In today’s digital era, where most transactions are conducted online, credit and debit cards play a pivotal role as alternate currencies. These cards come with highly advanced features to make payments faster and secure. Unfortunately, even with robust security, online frauds occur often, leaving a detrimental effect on your credit card account. Besides, you can also be a victim of a debit or credit card theft or might lose it at some point.
However, you can avoid such situations with a credit or debit card insurance plan from a leading insurer. You can opt for a Fraudulent Charges insurance policy under Pocket Insurance schemes offered by Bajaj Finserv which offers you comprehensive coverage and features to deal with such situations.
Take a look at how a debit or credit card protection plan can prove beneficiary for you –
How does it help?
Such insurance policies provide financial coverage for credit and debit cards, retail cards, loyalty and membership cards, etc. The policy-holders can benefit from this insurance policy in case of loss, theft or fraud of these valuables. However, the policyholder must pay an annual premium to the insurer for availing this service.
Such credit or debit card insurance plan connects with the concerned financial institution for quick cancellation of your card on your behalf. In case you lose or fall victim of theft – you can give a single call to lodge a complaint and block the cards at once.
What Card Protection Plan to avail?
Bajaj Finserv offers Wallet Care plan under its Pocket Insurance category. The insurance provider is liable to provide reimbursement for unauthorized charges incurred using a lost card.
Such card protection plan also extends its benefits to policyholders traveling abroad. CPP can also provide emergency financial assistance while you are on vacation and need to pay for hotel bills if you lose your wallet.
Moving a step ahead, insurance companies today have widened their spectrum in providing services to financially safeguard against the loss of other crucial documents like PAN card, besides debit or credit cards.
Advantages of credit or debit card insurance plan
The benefits of CPP schemes are:
- A single call for blocking of stolen cards
- Emergency cash advances
- Emergency hotel and travel assistance
- Robust F-secure interest security feature
- Complementary protection against debit or credit card fraud
- Mobile wallet protection
Now, that you are aware of the benefits of card protection plans, choose a particular policy that offers the best deal.
Apply for CPP plan online
Follow these steps to avail coverage under the best card insurance policies –
Step 1: Fill the application form of a particular protection plan online from the insurer’s website.
Step 2: You will be provided with an option to pay a premium based on your plan and insurer. It is required to pay the premium in advance after completion of the application process.
Step 3: Once you have selected your credit or debit card insurance plan and completed the application process – you will receive a confirmation from the service provider. This includes a confirmation form and a registration letter along with the terms and conditions of the insurance plan you have opted for. Now, the cardholder must register each of his cards under the protection plan.
Things to keep in mind while availing CPP
- Read the terms and conditions of CPP plans in details before applying for one.
- Find the maximum reimbursement cap between various plans. Obtain detailed information about the debit or credit card protection insurance policies. Understand the maximum coverage offered in case of damage or loss of cards.
A comprehensive CPP provides you with the opportunity for financial protection if you face any malicious activity with your stolen or lost cards. If you possess credit cards with a high credit limit, then this option best suits you.