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.
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.
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:
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:
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:
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:
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.