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As per the Ministry of Finance, the total number of card frauds in India crossed 50,000 and involved nearly Rs.150 crore in fraudulent transactions during the financial year of 2019. Moreover, the possibilities of card fraud increase in the case of such credit and debit cards are lost or stolen. This may lead to individuals getting stranded while travelling without any source of cash.
However, a credit card insurance plan can financially cover these unforeseen situations. This insurance policy comes with several benefits at an affordable yearly premium and ensures a hassle-free claim process.
Here are some ways to save money by availing such card insurance policies-
Card blocking facility
Card blocking is the most reliable and wise option to secure money when individuals lose their credit card or debit card. A card protection plan provides cards blocking service with a single call any time of the day. Once payment cards are blocked, users can eliminate the risk of losing money on card frauds. Moreover, the insurance policyholders need not to visit card issuing authorities to block their cards with this facility at their disposal.
PAN card replacement
Individuals, who carry important documents like PAN cards in their wallet, can opt for a Wallet Care policy under Pocket Insurance & Subscriptions offered by Bajaj Finserv. In case of PAN card lost or stolen, cardholders can avail free replacements of their PAN cards.
The government charges Rs.110 while replacing a PAN. However, with a credit card insurance plan, policyholders can avail reimbursement for any of such charges incurred while replacing a PAN card.
Card fraud protection
As mentioned earlier, individuals can avail complimentary fraud protection by purchasing a debit card insurance plan. The insured individual can avail up to Rs.2 lakh coverage in the occurrence of any scams after their cards are stolen or lost that involve phishing, tele-phishing, PIN-based fraudulence, and also where the OTP is not necessary.
Moreover, irrespective of physical or digital card transactions, policyholders are entitled to an additional coverage up to Rs.1 lakh against card frauds other than the above-mentioned events.
An insurance policy, similar to the above – purse care also offers antivirus security called F-secure internet security for PC or laptop. This feature ensures security against net banking transactions, identity theft, hackers, and malware.
Mobile wallet protection
Nowadays, most individuals prefer to use various mobile wallets as convenient payment options. However, it also increases the possibilities of digital fraud. So, individuals should look for credit card insurance policies that protect mobile wallet transactions.
These card insurance plans come with coverage of up to Rs.1 lakh in the event of phone wallet frauds.
Travel assistance
In the event of a wallet lost or stolen, individuals can face situations like getting stranded in their journey without any money. A credit card insurance policy offers travel assistance in such situations. For emergency accommodation and travel ticket replacement, policyholders can avail advance up to Rs.80,000 abroad and up to Rs.40,000 if such an unforeseen event happens in India.
Moreover, an emergency cash benefit of up to Rs.5000 is also available with these insurance plans. Thus, individuals should opt for this insurance policy while planning to enjoy their holidays without spending any unpredictable events.
Individuals can also look for handbag assure plans that offer card blocking facilities round the clock, travel assistance, and costless PAN replacement. Furthermore, this insurance plan also provides coverage for loss or physical damage to the bag due to accident, theft, or burglary.
Thus, a comprehensive card protection plan helps to protect your wallet and by default prevents fraudulent activities through payment cards like debit or credit cards, in case your wallet is lost or stolen. So, if you tend to carry a debit or credit card with a high expense limit, you should consider this insurance policy to save money in any unpredictable loss.
