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Card Protection Plan – Features Of Wallet Care And How To Purchase It?

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Most people use credit cards and debit cards in their daily lives. An increase in the number of frauds by misusing the credit card and debit card details of people has led to serious concern among the consumers and card issuers. To tackle this, many card issuers provide card blocking, monetary benefits, and other fraud protection services to their customers. However, such measures are not of much help when the frauds are conducted by using sophisticated tools and methods. A card protection plan can come to your rescue in such situations as they provide total financial cover for the monetary losses suffered by you due to card thefts, ATM frauds, phishing, and by such other illegitimate means. A good wallet care plan will provide a high coverage amount at an economical price point. Also, it will include an extensive cover and numerous other extras that will assist you in times of need. 

For instance, Bajaj Finserv offers a ‘Card Protection Plan‘ that provides an amount up to Rs. 2,00,000 as coverage. Also, a nominal premium of Rs. 699 needs to be submitted for obtaining extensive coverage that includes free replacement of lost cards, cover for losses that can occur due to loss, burglary, or misuse of credit/debit card details, and much more. The features of this wallet insurance plan are given below:

  • Monetary assistance 

If you lose your wallet or if it gets stolen while you are on a trip or business tour, you will need immediate monetary assistance to meet the expenses of the remaining part of your trip. An ideal wallet credit/debit card insurance plan will secure your wallet during such emergencies by providing financial assistance immediately. 

For example, the CPP of Bajaj Finserv provides immediate cash cover of Rs. 10,000 during emergencies. Apart from that, you will also get monetary assistance of up to Rs. 1,00,000 for abroad trips and up to Rs. 50,000 for domestic trips. You can use this money for purchasing return air tickets, clearing hotel and accommodation charges, or for any other purpose. 

  • Fraud protection 

Apart from providing financial assistance, a debit/credit card insurance plan should also provide services that can reduce or prevent online frauds that are executed by using the PIN or other details of your payment cards. 

Bajaj Finserv Card Protection Plan enables you to block all your payment cards with a single call. This helps you to reduce or avoid the losses when you lose your credit/debit cards or when they get stolen. You may even block your SIM to prevent frauds that can be implemented with the help of your mobile SIM cards. 

  • Extra benefits 

The Card Protection Plan from Bajaj Finserv will replace your PAN Card in case it gets lost or stolen. Coverage of up to Rs. 1,00,000 is provided on fraudulent transactions done from your card. With such a comprehensive cover, it is hard to find a debit/credit card protection plan like this. To apply for this wallet insurance plan, you need to follow the below steps:

Step 1: Visit the official website of Bajaj Finserv and select the wallet care plan from the section of Pocket Insurance. 

Step 2: For accessing the online form, you need to click on a button called ‘Apply Now. Once the form is opened, you can fill it with all the necessary details and then submit it. 

Step 3: Now, you can complete the payment process using an online payment mode of your preference. After that, you will receive the confirmation email on your registered email address within 7 working days.