Like everything else, the way we make payments has also become much more digitized with the increasing use of debit cards and credit cards over cash payments. We carry our credit and debit cards wherever we go for the ease of paying. However, in case of unfortunate events like loss of your wallet, there is a risk of your cards getting misused by a third-party. This especially could be a problem, if you are traveling.
To offer you relief in such situations, insurance companies have now launched card protection plans.
Benefits of a Card Protection Plan
Block All Your Cards with a Single Call
Nowadays, it is quite normal to keep 2-3 credit cards or debit cards in your wallet. If you lose your wallet, you can call your insurance company to block all the insured cards. You don’t have to call different banks to block each of your cards separately. It is important that you inform the insurance company within 24 hours of the loss or as early as possible.
Emergency Travel Assistance
If you are traveling abroad or at an outstation city, you can get a hotel and air ticket assistance in case you lose your wallet. These expenses are directly paid by the insurance company to the hotel or airlines. You can also get emergency cash to meet miscellaneous expenses till the time you reach home. All the assistance money is given on a returnable basis. However, most insurance companies do not charge any interest amount if you return the money within a month’s time.
Many insurance companies like Bajaj Finserv provide you complimentary fraud protection cover. Such a feature is particularly helpful when you have lost your credit card or debit card and phone together. The insurance company immediately communicates with the banks of the card and deactivates the same. Simultaneously, it initiates the process to deactivate your SIM. Moreover, the company compensates you up to a certain amount in the event of fraudulent transactions that do not require mobile OTP or card PIN.
PAN Card Replacement
If your PAN Card is lost, you would need to re-apply to get another copy. When you have a Card Protection Plan, the insurance company initiates the re-application process on your behalf. Right from application to taking follow-ups on your card status, the insurance company takes care of all the processes required to get a new PAN card.
Mobile and SIM Services
Under the Card Protection Plan, insurance company keeps a record of the IMEI number of your phone and SIM card. In case the phone or SIM is lost, the insurance company reports the loss immediately to the telecom company to block the SIM and to deactivate the phone based on IMEI number. The company may also help you trace your phone with the help of your IMEI number.
With the Card Protection Plan, travel assistance covers unexpected happenings during your travel by road. For example, wheel of the car may be flat, or your car might meet with minor or major accidents. In such cases, you can seek help from the insurance company for a roadside assistant, depending on the location and severity of the incident.
How to Avail the Assistance?
When you call the insurance company, please try to provide as much details as possible to identify your policy. The executive may ask your present location, hotel details, flight details and similar, to help you in the best possible way. Depending upon the situation, location and need of urgency, the company helps you on top most priority. Such services could be of great help when you have lost your credit or debit card and you do not have much cash.
Once you register for a card protection plan, you can get coverage, anywhere in the world. You need not take additional credit card insurance or debit card insurance separately. You can register all your important documents like PAN Card, credit card, debit card, passport, driving license, vehicle’s registration certificate, vehicle’s insurance certificate, and similar documents in this plan. Once you register your documents successfully, you can access the data of your documents during emergencies.