How to Claim Insurance For Your Credit Card

Top Banks Providing Credit Card Insurance Claim

Axis Bank

Axis Bank is one of the largest private sector banks in India. The credit card insurance offered by this bank is comprehensive with features like zero lost card liability, credit shield, air accident cover, and purchase protection. The claim process for each feature is different.

The zero lost card liability feature of Axis Bank credit card insurance protects customers against any fraudulent purchases made using their card up to a specific insured amount from the moment the customer reports such instance to Axis Bank by contacting their customer care center. The procedure to submit a claim is:

1. The insured should inform Axis Bank customer service immediately when the need to submit the claim.
2. The insured should file an FIR with the police for the lost card if they are submitting a claim for zero lost card liability and purchase protection.
3. Visit the official Axis Bank website and download the insurance claim form and the dispute form (required only for zero lost card liability and purchase protection).
4. Fill up the forms and send it to the address mentioned on the form with supporting documents.
5. For credit shield and air accident cover claim, the nominee will have to provide the death certificate of the primary cardholder.

State Bank of India (SBI)

SBI offers a comprehensive card protection plan for both credit and debit cards. The card protection plan comes with features like emergency hotel and travel assistance and fraud protection. To process a card protection plan claim with SBI, customers will have to follow the process given below:

1. The insured has to call 6000-4000 (Prefix city STD code) or 1800 419 4000 (Toll-free) and inform them about the claim.
2. After informing SBI customer service department about the claim, SBI will block the particular card.
3. The insured will be required to send a duly-filed claim form with all supporting documents to the address provided by the customer care executive.
4. Once SBI receives the claim request, within 15 working days the claim will either be accepted or rejected.
5. If the claim is approved, within 7 working days, SBI will send the insured a cheque for the claim amount.
6. Please note that the claim will be cancelled if you do not submit the claim form with supporting documents within 74 hours from the time you report the fraud.

IndusInd Bank

IndusInd Bank offers a comprehensive Card Protection Program for all their credit cardholders. Some of the features of this insurance program are fraud protection, emergency travel assistance, foreign language interpreter assistance, and emergency cash assistance. The claim process for IndusInd Bank Card Protection process is as follows:

1. The credit cardholder should inform IndusInd Bank about the loss of card immediately by contacting the customer service department.
2. IndusInd Bank covers claims that are made 2 days prior to reporting and 7 days post reporting the incident.
3. The written claim should be submitted by the insured within 15 days from the date of loss of card or else the claim will be cancelled.
4. If the claim is approved, IndusInd Bank will send a cheque to the insured for the claim amount.

Tips While Claiming Credit Card Insurance

A credit card insurance claim process can be time-consuming. However, you can take a few measures to make sure your claim process is hassle-free. Some of the steps you can take are:

1. Read the terms and conditions of your credit card insurance policy. This will help you figure out what type of claims can be made.
2. Carry your credit card insurance copy when you travel. This way you will have the contact information of your credit card insurance provider handy.
3. Pay your insurance premiums on time. While you may think it is okay to skip a payment, it is always recommended to stay insured against fraudulent activities.
4. Always send the written claim form with supporting documents to your insurance provider's address on time. Many claims get rejected as the insurance provider did not receive the necessary documents on time.

The bottom line - It is very important to have a valid credit card insurance. Especially, in an era where online fraudulent activities are increasing day by day. If you do not have a credit card insurance, it is advisable to get one today. Do not forget to compare various credit card insurances available in India before you choose one.