The Reserve Bank of India has commanded financial institutions to secure their customer’s card data, as 1.3 million debit and credit cards are in the hands of fraud. Unofficial reports suggest that such card details are up for sale at a price of $100 per card.
A card protection plan acts as the first step for individuals to stay financially secured from such type of scams.
How can a card protection plan help you?
Fraud protection: This card protection plan offers a maximum amount of Rs.2 lakh when the fraud involves PIN-based transactions. An individual can also claim for the coverage when their wallet/purse is lost or stolen, and a transaction is processed on their behalf.
Loss or theft: Such an insurance plan can help the cardholder take the necessary steps with urgency in case the card is lost or stolen.
Round the clock card blocking: This service allows individuals to block their debit/credit cards with just one call. Note that such card protection plans are generally offered by a third party insurer specific to a single credit/debit card.
PAN card replacement: An individual can avail financial compensation to apply for a duplicate PAN card.
A card protection plan comes with sufficient financial coverage at a minimal cost and helps to block all payment cards with just one phone call. It is a necessity to purchase a wallet care insurance as it protects an individual when any fraudulent transaction takes place, or a wallet is stolen.
Additional Read: 1.3 Million Payments Cards’ Details Suspected To Be Leaked – How Can You Protect Yourself with The Wallet Care Plan?
