According to the National Payments Corporation of India (NPCI), customers using payment cards lost around Rs. 1.3 Core due to fraudulent transactions. The news was floated on 19th October 2018 when one of the topmost financial institutions in India blocked around 6 Lakh payment cards due to a malware breach in their ATM network.
To help you secure yourself from such fraudulent transactions and loses, various insurance companies provide card protection plans that you can avail to protect your cards.
How to secure your card?
- In case you lose your card, make sure you contact your card issuer and request to block the card to prevent further transactions. Share all the required details and the reason behind blocking your card to complete the process.
- You can also avail Pocket Insurance schemes like Wallet Care offered by Bajaj Finserv that offer 24/7 card blocking services. You can block all your cards with a single phone call to their toll-free number. This scheme also provides emergency travel assistance if you get stranded during your travel. You also get PAN card replacement without any fees.
Before you avail a wallet cover, you will have to share some specific details of your card with the insurer to help them block your card on your request.
- Do not carry too many cards at once as the chances of losing one may increase.
- Do not leave your card unattended in an ATM after your transaction. Also, do not leave the ATM until your transaction is appropriately completed.
You can avail Pocket Insurance schemes like ATM Assault Insurance Cover offered by Bajaj Finserv that offers sum assured up to Rs. 50,000 against an annual premium of Rs. 499. You get coverage against any robbery after your withdrawal from an ATM.
- To protect your card from online frauds, you can avail Fraudulent Charges Cover offered by Bajaj Finserv that offers higher sum assured up to Rs. 75,000 against a minimum premium of Rs. 299 per year. This card protection plan protects you from unauthorised charges imposed on the transactions using your card while telephone purchases, in-store purchases, online purchases, ATM withdrawal, etc.
- Always log out from the online account that you use for purchases. Also, do not share the password of such accounts with a stranger to avoid unauthorised and unknown transactions.
- Practice checking your card’s statements regularly to detect any unauthorised transactions.
While you avail such debit or credit card protection plan do make sure to keep the insurance bond handy to assist you at the time of claim.
Some of the benefits of such insurance schemes are:
- Easy application
You can apply for a credit or debit card insurance plan on the official website of your insurance company. Fill an online application form with the required details, furnish the necessary documents and pay the premiums using the online payment method.
- Multiple payment methods
You can choose to pay with your debit or credit card, mobile wallets, UPI, net banking, account transfer, etc.
- Convenient claim process
To claim your wallet cover, contact your insurer on the details provided on the website. Alternatively, you will also find the contact details on the insurance bond. Fill up a claim form and furnish the required documents such as invoices, FIR copy (in case of theft) to complete the process.
- Higher sum assured
You get to enjoy a higher sum assured against a minimal premium as financial protection from any unauthorised transactions or loss of your card.
However, when you avail wallet cover policies, do make sure to read the terms and conditions and check the inclusions and exclusions of your plan to avoid any future issues.
