Loss of wallet: Should you opt for a card protection plan?

Loss or theft of a wallet is a pervasive incident that can occur at any time to anyone. However, losing it can be quite challenging as most individuals carry a lot of essential documents in their wallet or purse such as the driver’s license, PAN card, voter ID card, credit or debit card, etc. Furthermore, if the wallet is stolen or gets lost during a trip, not only will it lead to substantial financial loss, but will also create other complications.

Hence, to avoid such situations, one should consider opting for a card protection plan. The decision regarding whether one should opt for the plan or not largely depends on the benefits it offers and its utility for the individual. Take a look at some of the common benefits of this plan to make an informed decision.

• Immediate card blocking service –

A card protection insurance plan allows individuals to report the loss of their wallet and block all their payment cards immediately with a single phone call to the provided toll-free number. Not only is this service available 24×7, but it also reduces the need for individuals to visit or contact the credit card company or financial institution to request a card blocking service.

Furthermore, Wallet Care provided by Bajaj Finserv under Pocket Insurance and Subscriptions also extends facilities like SIM card blocking and financial aid for SIM and IMEI registration in case your phone is lost along with the wallet or purse.

It also provides financial coverage for replacement of PAN card in case it gets lost or stolen along with the wallet.

• Emergency aid –

If an individual loses his or her wallet to theft, negligence or perchance while on a trip, he/she can claim financial compensation from the insurer as per the coverage limit of the card protection plan. The insurance policy thus provides coverage for hotel stays, replacement flight tickets, and any other emergency needs as specified by the provider.

Additionally, while they are away on a trip, individuals should also consider availing financial protection for their home against theft and burglary. Accordingly, they can opt for insurance policies like home protection Insurance plan for the needful coverage.

• Protection against fraud –

Under the credit card protection insurance plan, one can avail substantial coverage of up to Rs.2 lakh in case of credit or debit card frauds like phishing, tele-phishing, skimming, etc. In case of any other fraudulent activity, the card protection plan also provides coverage up to Rs.1,00,000.

One can also opt for further coverage in case of financial losses incurred due to identity theft under a card protection policy. One such policy is identity assure cover that helps claim for financial losses arising out of identity theft, among other benefits.

Insurance policy application procedure

When availing a card protection insurance policy online, one can follow the steps given below – 

Step 1: Visit the insurance provider’s official website 

Step 2: Select the online application form and fill in all the requisite details such as name, contact information, address, etc.

Step 3: Submit the application form and pay the premium through any payment options like credit or debit card, mobile wallet, net banking, etc.

Insurance claim procedure

To raise a claim under their wallet protection plan, policyholders should get in touch with their insurer’s customer care service by either sending an email or by placing a call. Individuals should keep in mind that the insurance provider should be notified within a day of the loss of wallet to make a claim. After notifying, he or she should file a claim form and submit it to the concerned insurance provider along with the following documents – 

• Copy of FIR
• A copy of the bank account or credit card statement
• Original receipt of expenses
• Subrogation bond

However, while opting for a card protection plan, one must go through the terms and conditions diligently and understand the incidents not covered within the policy to decide accordingly.