In the last few years, the number of credit card frauds in India has risen exponentially. This massive number of frauds affected several individuals and their financial standing, and hence India has emerged as a country that remains vulnerable to credit card frauds.
To cope up with such risks, individuals opt to buy credit card insurance so that they are capable of countering the financial setbacks caused by online frauds. With an insurance plan as such at their disposal, they won’t have to face any financial loss caused due to cyber threats like skimming, cloning, etc.
Following is a look at the benefits of having a credit card protection plan in place.
Benefits of these plans
- Blocking cards are simpler
The first thing an individual does after losing their credit or debit card is to block them immediately to prevent the chances of any fraudulent activity. This may take long hours depending upon their card issuer. However, with Pocket insurance & Subscriptions like Wallet Care plans offered by insurance aggregators like Bajaj Finserv, they can get all their cards blocked easily by placing a single call on a toll-free number.
Therefore, no matter the situation an individual is in, they will get their cards blocked with a single call if they have a credit card insurance product in place.
- Accommodation assistance
The unfortunate situation wherein one loses their card or faces a fraud can occur at any time. And if one comes across such a situation while traveling to another city or abroad, then the inconvenience can be higher.
Therefore, individuals with a card protection plan are better equipped to survive such scenarios. They can claim for accommodation assistance from the insurance policy issuer or insurance aggregator and evade this problematic situation.
- Travel help
For scenarios under which an individual is left stranded in a place because of loss or theft of a credit card; they can also acquire travel assistance if they have availed credit card insurance online. This makes sure they don’t have to face any unwanted situation due to the loss.
- Reimbursement of unauthorised transactions
Insurance products like fraudulent charges also make sure that customers get reimbursement for the fraudulent transactions made using their card. Therefore, mis-utilisation or unauthorised purchases made using cards – like in-store purchases, online purchases, ATM withdrawals, telephone purchases, etc. can be reimbursed.
- Emergency cash advance
Few debit card insurance plans also offer cash advance features to the policyholders. They can acquire cash advance should they face an unfortunate situation wherein they lose their card or wallet. One may require cash for any of their needs, and having a plan helps them avail cash advance in such a situation.
- Protection from fraud
With a Wallet care plan, individuals can get coverage up to Rs.2 lakh for frauds like phishing, tele-phishing, etc. Such situations are unprecedented and can put an individual in a situation of financial risk. Hence, having an insurance plan as such secures one’s finances effectively.
- Assistance in blocking other essential cards
Having a handbag assure plan also works as policyholders can also block their other essential cards like debit cards, etc. by making a single call. This is convenient for customers as they don’t have to take the trouble to call and block various cards individually. A single call to the insurance policy issuer will make sure that all their cards are blocked immediately.
Subsequently, with such a credit card insurance plan in place, individuals will be able to get more benefits than just the monetary coverage for fraudulent transactions. They will be able to survive the financial setback should they face one.