Carrying KYC documents, which prove your identity, is mandatory during travel as it is a prerequisite in several places. KYC documents such as Aadhaar card, PAN card, Driver’s License, etc. play an essential role in this regard. Theft or misplacement of such documents can have adverse repercussions on individuals, as it opens an avenue for identity theft. You can avail an identity theft insurance to safeguard your financial interests in such situations.
Identity theft can have negative effects on the financial standing of an individual as well, wherein fraudulent transactions through an individual’s debit/credit card are carried out. Availing insurance is massively beneficial in such cases, as it provides the following advantages –
1. Financial assistance
Fraudulent activity might be conducted using the insured’s identity. In such cases, the insurance aggregator covers all obligations to pay for loss of income due to associated hassles, and other expenses incurred for this purpose.
2. Legal benefits
Identity theft insurance cover provides assistance in case of legal implications, bearing expenses pertaining to lawyer’s fees, court expenses, etc.
Legal expenses incurred to absolve an individual, as well as challenge the inaccuracy of credit reports generated due to fraudulent activity on credit cards are covered under identity theft insurance.
3. Nominal premium payments
Identity theft insurance cover is offered by all major non-banking financial institutions at economic annual premium charges. There are several methods in which you can meet premium liability as well, such as through debit/credit cards, net banking, UPI, etc.
4. Other expenses
These insurance policies also provide reimbursement against any expenses incurred to reapply for credit or other banking accounts, which were rejected previously due to loss of identity proof documents.
You can easily claim coverage provided against identity theft insurance by filing a complaint online on the toll-free number of the financial service provider.
Additional Read: Protect Your Identity Cards While You Are On A Vacation
