How Does A Card Protection Plan Work And What Are Its Benefits?

Imagine you lose your wallet which generally has your debit/credit card, PAN card, Aadhaar card etc., along with cash of course. While the cash amount is generally limited since everything has now gone digital but if your debit/credit cards fall into the hands of frauds, it can cause huge financial damage to you. Therefore, to avoid so from happening, it is always good to have a card protection plan in place. 

A debit/credit card protection plan is your wallet insurance which protects you against any further damage caused due to the loss of important plastic cards, be it bank transaction cards or otherwise. In India, everyday thousands of wallets are stolen, and it paves way for the hackers and frauds into violating your privacy and bank details, stealing both your identity and money. 

With a card insurance cover, you can avoid the immediate hassle and let your insurance provider take care for the loss of your wallet. One such card protection plan that provides extensive benefits in case you lose your wallet is the Wallet Care Plan by Bajaj Finserv. The benefits include immediate assistance for the blocking of your lost card, re-application of your lost PAN/Aadhaar card, financial coverage and much more. 

How does a card insurance plan work?

Once you procure a debit/credit card protection plan, all you have to do is to pay your premiums regularly in order to avail the following benefits-

  1. Immediate card blocking service– In the current scenario we do not just carry one debit/card credit. There are multiple cards that we carry and in case we lose the same calling all bank service providers can be a tedious task. Therefore, with a Credit Card Protection Plan (CPP), all you have to do is call your insurer and they will immediately call all the banks asking them to block your cards. 
  2. Emergency financial support– You may lose your wallet while on a trip and in that case having no friend or family near you can leave you hanging in the middle of nowhere. But with a credit card insurance, the insurer will provide for the emergency funds needed for you top travel back to a hotel or any other safe location. 
  3. Application for lost PAN/Aadhaar card- In case you lose your PAN/Aadhar card or any other important documents along with your lost wallet, the process for applying for them will be initiated by your insurance provider to help you get your important cards again without much hassle. 

How to raise a claim?

The process for raising a claim for your credit card insurance involves two steps-

  1. Call on the helpline number of the insurer and register the case of lost wallet and cards. Notify the insurer of the card bank names and details along with the loss of any other important documents or cards. The call must be done within 24 hours of the incident. In case of any further delay, the claim cannot be raised. 
  2. File a written complaint- Within 30 days of the incident of wallet loss, file an official complaint with the police station. Once done the documents of the card statements and police complaint need to be submitted in this 30-day period. Once done and verified you will be provided the cover based on the terms of the policy. 

Based on the kind of insurance provider, you will get the reimbursement for the amount stolen after the card is lost thereby covering for the losses incurred on your part. All the above benefits are offered by Bajaj Finserv’s Wallet Care Plan with which you are always on the safer side in terms of any loss due to pick pocketing or otherwise.

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