Card Protection Plan to help if you lose wallet | Fusion - WeRIndia

Card Protection Plan to help if you lose wallet

Card Protection Plan to help if you lose wallet

Card payments are common now due to the increase in digital transactions. One may not even carry more than ₹50 in his/her wallet but have at least one card (but most people have the habit of carrying all their bank cards) in it.

In addition to that, people carry their identity proofs and driving license in their wallet.

It is difficult during such times as they have to block all bank cards, acquire new bank cards and their identity proofs.

The card protection plan is designed to help people in these situations.

All major banks in the country including SBI, ICICI Bank, Yes Bank etc. are offering the card protection plan.

This plan protects debit and credit cards and other identity proofs like Aadhaar, PAN etc. against theft, loss and fraud.

The benefits, cover and the annual fee varies depending upon the service provider.

The plan works like an insurance plan. You need to renew it every year to keep it active.

Claims may be rejected if the card is lost or stolen due to negligence.

The following services are offered under the Card Protection Plan:

There is no need to call all the banks. Just call the dedicated toll number of the service provider and inform the loss of your wallet. Then, they will block all your cards. Some plans even protect your mobile number and block the SIM card if the phone is lost or stolen.

Travel assistance is provided if you lost your wallet when you are out of town. These include paying due to hotel bills and air tickets. The services vary as per the plan you opt for. Emergency cash assistance will also be provided for travel in the country.

Card replacement assistance is provided. This includes obtaining all your identity proofs including passport.

It also protects you from fraud due to misusage of your cards in your wallet before the cards get blocked by bank authorities.

The plan also helps store your data securely by registering with the service provider.

Photo by Two Paddles Axe and Leatherwork on Unsplash (Free for commercial use)

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