Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Insurance Credit Cards in India

    Credit card insurance goes by quite a few names. While some banks call it credit safeguard, others use the terms "credit shield" while referring to credit insurance. However, credit card insurance aims to offer the cardholder with security in case of unemployment, disability, injury, or death, in case the cardholder ends up not being able to pay credit card bills. Banks provide insurance to the cardholder's by paying a monthly fee that varies from bank to bank. Getting an insurance for a credit card helps one's credit rating remain unaffected while they go through a rough patch. This helps the cardholder to keep their credit score in a good standing with lending organisations. However, it is worth lending a thought if getting a credit card insurance is worth it or not.

    Listed Below Are A Few Pointers That Will Help One Understand This:

    • Credit life insurance: If a cardholder avails credit card insurance, the bank pays the outstanding balance in case the cardholder passes away or becomes unable to pay the balance on his own. This can only be accommodated in a scenario in which the cardholder either becomes physically disabled or unemployed.
    • Credit disability insurance: This kind of insurance pays off the minimum amount due on the card for a distinct period of time after a medical disability takes over the cardholder. However, purchases made after the cardholder becomes disabled will not be paid off.
    • Credit insurance in case of involuntary unemployment: Under this insurance scheme, the bank pays off the minimum payment due on the cardholder's account in case they have been laid off from work or have been downsized by their company. However, purchases made after the downsizing will not be covered.
    • Insurance of credit for property: Under this credit scheme, the bank will pay off for the purchases made using the credit card end up getting damaged or get stolen.

    Types of Insurance Offered on Credit Cards

    There are various kinds of insurance that come with a credit card and each company has its own set of covers and respective limits. The following insurance covers are some of the popular ones being offered with credit cards:

    • Accident Insurance
    • Travel Insurance
    • Credit Insurance
    • Purchase Protection

    Accident Insurance

    Various credit card companies offer accident insurance cover worth Rs.2,00,000 to Rs.40,00,000 based on the type of credit card being offered. The insurance cover being offered for road accidents are between Rs.2,00,000 to Rs.4,00,000. While for air accidental deaths, the insurance cover ranges between Rs.10,00,000 to Rs.40,00,000.

    Travel Insurance

    Some credit cards come with additional travel insurance benefits that provides benefits cover for lost baggage, lost passport etc. In cases where your baggage goes missing for more than than 48 hours post your arrival at the destination, you can claim a benefit from your bank. Some credit cards cover both domestic as well as international travel.

    Credit Insurance

    In some cases, your credit card comes with an insurance privilege where you may be allowed a waiver on your outstanding credit card amount, in case of accidental death.

    Purchase Protection

    Purchase protection on your credit card implies that items purchased using the card are insured in case the items are damaged or misplaced due to fire or theft. Purchase protection on credit cards are offered up to a value of Rs.50,000 that can be claimed within 180 days from the day the items were purchased.

    Top Banks Offering Insurance Credit Cards

    Some of the banks that offer insurance on their credit cards in India are:

    • Standard Chartered Bank
    • HDFC Bank
    • IndusInd Bank
    • Axis Bank
    • ICICI
    • HSBC

    Standard Chartered Bank:

    The Visa Infinite Credit Card from Standard Chartered Bank is an exclusive card offered to the bank’s priority banking customers. Along with some unique benefits and exclusive privileges, the card also provides a complimentary travel and medical insurance worth up to a maximum of USD 200,000, when travelling internationally.

    HDFC Bank:

    The HDFC Bank Regalia Credit Card is an all in one luxury credit card that comes with enhanced features and benefits. Among many others are is its comprehensive protection component. Cardholders of the Regalia Credit Card are entitled to an insurance cover against air accidental death and emergency overseas hospitalization. In case of an air accidental death, the cardholder’s nominee is eligible to get a compensation of Rs.1 crore. In case of a medical emergency abroad, cover worth up to Rs.15 lakhs can be claimed.

