6 Benefits you Get when you Buy Credit Card Insurance
To ensure the security of your credit cards, you should follow various safety measures. To start with, do not hand over your credit card to anyone to transact on behalf of you. This is because you will not only have to hand over your card, but will also have to disclose sensitive data like your CVV number and/or PIN. Apart from this, do not verbally share your PIN with anyone while completing a transaction in a public place. Other than observing these safety measures, you should also purchase a credit card insurance.
This is essential because as per data from the RBI, there were 2,059 fraud cases of over Rs.1 lakh, involving cards and net banking during 2017–2018. As a result, it makes sense to protect yourself by investing in card protection insurance. Here are some of the benefits on offer.
Report multiple credit cards in an instant
If you misplace your wallet, you may lose access to several credit and debit cards at once, and perhaps your PAN card too. In the aftermath you may find it tedious to contact your credit card issuers one by one to inform them of the card number so that they can block it. There is a chance that you may not even remember the cards that were in your wallet. This is understandable, which is why a credit card protection plan requires you to just make one call to your insurer. The company will do the rest of the work and block your cards on your behalf.
Obtain emergency finance for travel and accommodation
If you are someone who relies heavily on a credit card, your travel plans may go awry in the event that your card is stolen. Flight tickets can cost a lot of money and not having finances will add to your stress. Luckily, with credit card insurance you will get emergency finances to cover tickets and hotel bookings. For instance, wallet care brought to you by Bajaj Finserv offers you finances up to Rs.80,000 for tickets and accommodation when abroad, and up to Rs.40,000 when you’re in India. You also get an emergency cash advance of Rs.5,000 for immediate expenses.
Protection against credit card fraud
Cyber criminals may not physically steal your credit card, but may resort to stealing sensitive data through other techniques like skimming, phishing and tele-phishing. In view of this, a credit card protection plan insures you up to Rs.1,00,000 in the event that you incur a financial loss owing to such malicious activities.
Apart from these core credit card protection benefits, credit card insurance plans also offer you some other perks. These are as follows.
Complimentary PAN card replacement
If you lose your wallet, you may lose your PAN card as well. This is why Wallet Care from Bajaj Finserv not only helps you protect your finances, but also offers free PAN card replacement.
Important document registration
At times, your credit card insurance company may offer to store details of important documents securely. This will allow you to have quick access to the information if you misplace or lose access to the documents.
Mobile phone services
Card protection plans like Wallet Care also block your SIM card on your behalf in case you lose your phone or it is stolen. It does this by registering your SIM and IMEI number and then blocking the SIM should you place a request.
Now that you know the importance of credit card protection insurance, don’t hesitate to apply for wallet care brought to you by Bajaj Finserv. A quick application process will give you comprehensive coverage for just Rs.599 per year.