Credit card is a popular form of plastic money used for making electronic payments. Transactions in cash are time-consuming as well as risky. To make financial transactions easier at a global level, and avoid hassles of cash transactions, the use of cards has assumed a significant role. With the use of credit cards on a roll, protection against theft and fraud is extremely crucial. The most common way is blocking your cards through customer care. If you are a proud owner of multiple cards, calling the customer care to block cards every time is a tedious task. In such situations, a Card Protection plan comes to rescue.
Why is Credit Card Protection Plan
much sought after?
A Card Protection plan offers insurance for all kinds of plastic money such as credit card, debit card, PAN card, Driver’s License, and membership cards against any loss, theft, and fraud. The insurance coverage is for a period of one year. Auto-renewal option is also available at the end of the coverage term.
The Wallet Care plan from Bajaj Finserv offers you comprehensive credit
card protection.
This plan covers frauds such as PIN-based frauds, OTP based frauds, and
phishing. It also provides protection in case your payment cards get lost or
stolen. The insurance coverage is applicable irrespective of whether the card
is present or not while the transaction is taking place.
Features of Wallet Care Plan
The basic features of Wallet Care Plan from Bajaj Finserv are listed
below.
● Multiple Card Coverage in a Single
Plan
The Wallet Care
policy offers insurance coverage to multiple cards under a single plan. In just
one annual premium, your credit, debit, PAN, and Driving License are secured.
This plan provides SIM card blocking facility as well
● Instant Card Blocking Service
Calling on the
toll-free number will block all your cards linked to the plan. The 24X7 service
facilitates blocking of multiple cards easily in just a single call.
● Card Replacement Support
After blocking your
cards, assistance regarding the replacement and renewal of the cards lost is
also provided.
● Emergency Assistance
In case your cards
are lost while travelling in India or abroad, the settlement of hotel bills and
travel expenditure is taken care of under the insurance. Emergency cash is also
provided to you under the plan. Though there’s no interest charged, the
repayment has to be done in a stipulated time.
● Economical and Viable Option
You can get coverage
up to Rs. 2 lakhs with a nominal premium
amount of Rs. 599.
● PAN Card Replacement
Under the Wallet
Care plan, your PAN card is also protected against any loss, fraud, or theft.
The card protection policy also ensures that your PAN card is replaced in the
least possible time. No extra cost is involved.
Exclusions under Wallet Care Plan
● In case of any
losses that occur while you are intoxicated, the plan doesn’t provide any
protection. For example, if your handbag containing all your cards is stolen,
and you are in a state of intoxication, the coverage under the plan is not
applicable.
● Deliberately caused
losses are not covered.
How to apply for a Wallet Care Plan?
Here’s a list of steps to be followed for subscribing to Wallet Care
Plan.
● Step 1: Fill an
online application on Bajaj Finserv website. Fill in all the required details
to apply for the plan.
● Step 2: Pay the
annual premium amount using the mode of payment provided.
● Step 3: On receiving
the premium amount, a welcome pack consisting of the registration confirmation
letter is mailed to you. The terms and conditions of the Credit Card Protection
Plan are clearly mentioned.
● Step 4: Under the
protection plan, register the details of all your available cards.
