Debit and credit cards have become one of the primary modes of cashless transactions in today’s world. According to a recent study, approximately 840.6 million active debit cards are in circulation across the nation, accounting for a total of 420.8 million POS transactions in July 2019.
A significant number of account holders carry their debit cards for their daily use, which also increases the chances of loss or theft of such digital payment cards. To protect yourself against any financial setback witnessed because of such an incident, you can opt for a card protection plan offered by various non-banking financial institutions. These policies also provide several other benefits, like emergency travel assistance, one call card blocking, reimbursement against the cost for issuing replacement PAN card, etc. This ensures minimum loss to your finances.
What is a card protection policy?
A card protection policy (or CPP) financially covers the loss of your debit and credit card, identity proofs, and other essential documents in your wallet. Bajaj Finserv offers the Wallet Care policy under Pocket Insurance & Subscriptions which provides comprehensive financial protection against loss or theft of all your valuables at an affordable annual premium. You can also enjoy widespread fraud protection against your savings accounts with these policies.
Here are some of the features of a card protection plan –
- 24/7 card blocking service
Policyholders can avail instant card blocking services to prevent misuse of your credit or debit card in case of theft or loss. It eliminates the need to visit multiple financial institutions to block each card individually, or the hassles of blocking each card online, saving time and effort in the process.
You can also avail of purse care insurance cover in this respect to benefit from the remote blocking facility of all your debit and credit cards in case of theft or misplacement of the same overseas as well as financial coverage for losses sustained due to misplacement or theft.
- Emergency travel support
You can avail emergency financial assistance for hotel stays as well as for travel tickets (both in India and overseas) in case you lose your wallet during traveling. This is one of the many benefits you enjoy when you buy wallet care plans from an insurance company.
- Complimentary fraud protection
CPP availed from a reputed financial institution offers complimentary coverage against card fraud. This can include both online and offline incidents, including PIN-based fraud or cases of phishing. You can also avail fraudulent charges cover to extend the sum insured in the event of financial scams. Such plans protect you against any financial loss witnessed because of unauthorized transactions conducted through in-store purchases, ATM withdrawals, online purchases, telephone purchases, etc.
How to avail such a plan?
You can purchase policies like wallet care online, ensuring minimum hassle and instant processing of the application. The entire process requires filling only the application form and paying the premium amount to the insurance aggregator. Most NBFCs allow payment via debit or credit cards, UPI, net banking, and similar processes, ensuring hassle-free application.
You can contact your insurance company via phone, email, or SMS within 24 hours the loss or theft of wallet to claim the sum insured. However, you will have to submit certain documents along with the claim form; these include – a copy of the First Incident Report, a credit card or bank account statement, subrogation bond.
Provision to purchase card protection online as well as filing a claim makes it convenient and time-saving.
Card protection plan offers the perfect solution for cases of loss or theft of valuables like debit and credit cards, Duplicate PAN Card, etc. With its simple application process, the substantial sum insured and affordable annual premium, you can avail such a policy with minimum difficulty and additional expenses.