A 27% increase in credit card circulation paired with a boosted total transaction value on credit cards by about 30% from 2017-18 to 2018-19 brought in the need to purchase credit card insurance policies. It addressed an unprecedented rise in the number of frauds related to cards.
What is credit card insurance cover?
Credit Card insurance is a financial agreement between an individual and his/her chosen insurance provider under which, the former is financially covered in cases of credit card –
What are the features and benefits of card insurance plans?
Approaching a reputed insurance provider ensures that an individual is able to avail the financial leverages that leading insurance plans provide.
Such leverages comprise of –
High sum insured – Enjoy a high sum insured of up to Rs.2 lakh against a nominal premium of Rs.599 per year.
Emergency travel assistance – In cases where the insured’s credit card and wallet was stolen while travelling, he/she can avail assistance for emergency cash benefits while in India, emergency advance for hotel stays, and replacement travel ticket advances.
Complimentary fraud protection – A coverage of up to –
Rs.2 lakh against card frauds – PIN-based, phishing, and telephishing.
Rs.1 lakh against card frauds – other frauds (except the ones listed above.)
With an informed choice-making while choosing an insurance provider, individuals can also avail these added leverages of –
How to apply for such insurance covers?
The application process to purchase such card insurance covers like a wallet care insurance plan has been streamlined –
Step 1: Visit the official site of your insurance provider.
Step 2: Select your insurance product.
Step 3: Click on ‘Apply Now.’
Step 4: Fill in your required details in an online application form.
Step 5: Pay your online fee via a preferred mode.
With the availability of numerous card insurance providers, it is imperative to weigh out the financial leverages and choose one that best caters to your financial requirement. This informed decision will also ensure that you make the most of your purchased insurance plan.