    IndusInd Bank:

    The IndusInd Bank Platinum and Platinum Aura Credit card are premium lifestyle cards that come with top class exclusive privileges to suit your elite needs. Along with these attractive features, the bank also provides insurance cover by ICICI Lombard General Insurance Company. The cards provide an insurance cover of Rs.10,000 for lost baggage, Rs.50,000 for loss of passport, Rs.25,000 each for lost ticket, delayed baggage or missed connection.

    Some cards like the Kotak Mahindra Royale Signature Card offers security from card theft by offering a cover of Rs.2,50,000 against fraudulent usage of the credit card up to seven days before reporting the incident. The Platinum Credit Card from HSBC and MakeMyTrip also provides cover for misuse of the card up to 24 hours prior to reporting. The cover ranges up to Rs.3,00,000.

    Axis Bank:

    The Privilege Credit Card offered by Axis Bank comes with travel insurance benefits that offers you peace of mind when you travel. The air accident cover that you can avail with this particular credit card is Rs.2,50,00,000. The purchase protection that can be availed if you have this credit card is Rs.1,00,000. The Lost Card liability that you get is Rs.3,00,000. In case you lose your important documents on the flight, you can avail loss travel documents cover of USD 300. If there is any delay in the baggage check in process, you can avail a cover of USD 300. In case of loss of check in baggage you can enjoy check in baggage cover of USD 500.

    ICICI:

    The Travel Card issued by ICICI bank offers great benefits and cover options for its customers. As personal air accident cover, the insurance policy holder can avail Rs.10,00,000. If you miss a connecting flight when traveling overseas, you can avail a cover of USD 300. If your important documents are lost while traveling, you can avail USD 500 as cover amount. These documents include tickets, visa, passport, etc. If the plane is hijacked, you can avail a cover of up to USD 3,000. In case there is delay in your checked bag receipt, you can avail a cover of USD 300. You can enjoy Rs.2,000 as Lost Card Liability cover and Rs.2,00,000 as Counterfeit Card Liability insurance cover.

    HSBC:

    The Platinum credit card offered by HSBC has no liability associated with it if you lose the card. If you report the loss or theft on time, you will not be held liable for any fraudulent activity on your lost/stolen card. All the insurance benefits that are available under this particular credit card are offered by ICICI Lombard General Insurance Company.

      

