According to the 2016 Global Consumer Fraud Report published by ACI Worldwide, India ranked among the top 5 countries that are more susceptible to credit card frauds. And, since such frauds can leave a customer accrued with substantial debts, acquiring a credit card protection plan becomes a prime necessity.

Such plans provide individuals with much-needed assistance should they meet such an unfortunate incident of loss or theft or card. Losing such cards can leave an individual stranded in an unknown location and can cause trouble.

Hence, having a credit card protection plan will direct individuals in more ways than one. They will be able to block their cards instantly to avoid fraudulent transactions. Apart from this, insurance companies provide several other benefits with such plans.

Benefits of credit card protection plan

Such plans are more like an insurance policy that protects customers by assisting them financially against the perils. Following are the benefits they can expect to receive by purchasing a plan like this.

Instant card blocking assistance

Individuals can have their debit and credit cards blocked with a single call to the insurance issuer. They can eliminate the hassle of visiting multiple financial institutions or calling them to block services extended via the card. Having a wallet care plan in place will help them block all cards in a single call.

Emergency travel assistance

Those wishing to secure their credit cards along with other cards from the potential threats can consider purchasing Pocket Insurance & Subscriptions like Wallet Care by Bajaj Finserv. This will also provide them with emergency travel assistance and advance for hotel stays to cope up the sudden loss accompanying misplacement or theft of the card.

Fraud protection coverage

Since credit cards are susceptible to various threats of cybercrime like phishing, tele-phishing, scaling, etc., losing these usually accompanies potential frauds. Individuals may as well opt for fraudulent charges cover insurance plan and avail reimbursement for unauthorised in-store purchases, telephone purchases, online purchases, and ATM withdrawals.

Insured customers can expect coverage up to Rs.75,000 at a nominal premium fee for the fraudulent or unauthorised transactions made using the card. Customers will have to inform the insurance company within the stipulated time to avail the insured sum and other assistance.

SIM blocking

By purchasing insurance plans like purse care, one can have their SIM card blocked with a single call to the insurance company to prevent misuse of the card for any fraudulent or unauthorised use. Such a credit card protection plan will help customers in multiple ways than just blocking it. 

PAN card replacement

Loss of PAN card can lead to significant issues. With a credit card protection plan in place, they can avail financial reimbursement to receive a free replacement of PAN.

Payment options

Individuals are provided with several options of payment like debit card, credit card, UPI, net banking, etc. This aid in customers’ experience as paying premiums becomes hassle-free.

High sum insured

Such debit card insurance plan provides coverage of up to Rs.2 lakh to customers according to the loss or damage caused to them. Individuals need to make sure their insurance provider offers a high sum insured for such damages should they ever need it.

Claim policy

Claim policy of such a credit card protection plan is usually simpler as individuals need access to immediate help at the hour of need. Insurance companies usually let users claim as easily as by making a call or sending an email.

Individuals can make better use of their funds and protect their credit card from the potential risks of cybercrime by availing an insurance policy that looks after these needs.