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A credit card is a financial product used for purchasing, such as groceries, gas and other goods and services. Besides, credit cards are broadly well-known for many reasons, including advantages and offers. Your credit card also offers free credit card insurance cover. The kind and coverage amount of insurance differ not only from card to card but also from bank to bank. Mentioned below are numerous insurance benefits that you can acquire on a credit card under the Pocket Insurance & Subscriptions of Bajaj Finserv, a well-known non-banking financial company:
Your credit card covers accidents that occur while traveling, such as canceling trips, lost or damaged baggage, a misplaced passport, or other reasons. If your credit card makes payments, the travel insurance aggregator will help cover losses. Some cards cover not only domestic travel but also international travel as well.
You will be eligible for an air accident death cover if you have booked your flight using a credit card. The contender will get the coverage amount from the bank if you die in a plane crash or air accident. However, the amount differs from card to card.
If your rented vehicle has met with a disastrous accident, then the credit card can cover the insurance cost of the damage done to the vehicle through which you have made the payment. Nevertheless, this insurance plan does not cover theft, personal injury, or damage to the other vehicle. You can also consider Motor Insurance provided by Bajaj Finserv under its Pocket Insurance & Subscriptions.
Fire and Burglary Protection
You can benefit from the insurance on your card in case of fire and burglary. The bank will pre-set the maximum and minimum value of insured goods in this regard.
Emergency Overseas Hospitalization
When traveling overseas, you are well prepared for any medical emergencies you come across. But you will be in trouble if you do not possess a credit card. Having a credit card in itself means that there is a backup. Some cards provide overseas emergency hospitalization up to a definite limit. The foreign hospitals have tie-up with few banks so that you do not have to face any difficulty in such tough times.
Your credit card will cover emergency hotel and travel assistance if you lose cash, baggage, wallet, or other facilities while traveling. Besides, you can avail of emergency currency support in India. Moreover, your credit card can also cover the emergency expenses of hotel and flight tickets.
Lost Card Liability Cover
If your credit card is lost, credit card insurance protects you from any fraudulent dealings made on your credit card after detecting such loss. Besides, you would not be held liable for any fraud made on the card once you have reported the loss.
Phishing meaning is an effort to get hold of sensitive information, such as details of credit cards, usernames, passwords, often for mischievous reasons, by hiding as a reliable entity in an email. An attacker usually forms a fake website with a look almost similar to the authentic ones. After that, attempts to obtain personal information, such as passwords, from you. It is usually carried out by email tricking or prompt messaging and guides the users to place personal information at a counterfeit website.
The Final Verdict
Credit cards have many advantages, but at the same time, you should not overlook the terms and conditions enclosed with it. All resourceful information is mentioned in the welcome kit that comes along with your credit card. It is here where your accountability plays a prominent role. You should go through the welcome kit and make the most of it.