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Features of a Wallet Card Protection Plan and How it Can Help You Out?

The popularity of payment cards, mainly debit and credit cards, has increased by leaps and bounds during the past few years. With PoS terminals available almost at every shop and utility centre, more and more people have started using these cards for making payments. However, as cashless transactions are gaining traction, instances of banking frauds are also going up.

Hence, you must procure a wallet card protection plan to ensure the safety of your credit and debit cards, among others. Also known as card protection plan, this policy is designed to insure the contents of your wallet, including all financial and non-financial cards and documents. Read on to know more about the features of this policy and how it can help you out.

Complimentary protection against frauds

A wallet card protection plan provides a complimentary protection to your debit and credit cards. It can come handy in case of theft or loss of your card, along with instances of phishing, skimming, or any other sharp practices. So, in case you get to notice any unauthorised transaction through your card, you’ll be knowing in advance what to do and whom to approach.

One number to block multiple cards

Calling different service providers to block your various cards can be a tedious task. However, when you purchase a wallet care policy with debit and credit card insurance, you’re asked to register all your payment cards (credit card, debit card, prepaid card etc.) with the policy.

So, in case you lose your wallet (or any of the cards), all you need to do is make a single call to the 24×7 helpline number of the insurer and all your registered cards will get blocked instantly.

Emergency hotel and travel assistance

Losing your wallet during a foreign trip can be a nightmare. You may be left stranded at an unknown place without any money and your return tickets. A wallet card protection plan can turn out to be a saviour during such situations. You will be provided with the replacement travel tickets so that you can return to your motherland without any hassles.

Moreover, if required, you will also be provided with an alternate accommodation during an emergency and the cost of it will be borne entirely by the insurance provider.

Emergency advance cash facility

You can use your card protection plan to avail emergency advance cash in case you lose your wallet or run out of cash while you’re out of your home. You can use this money to settle hotel and restaurant bills, pay cab fares, and meet other necessary financial obligations. Usually, you’re given around 30 days to return this money back to the insurer.

Replacement of important documents

When you lose your wallet, it’s not only your credit and debit cards that you’re deprived of, but you may also lose some of your important documents such as PAN card lost, Aadhar card, Passport etc. A wallet care plan may also help you recover such valuable documents without any hassles and at no additional cost.

Apart from the benefits mentioned above, a wallet card protection plan can also aid you in several other ways during a contingency. For instance, you can use it to get your SIM card blocked in case you lose your mobile phone. Some plans can also provide you with emergency roadside assistance in case your car/two-wheeler breaks down in the middle of a road.

Hence, from assisting you during a difficult situation to ensuring that you come out of it without facing any major hurdle, a card protection plan is replete with numerous benefits. However, you need to be smart while choosing your insurer to avail maximum benefits out of the policy.

You can opt for wallet care policy offered by Bajaj Finserv under their pocket insurance and subscriptions category to get a cover of up to Rs. 2 lakh at a nominal premium of Rs. 599 only. With this policy, you will be entitled to receive multiple benefits such as emergency travel assistance, 24×7 card blocking service, complimentary fraud protection, PAN card replacement, emergency advance cash up to Rs.5000 etc.

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