Since the digital push post-demonetisation, there has been an increased usage of debit and credit cards among consumers. 840.6 million debit cards and 50.3 million credit cards are currently operating in India, as of July 2019. While the numbers grow, incidents of phishing scams, frauds, identity theft, data breach and cybercrime are on the rise. This makes a card protection plan one of the necessities in this 21st century.

Check out some facts which further justify the need to insure your cards.

  1. As per the Global Consumer Fraud Report 2016, India is one of the top 5 countries which are vulnerable to debit and credit card frauds.

  2. Identity theft is a significant and growing problem in India, with 19 people falling victim every minute.

  3. In 2019, data of over 1.3 million Indian credit and debit cards were put up for sale on the dark web.

Despite strong preventive measures undertaken by the RBI and financial companies, lack of awareness, monetary indiscipline, loss or theft of card, unsafe transactions online, etc. contribute to such mishaps. Considering the plethora of benefits both credit and debit cards provide, you can continue to use your payment cards safely by following necessary preventive measures.

A card protection plan provides an additional layer of security against fraud and loss. If you buy a tailor-made insurance plan, you can enjoy financial coverage along with various features and advantages. Several companies also offer fraudulent charges insurance policy for coverage against data breaches, payment processing, hacking, etc.

Few must-know benefits of card insurance plan in the 21st century

  1. High coverage value

Leading financial organisations offer high coverage value of up to Rs.2 lakh for comprehensive benefits. The plans are more affordable these days with nominal annual premiums starting from as low as Rs.599.

Choose to make the premium payment conveniently via credit/debit cards, UPI, m-wallets, net banking, etc.

  1. Easy card-blocking service

Instead of calling financial companies separately, you can block all your cards easily with a single phone call. This feature is especially beneficial when your wallet containing multiple cards is lost or stolen. With a wallet care plan, you simply need to contact the insurance aggregator’s customer care executive and claim the benefit.

  1. Fraud protection

A debit or credit card insurance policy also provides complimentary fraud protection against phishing, PIN-based fraud, etc. You can enjoy up to Rs.1 lakh coverage against frauds irrespective of the card’s presence, from reputed companies.

Bajaj Finserv is one such trustworthy non-banking financial corporation which brings the exclusive Wallet Care under their Pocket Insurance & Subscriptions category.

Similarly, women can also avail purse care for the utmost financial security to their essentials.

  1. SIM card blocking facility

In case your phone is lost, you can avail SIM card blocking service from the insurance aggregator. Some policies also provide SIM and IMEI registration for customers’ convenience.

  1. Hassle-free PAN card replacement

Besides payment cards, wallet care plans also cover the loss of vital documents like PAN card. Instead of going through a lengthy documentation process, you can receive its free replacement without much hassle.

  1. Emergency travel assistance

If you are travelling and are stranded, the financial service provider under your credit or debit card insurance policy shall offer you emergency assistance. Be assured to receive cash benefits, replacement travel ticket advance and emergency advance for a hotel stay. Some of these benefits are also available on foreign travel.

Anyone above 18 years of age and residing in India is eligible to purchase a card insurance policy with a validity of 1 year. Although not mandatory, it is essential to buy the most appropriate card protection plan according to your requirements and lifestyle. Make the best use of your credit and debit cards, following all the safety measures and with comprehensive financial coverage.