According to the 2016 Global Consumer Fraud Report published by ACI Worldwide, India ranked among the top five countries that are more susceptible to credit card fraud. Since such frauds can leave a customer with substantial debts, acquiring a credit card protection plan becomes a prime necessity.
Such plans provide individuals with much-needed assistance should they encounter an unfortunate incident of loss, theft, or loss of a card. Losing such cards can leave an individual stranded in an unknown location and cause trouble.
Hence, having a credit card protection plan will benefit individuals in more ways than one. They will be able to block their cards instantly to avoid fraudulent transactions. Insurance companies also provide several other benefits with such plans.
Benefits of credit card protection plan
Such plans are more like insurance policies that protect customers by assisting them financially against perils. The following are the benefits customers can expect to receive by purchasing a plan like this.
Instant card blocking assistance
Individuals can block their debit and credit cards with a single call to the insurance issuer. This eliminates the hassle of visiting multiple financial institutions or calling them to block services extended via the card. Having a wallet care plan in place will help them block all cards in a single call.
Emergency travel assistance
Those wishing to secure their credit cards and other cards from potential threats can consider purchasing Pocket Insurance & Subscriptions like Wallet Care by Bajaj Finserv. This will also provide them with emergency travel assistance and advance for hotel stays to cope with the sudden loss accompanying the misplacement or theft of the card.
Fraud protection coverage
Since credit cards are susceptible to various threats of cybercrime, such as phishing, tele-phishing, scaling, etc., losing them usually accompanies potential frauds. Individuals may also opt for fraudulent charges covering insurance plans and avail reimbursement for unauthorized in-store purchases, telephone purchases, online purchases, and ATM withdrawals.
Insured customers can expect coverage up to Rs.75,000 at a nominal premium fee for fraudulent or unauthorized transactions made using the card. Customers must inform the insurance company within the stipulated time to avail of the insured sum and other assistance.
SIM blocking
By purchasing insurance plans like Purse Care, one can have their SIM card blocked with a single call to the insurance company to prevent misuse of the card for any fraudulent or unauthorized use. Such a credit card protection plan will multiply help customers, always truest blocking it.
PAN card replacement
Losing a PAN card can lead to significant issues. With a credit card protection plan in place, they can receive financial reimbursement to receive a free replacement PAN.
Payment options
Individuals are given several payment options, such as debit cards, credit cards, UPIs, and net banking. This improves customers’ experience as paying premiums becomes hassle-free.
High sum insured
Such a debit card insurance plan provides customers coverage of up to Rs.2 lakh according to the loss or damage caused to them. Individuals need to make sure their insurance provider offers a high sum insured for such damages should they ever need it.
Claim policy
The claim policy of such a credit card protection plan is usually more straightforward, as individuals need access to immediate help at the hour of need. Insurance companies typically let users claim as quickly as making a call or sending an email.
Individuals can make better use of their funds and protect their credit cards from the potential risks of cybercrime by taking out an insurance policy that addresses these needs.
