In the past few years, there has been a significant rise in the number of credit and debit cards, which account for nearly 1 billion users in India. Besides the convenience that these cards facilitate to the individuals, the nuisance that their unauthorised usage causes is problematic.
Owing to this disruption, there had been a privacy breach of around 13 lakh individuals last year. The data leakage has thus profoundly impacted the other users as well with their data. Despite such violations, you can still financially protect yourself against card loss with credit card insurance. With this plan, you receive comprehensive coverage for other cards such as PAN card, debit card, etc. as well under conditions of fraud or loss.
How can you deal with unauthorised transactions?
In case you have a wallet protection plan, you can do away with the following steps to deal with unauthorised transactions –
Step 1: Call the customer support executive of the credit card issuer. Report the fraudulent transaction. They will register your complaint and provide you with the same for future reference.
They will block your credit card so that no unauthorised transactions can be made through it. You can also ask them to issue a new card for the same account.
Step 2: Submit the necessary details to validate the complaint. They might ask you for a few essential documents, such as –
- Latest credit card statement.
- Photocopy of FIR made at the police station.
Step 3: You might also be asked to fill up an online form regarding raising a complaint. Do the same by entering the necessary details.
Simply put, the process is long and tiring. For a hassle-free recovery, you can opt for the Wallet Care insurance policy provided by insurance aggregator Bajaj Finserv under their Pocket Insurance & Subscriptions. This insurance plan will financially safeguard you against losses and fraudulent activities occurring through your cards.
Features of a wallet care insurance plan
The salient features of wallet cover are discussed below –
- Card blocking
With this credit card insurance policy, you will stay safe for the loss of your payment cards as well as other essentials in your wallet. Make a single call to the customer support department and request to block all your cards.
To stay financially safe in case of an assault occurring when withdrawing cash from an ATM, you can opt for the ATM assault insurance cover, which will reimburse you with the money you intended to withdraw.
- Blocking of mobile SIM
A wallet care plan also provides coverage to facilitate you in blocking your mobile SIM with a single call.
- Replacement of PAN card
You can also avail financial coverage to avail a replacement of your PAN card if it is lost or stolen.
On another instance, for the comprehensive protection of all your valuables, you can also purchase the purse care insurance plan. Receive coverage of a substantial amount and benefit from the financial assistance to reissue your cards.
- Assistance for emergency travel
The wallet protection plan also enables you to raise a claim while being stranded during travel. Irrespective of whether you are travelling within India or abroad, you can be financially covered for emergency travel tickets and hotel bookings.
In a nutshell, it is essential to act quickly in case you have to deal with an unwanted situation of an unauthorised transaction. No matter how you deal with the situation, having a credit card insurance policy that suits your requirement will help in meeting your financial obligations in a convenient manner.