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  • Credit Card BYTES FROM OUR KITCHEN

    How to Claim Insurance For Your Credit Card

    When you apply for a credit card, you will be given an option to choose to have credit card insurance. As most people are not aware of the benefits and features of credit card insurance, they go ahead and blindly decline it or accept it without understanding if it suits their requirements. Only during unfortunate circumstances like credit card fraud, people search for their policy document to check if their credit card insurance covers it or not.

    It is very important to understand the terms and conditions of your credit card insurance. Knowing about your credit card insurance will help you process your claims smoother without much hassle. Most people pay huge credit card bills without knowing their credit card insurance could have covered the expense. Apart from educating yourself about the features of your credit card insurance, it is very important that you know the claim process. This will help you save a lot of time. For more information about credit card insurance claim process, read on.

    Credit Card Insurance Claim Process

    Your credit card insurance claim process depends on the type of insurance you hold. There are many types of credit card insurance such as credit shield, zero lost card liability, air accident cover, travel insurance among others. The claim process for each type of insurance differs. While for some insurance claims, it is mandatory to file a First Information Report (FIR), other types of insurance do not require you to file an FIR.

    In most cases, you will have to contact your insurance provider’s customer care department and let them know about your claim and send a written request with all supporting documents to the address provided to you by the customer care executive. A few insurance companies also allow you to submit an online claim application. If you want to submit a credit card insurance claim but aren’t aware of the process, please visit your insurance provider’s official website and follow the instructions.

    Credit Card Insurance Claim Process Of Some Of The Popular Banks

    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.

    How To Submit A Credit Card Insurance Claim With Axis Bank

    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:

    • The insured should inform Axis Bank customer service immediately when the need to submit the claim.
    • 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.
    • 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).
    • Fill up the forms and send it to the address mentioned on the form with supporting documents.
    • 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 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:

    • The insured has to call 6000-4000 (Prefix city STD code) or 1800 419 4000 (Toll-free) and inform them about the claim.
    • After informing SBI customer service department about the claim, SBI will block the particular card.
    • 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.
    • Once SBI receives the claim request, within 15 working days the claim will either be accepted or rejected.
    • If the claim is approved, within 7 working days, SBI will send the insured a cheque for the claim amount.
    • 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:

    • The credit cardholder should inform IndusInd Bank about the loss of card immediately by contacting the customer service department.
    • IndusInd Bank covers claims that are made 2 days prior to reporting and 7 days post reporting the incident.
    • 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.
    • 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:

    • Read the terms and conditions of your credit card insurance policy. This will help you figure out what type of claims can be made.
    • Carry your credit card insurance copy when you travel. This way you will have the contact information of your credit card insurance provider handy.
    • 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.
    • 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.

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