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The Beginners Guide to Credit Cards and Card Protection Plan



Loss of wallet as well as credit cards might cause huge financial loss to an individual. ATM frauds using stolen credit cards have increased in recent times. According to the reports of the National Payments Corporation of India (NPCI), about 90 ATMs and more than 641 customers were victim to credit or debit card related frauds in 2018. The total amount lost in such fraudulent transactions was estimated to be around Rs. 1.3 Crore.

Various insurance providers in India offer card protection plan to help individuals deal with lost or stolen credit and debit cards more effectively. Coverage for credit card loss is also included in wallet cover plans offered by some financial companies. A wallet insurance policy also provides free replacement for PAN card.

Tips to keep in mind while buying a wallet cover and credit card protection plan

You must look for the following features and benefits in your credit card insurance plan and wallet cover -

Easy card blocking facility - 

You can opt for an insurer who offers you the facility of having your credit card blocked when you lose your wallet or the card itself. You can also have multiple credit cards blocked with just one call.

Complimentary fraud protection - 

Select a wallet protection plan which includes substantial compensation for card frauds involving phishing, tele-phishing, PIN-related fraud, and so on.

Emergency fund for travel assistance - 

In case you are stranded due to the loss of your wallet, you can avail emergency travel assistance from your insurer. They would also arrange for the expenses of your hotel stay and transportation in such circumstances. This feature is offered irrespective of whether you face wallet loss in India or while travelling abroad.

The eligibility and documentation required under a card protection plan and wallet cover is usually easy to meet. You can also claim compensation by simply contacting the insurer via call.

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