hours of loss or theft. Cardholders often face difficulty blocking the service or cancel the card within time to prevent any unauthorised activity.
Wallet protection plan offers card blocking service with a single call to the insurer. You can call within 24 hours of the incident to instantly cancel the service; it also offers worldwide coverage in case you lost the card during an overseas holiday.
3. Telecom benefits
Credit card frauds are often accompanied by identity theft. Phishing often targets vulnerable individuals, and scammers collect their credit card as well as phone and SIM details to access their personal, financial and other sensitive information.
You can prevent such malicious activities with the help of a credit card insurance policy. You can easily avail SIM card blocking service by registering your phone’s IMEI number and SIM card details. You can also add an identity theft insurance cover offered by Bajaj Finserv to extend its coverage. It covers the legal expenses, loss of wage, obligation to pay, and other miscellaneous expenses incurred during an incident of identity theft.
4. Emergency financial assistance
Loss or theft of credit cards can lead to a severe shortage of funds to pay for basic requirements like accommodation and transportation. An insurance policy can offer you emergency advance for hotel stays and replacement travel tickets both in India and abroad.
You can get up to Rs. 80,000 as emergency travel assistance in case of a loss of credit card. Also, an emergency cash advance of up to Rs. 5,000 is provided for financial assistance in India.
The above-mentioned advantages credit card insurance policies ideal for everyone. Moreover, the Wallet Care plan offered by Bajaj Finserv is an affordable option with a one-time fee of only Rs. 599 that offers all these benefits for a year.
