What all you need to know about credit card protection plans available in India?

Credit card is a popular form of plastic money used for making electronic payments. Transactions in cash are time-consuming as well as risky. To make financial transactions easier at a global level, and avoid hassles of cash transactions, the use of cards has assumed a significant role. With the use of credit cards on a roll, protection against theft and fraud is extremely crucial.

The most common way is blocking your cards through customer care. If you are a proud owner of multiple cards, calling the customer care to block cards every time is a tedious task. In such situations, a Card Protection plan comes to rescue.

Why is Credit Card Protection Plan much sought after?

A Card Protection plan offers insurance for all kinds of plastic money such as credit card, debit card, PAN card, Driver’s License, and membership cards against any loss, theft, and fraud. The insurance coverage is for a period of one year. Auto-renewal option is also available at the end of the coverage term.

The Wallet Care plan from Bajaj Finserv offers you comprehensive credit card protection.

This plan covers frauds such as PIN-based frauds, OTP based frauds, and phishing. It also provides protection in case your payment cards get lost or stolen. The insurance coverage is applicable irrespective of whether the card is present or not while the transaction is taking place.

Features of Wallet Care Plan

The basic features of Wallet Care Plan from Bajaj Finserv are listed below.

Multiple Card Coverage in a Single Plan

The Wallet Care policy offers insurance coverage to multiple cards under a single plan. In just one annual premium, your credit, debit, PAN, and Driving License are secured. This plan provides SIM card blocking facility as well

Instant Card Blocking Service

Calling on the toll-free number will block all your cards linked to the plan. The 24X7 service facilitates blocking of multiple cards easily in just a single call.

Card Replacement Support

After blocking your cards, assistance regarding the replacement and renewal of the cards lost is also provided.

Emergency Assistance

In case your cards are lost while travelling in India or abroad, the settlement of hotel bills and travel expenditure is taken care of under the insurance. Emergency cash is also provided to you under the plan. Though there’s no interest charged, the repayment has to be done in a stipulated time.

Economical and Viable Option

You can get coverage up to Rs. 2 lakhs with a nominal premium amount of Rs. 599.

PAN Card Replacement

Under the Wallet Care plan, your PAN card is also protected against any loss, fraud, or theft. The card protection policy also ensures that your PAN card is replaced in the least possible time. No extra cost is involved.

Exclusions under Wallet Care Plan

In case of any losses that occur while you are intoxicated, the plan doesn’t provide any protection. For example, if your handbag containing all your cards is stolen, and you are in a state of intoxication, the coverage under the plan is not applicable.

Deliberately caused losses are not covered.

How to apply for a Wallet Care Plan?

Here’s a list of steps to be followed for subscribing to Wallet Care Plan.

Step 1: Fill an online application on Bajaj Finserv website. Fill in all the required details to apply for the plan.

Step 2: Pay the annual premium amount using the mode of payment provided.

Step 3: On receiving the premium amount, a welcome pack consisting of the registration confirmation letter is mailed to you. The terms and conditions of the Credit Card Protection Plan are clearly mentioned.

Step 4: Under the protection plan, register the details of all your available cards.