Card protection plan working is explained in detail

A card protection insurance plan offers financial coverage against the monetary loss from theft, misplacement, and fraud. It includes credit cards, debit cards, PAN cards, and also membership and loyalty cards in some cases.

An overview of card protection plan

This insurance plan for cards works almost similar to other plans. Reputed financial institutions offer this plan against a certain premium. The validity of this insurance policy remains one year. Policyholders can also renew the plan every year to avoid the loss of its benefits.

How to opt for a card protection insurance plan?

Follow the steps below to avail this insurance plan for your cards:

Approach a lender who offers a card protection insurance plan and select a suitable one for you.
Fill up an application form and submit it alongside the annual premium amount.
After the payment is over, the insurer will send a welcome kit containing a confirmation letter, registration form, terms and conditions paper.
On that registration form, you need to fill in details of the cards you want to insure.
Send back the form to the insurer.

Before purchasing this insurance plan, individuals should also know the additional coverage or benefits it proffers.

Travel assistance

In case the insured cards get lost or misplaced during travel, the selected card protection insurance plan offers emergency card advances to settle hotel bills and make arrangements for return travel tickets.

Card replacement

Insurance aggregators like Bajaj Finserv offer Wallet Care under Pocket Insurance and Subscriptions that enable policyholders to claim for free replacement of PAN card. They also offer a SIM card blocking service.

Complimentary fraud protection

In case of card fraud like phishing, PIN-based scams, etc. selected insurance plans also offer complimentary coverage against the financial loss due to the reasons mentioned.

Hence, it is necessary for individuals to know how a card protection insurance policy works to make an informed decision.

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