Credit card protection habits like keeping your CVV and PIN numbers private and using antivirus software on all devices are a must if you want to eliminate the risk of fraud. However, to give your finances a second layer of security, opt for a wallet cover. Essentially a card protection plan, a wallet cover offers features ranging from card blocking services to monetary assistance in case of an emergency. When you’re scouting for options, make sure you follow these tips to zero-in on the best card protection plan.
Ensure That You Can Block Cards Instantly
Whether your card is stolen at a busy shopping area or you accidentally misplace your wallet on your commute to work, you must be able to block your cards immediately to avoid losses. Contacting financiers individually can be a cumbersome process, so make sure that your card protection plan takes care of this for you. Wallet care offered by Bajaj Finserv offers instant card blocking services. All you need to do is make a single call to a 24-hour helpline and it will be taken care of.
Verify That the Insurer Restricts SIM Usage
Today, most digital transactions require an OTP. In the event that your mobile phone is stolen along with your wallet, you are left without this layer of security as well. As a result it is important that your payment protection insurance prevents fraudulent transactions by blocking your SIM at your request. When you choose Wallet Cover, you can call the insurer and instruct them know to do so.
Check for Emergency Monetary Assistance
When you are travelling and lose your debit or credit card, you may not have the finances needed for your stay, travel and other immediate expenses. This is why you must pick a card protection plan that has a cash reserve built into it. Luckily, plans like Wallet Care extend monetary assistance to you to make emergency travel and stay arrangements. It offers you up to Rs.80,000 if you are travelling abroad and Rs.40,000 if you are journeying in India.
Scan the Fine Print
Criminals use a wide range of means to get hold of your banking cards or to obtain sensitive data that will help them make a transaction. This may include acquiring information through fraudulent emails, or even through a voice call. Read through your insurer’s terms and conditions carefully to know what you are protected against and choose a policy accordingly. For instance, Wallet Care offers protection of up to Rs.1 lakh against card fraud occurring due to skimming, phishing, tele-phishing, counterfeiting, PIN-based frauds, and even transactions where an OTP is not required.
Check for Features Like PAN Card Replacement
You may be accustomed to storing your PAN card along with the other cards in your wallet, which means that you can misplace it too. While you can apply for a duplicate PAN card, the process is complicated. The solution is to pick a comprehensive insurance plan such as Wallet Care, which extends coverage to your PAN card and so offers a free replacement.
Having a card protection plan like wallet care ensures that you remain stress-free even as you pay digitally. You can get all these benefits at just Rs.599 per annum. Since this comes under the category of Pocket Insurance by Bajaj Finserv, you get a range of features and benefits at an affordable premium.