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    Credit Card Reviews

    • Kotak Credit Card
      "Not satified"
      0.5 1.0/5 "Really Bad"
      I have recently applied for Kotak mahindra bank credit card , while applying for card they said it is life time free credit card, but after issue the card they said they will be charging annual fee in this card, which was very disappointed me, the said them to cancel for canceling the card they charged 180 rupees,even the credit limit which they have given to me was not good.
      Was this review helpful? 2
      , pune
      Reviewed on May 23, 2019
    • IndusInd Bank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      My experience is good with Indusind Bank, have been using the card for a month. Its Aura Platinum card and the credit limit is average, its only 75K where they need to increase my limit since have expected 1.50L because am having more limit on HDFC card. The process is good and there is no annual fee.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 23, 2019
    • SBI Cards Credit Card
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been close to five years since i am using the SBI Gold Credit Card, the services provided by them had been pretty much good. The card has a good feature of Airport launch access and it also has a good credit limit. There is some annual charges with this card and i am using the card for most of my payments and purchases.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 23, 2019
    • HSBC Bank Credit Card
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I am using the HSBC VISA PLATINUM CARD for the last couple of years, the services with them had been good. There is a good credit limit with this card and it used to provide one plus one movie ticket offers. It does not have any annual charges and i use the card for everything.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 23, 2019
    • HDFC Bank Credit Card
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been more than four years since i am using the HDFC Bank DINERS CLUBMILES Card, the services provided by them had been good. There is no annual charges with this card and i am satisfied with the credit limit with this card. There has also been some good benefits in using this card and i use the card for all sort of purposes.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2019
    • Bank Bazaar Credit Card
      "Very Good Service"
      0.5 3.5/5 "Pretty good"
      It has almost been three to four years since i am using the services of Bank Bazaar and the services with them had been quite good so far. I used to check with most of the financial products through them and i had applied for a credit card recently through them. Their customer support team had also been good where they used to do some frequent calls and make follow ups.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2019
    • IndusInd Bank Credit Card
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I had selected the INDUSIND BANK PLATINUM CREDIT CARD since there is a good reward point system with this card, and there has also been some other added benefits as well. The process in getting this card has been good and the card was delivered on the right time. The credit limit with this card is a little less, and there is no annual charges with this card.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2019
    • HDFC Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I am using HDFC bank credit card for long time, they have charged me annual fee in this card, but no idea about waived off option as only for emergency purpose, i am very much happy with the credit limit which they have given me in this card,. so far i am very much happy with the service.
      Was this review helpful? 1
      , vadodara
      Reviewed on May 23, 2019
    • Kotak Credit Card
      "Good"
      0.5 4.0/5 "Great!"
      I was choosen for Kotak credit card , they provide limit credit card is 75 k , while transition rewards point receives. iam particular using for online shopping its easy to do based on credit card i got loan . customer services is good and approach.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 23, 2019
    • SBI Cards Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I am very much happy with the credit card of SBI. They have charged me annual fee in this card, based on my eligibility they have given me credit limit, which was okay for me, their service is too good, they use to give good offers on regular basis.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 23, 2019
    • ICICI Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I am using ICICI bank credit card from long time, I got call from them that i am eligible for credit card so i applied for that, they have charged me annual fee in this card, i do not check waived off option as only for emergency i use it, their credit limit they have given to me was good.
      Was this review helpful? 1
      , vadodara
      Reviewed on May 23, 2019
    • HDFC Bank Credit Card
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using HDFC bank credit card from long time, they have charged me annual fee as it is life time free credit card, i am happy with the service which they have given to me , their mobile application is user friendly, the credit limit as per my eligibility they have given to me, their overall service is good.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 23, 2019
    • Bank Bazaar Credit Card
      "Good"
      0.5 4.0/5 "Great!"
      The customer service is really amazing and the response of resolution of time is very quick. I have been using Bankbazaar.com from last 2.5 years and there was no difficulties in applying the financial products moreover time consuming. I have received a credit card recently by placing online request.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 23, 2019
    • Axis Bank Credit Card
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I have been using Axis bank credit card, i am not satisfied with their service as i requested for bank statement, they did not given me any statement yet, they use to send statement on mail which is not getting open soon, their customer care number not getting connected soon, their overall service is not up to the mark.
      Was this review helpful? 1
      , vadodara
      Reviewed on May 23, 2019
    • IndusInd Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I am using Indusind Bank credit card from last one month and have not interacted with the customer service much but its okay. The documents are collected by the executive. There is no annual fee, I have taken it for life time free. The credit limit is sufficient for me. I have received the first bill on time.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 23, 2019
    • Bank Bazaar Credit Card
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      The experience i had with Bank Bazaar has been pretty much good, i had been using the services of Bank Bazaar for quite sometime. I used to check with all the financial products through them. I had recently applied for a credit card through them and the process was pretty much good, where they where helpful.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 23, 2019
    • IndusInd Bank Credit Card
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The process in getting my INDUSIND BANK PLATINUM CREDIT CARD has been quite good but i wish it could have been done more fast, the credit limit with this card is quite less than expected and my existing cards has more limit than this card. It is a life time free card and they had explained me about the features of this card.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 23, 2019
    • IndusInd Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I took a Indusind Platinum credit card and am using it for more than a month. I felt, the process was little bit longer. The credit limit was fine. There is no annual fee for the credit card. I have chosen because reward points can be utilized for purchase. Their executive has provided a doorstep service for documentation.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2019
    • American Express Credit Card
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I am using the AMEX Credit Card for a very long time and the services with them had been pretty much good. There is a good credit limit with this card and there has also been some added benefits with this card. I had been using the card for all sort of purposes like shopping and for all sort of purposes.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2019
    • Kotak Credit Card
      "Good Service"
      0.5 4.0/5 "Great!"
      It has been a long time since i am holding the KOTAK MAHINDRA BANK Credit Card, the services with them had always been good. There is a good credit limit with this card but there has not been much benefits with this card. I am using the card for all sort of purposes like shopping and for all sort of purposes.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2019
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