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What is Credit Card Insurance? A Detailed Guide
Posted on Wednesday, June 19th, 2024 | By IndusInd Bank
A credit card offers benefits such as instant access to credit, rewards and offers, privileges, and much more. But did you know that credit cards also offer insurance coverage?
It is possible to avail financial protection against theft and loss of credit card. Coverage is also available for unfortunate events during travels.
IndusInd Bank Credit Card offers two insurance programmes for its cardholders:
- The Total Protect program protects against unauthorised transactions in case of credit card loss/theft.
- The Travel Insurance Program covers unfortunate events during travel.
Let’s learn more about credit card insurance and how it can benefit you as a cardholder.
Understanding Credit Card Insurance
There are two types of credit card insurance coverage. Let’s understand each type in detail.
1. Insurance Coverage against Credit Card Loss/Theft
This insurance coverage works in the following manner:
- In case of loss or theft of the credit card, you must report the matter to the insurance company at the earliest. Also, you must inform the relevant authorities about it.
- The credit card protection plancomes into action in such situations and protects against unauthorised transactions on the credit card.
- The coverage amount under the plan can be equal to the credit limit on the card, including any add-on cards.
- The insurance protection is valid for up to 2 days (including reporting day) before and 7 days after reporting the lost/stolen credit card (including reporting day). This duration varies based on the card and the bank.
IndusInd Bank offers Total Protect, an insurance program that provides the above-listed benefits.
2. Insurance Coverage against Unforeseen Travel Issues
Many banks offer travel insurance coverage as a feature within their credit card to make their cardholders’ travels easier and secure. This is how this credit card insurance policyworks:
- If you suffer an unfortunate event during your travels, such as loss of passport or baggage, missed flight connection, delayed baggage, and so on, you can raise a claim with your bank.
- The bank compensates for the financial losses you may have suffered after a thorough investigation.
- You must inform your bank up to 48 hours before your travel begins and within 48 hours of arrival in India to be eligible for such coverage.
- The coverage amount for each type of loss covered by the card is usually pre-specified. The amount will not be more than the sum insured by the travel insurance program.
With selected IndusInd Bank Credit Cards, you can benefit from the Travel Insurance Program, which covers the following:
- Loss of baggage, including loss of checked-in baggage.
- Loss of passport
- Delayed baggage
- Lost Ticket
- Missed Connection.
You can enjoy the Travel Insurance Program benefits with IndusInd Bank Nexxt Credit Card, Legend Credit Card, Platinum Visa Credit Card, and other selected Credit Cards.
Note that all insurance claims are subject to the terms and conditions of the coverage. It is advisable to read through the T&C before raising a claim.
Also Read: Credit Card Transaction Failed: Money Debited? Here’s What to Do
Conclusion
With credit card insurance, you can enjoy a sense of security during your transactions and travels and have better control of your finances.
You can apply for IndusInd Credit Cards and benefit from solid insurance coverage instantly! The application process is 100% paperless and digital, and you can get instant approval!
So, what are you waiting for? Apply Now for an IndusInd Bank Credit Card today!
Disclaimer:
The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
