With the onset of Goods and Services Tax and demonetisation, the Indian Government has been leaning towards a cashless economy. It brought in more convenience along with an increase in tax base and usage of payment cards. As debit and credit cards gave an impetus to the online transactions and brought in perks like reward points and cashback, these have now emerged as the preferred payment tools.
However, considering that these payment cards are linked to the cardholder’s primary source of funding and identity, losing them can be troublesome. To address this issue, multiple insurance companies offer card protection plans that provide financial coverage against its loss or theft.
If not protected, the lost credit or debit card becomes vulnerable to several fraud cases, including:
- Identity theft
- Unauthorised financial transaction
- Application fraud, etc.
Therefore, approaching reputed insurance providers to purchase a wallet care insurance policy is always ideal. Such a card protection insurance policy comes with several features to instantly secure your payment cards against theft or loss.
- Instant card blocking services
Reputed insurance providers offer the benefit of 24×7 card blocking service with a single phone call. You can call at a toll-free helpline number, report the loss and get comprehensive coverage. It mitigates any chances of fraudulent transactions with your lost or stolen payment cards, hence, offering higher security to the financial source.
- Mobile benefits
A credit card protection plan also comes with SIM and IMEI registration along with SIM card blocking services. As these cards are linked to the users’ mobile numbers, blocking the SIM card can reduce the chances of fraud significantly.
Additionally, Bajaj Finserv offers some Pocket Insurance schemes such as Identity Theft Insurance Cover. It protects you against fraudulent, legal or financial expenses from identity theft.
- Complimentary fraud protection
Insured individuals can receive a financial cover of up to Rs. 2 Lakh with a debit card insurance plan in cases of PIN-based frauds, tele-phishing, phishing, etc. They can also avail coverage up to Rs. 1 Lakh against any mobile wallet. The cover is available irrespective of the card’s existence or loss.
- PAN card replacement
Like debit or credit card, PAN card is also a vital document required for filing income tax and serving as an identity proof. Losing the PAN card exposes it to fraud, identity theft and other types of frauds. Purchasing the best card protection plan enables an individual to get free replacement of lost or stolen PAN cards.
Moreover, Pocket Insurance schemes such as Purse Care assure uncompromised financial security. It financially protects the card from damage, fraud or loss and also provides additional complementary assistance in the form of travel finances.
You can receive robust antivirus protection with the F-Secure Internet Security for your PC or laptop. It comes with a Parental Control feature which helps make a safe surfing environment for children.
- Emergency travel assistance
If the insured gets stuck during a road trip in India or abroad, he/she can seek add-on benefits in the form of:
- Emergency advance for hotel stays in India and abroad.
- Emergency cash benefits in India.
- Advance for travel ticket replacement in both India and abroad.
While you may not completely prevent theft or loss of cards, you can certainly take measures to protect those against fraud. Any Indian resident above the age of 18 can avail a card protection plan with all its lucrative features conveniently. Apply through a hassle-free application process online and pay a nominal premium via your preferred mode to be financially secured.