Around 921 cases of fraud pertaining to credit and debit cards have been registered in India as of 2018. As the popularity of the former is increasing among the masses, it is vital to avail a credit card protection plan alongside to ensure comprehensive financial protection.
The benefits of availing credit card insurance can be listed as follows –
Remote card blocking facility
A primary feature of a credit card protection cover is that it allows instant blocking facility on all insured products through one phone call. This feature ceases all transactions on stipulated cards, minimising the chances of fraud in case of misplacement or theft.
SIM blocking facility
Any online transactions made on credit cards can also result in fraud, as hackers collect all relevant information from websites through which a purchase is made. Such frauds can be prevented by blocking the SIM card against which a credit card is registered. These benefits are provided by most insurance aggregators if the facility has been activated by providing an individual’s phone IMEI details and SIM number.
Coverage against fraud
In case of loss incurred by an individual due to credit card fraud, coverage can be claimed for the same with all major insurance aggregators. Such coverage from a credit card protection plan can be availed if the fraud arises as a result of tele-phishing or PIN related problems.
Travel assistance
Individuals losing or misplacing their credit card during domestic or international trips can easily apply for emergency financial assistance for safe travel back home. Such policy provides coverage on cancelled hotel reservations or flights alike. Advances obtained can be repaid after an individual has safely returned home without any major inconvenience.
A credit card protection insurance plan is an ideal way to secure your financial interests in case of adverse situations. It also reduces the mental burden of a cardholder as well, allowing him/her to reap credit card benefits with ease.
Read Also: Advantages of Credit Card Insurance – Why You Should Avail One?
