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

    • IndusInd Bank Credit Card
      "User friendly"
      0.5 5.0/5 "Blown Away!"
      I used INDUSIND credit card in petrol bunk for renewing my car insurance and many other purposes. The card does not have EMI facility and the bank have not been able to send my statement because of an issue with my email address. So I was not able to get my card statement on time. The credit limit of the card is only Rs.50000 but it was fine.
      Was this review helpful? 3
      , thane
      Reviewed on Mar 21, 2020
    • SBI Cards
      SBI Cards Credit Card
      "Best card "
      0.5 4.0/5 "Great!"
      SBI has offered an annual fee chargeable card of 499 plus GST but there is waiver off option if I spend 1L within a year hence I applied this card through online and received it by one week. The credit limit is low of 57K only. There are good offers and benefits for online shopping. I am not aware about EMI conversion. For every purpose I need to contact customer care only. When I applied a card they made to take an insurance with charge of 500 rupees but still I didn't receive the documents yet.
      Was this review helpful? 3
      , hosur
      Reviewed on Mar 21, 2020
    • SBI Cards Credit Card
      "Average Card"
      0.5 1.0/5 "Really Bad"
      In my first month bill itself, SBI have charged me for insurance and annual fee of around Rs. 4500. In my existing credit card, I have a limit of more than 3 lakhs and the executive that they will give more credit limit because am holding an account with them and this card would be beneficial for me. Now, they have provided only Rs. 60000 as a credit limit. Due to this low limit, I'm planning to close the card in a couple of months.
      Was this review helpful? 2
      , kanchipuram
      Reviewed on Mar 13, 2020
    • SBI Cards Credit Card
      "Good card "
      0.5 3.0/5 "Satisfactory"
      From SBI, i am using Simply click card more than 10 years. Annual charges for this card is Rs. 499 + GST i am planning to close this card because this card has no wavier offer. Credit limit is sufficient and good 1L also good customer service. I am using this card for home expenses and paying insurance premium which have converted into emi as 6 months also am using it for travel expenses during holiday.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 09, 2020
    • SBI Cards Credit Card
      "Good "
      0.5 4.0/5 "Great!"
      I am using SBI card more than one year. I applied via online and they made me to take an insurance of 250 rupees. It is annual fee of 499 plus GST. The process was smooth and the credit limit is 65K. EMI conversion is nominal. I use this card for premium amount pay. There are many offers but not utilized yet.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 09, 2020
    • HDFC Bank Credit Card
      "Good card for all purposes "
      0.5 3.0/5 "Satisfactory"
      HDFC has given limit of 1.50L. They enhanced the limit on quarterly basis without customer confirmation. I have been using this card for 2 years. It is a life time free card. There is no need for due amount to pay, because I do payment on time and maintain good credit score. It is a money back card. I use this card for every purposes like shopping, to buy grocery, EB payment, insurance policies to pay and school fee payment.
      Was this review helpful? 2
      , pune
      Reviewed on Mar 06, 2020
    • SBI Cards Credit Card
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      There was cross selling od insurance when applied for this SBI credit card it not so good because i am also working with insurance company .This credit card on time and the credit limit was very less but got the update from agent will receive 1 lakh it was 60,000 only it was the disappointment .I have submitted my documents through the agent.I am using this credit card for the past 1 month and not yet faced any issues .
      Was this review helpful? 0
      , ujjain
      Reviewed on Mar 05, 2020
    • HDFC Bank Credit Card
      "Good Card"
      0.5 5.0/5 "Blown Away!"
      HDFC is a best credit card to use. I have a salary account with HDFC and this is my first credit card. I have received a regalia credit card. There is a complementary lounge access in domestic and international airport but i haven't availed that facility. There is a 10* reward points when i purchase and they are providing good conversion value like 1 point is equal to 0.60 paise. Some dining privilege also there. I get a preferred services for hotel booking. There is a dedicated customer care service also for the regalia customer. They have provided me a Air insurance and card protection plan with the zero cost.
      Was this review helpful? 0
      , vadodara
      Reviewed on Mar 05, 2020
    • SBI Cards Credit Card
      "Need to enhance the credit limit"
      0.5 4.0/5 "Great!"
      I am getting many calls from SBI which I am unhappy with this kind of service from their end, though I got the card they keep on calling for insurance plan and I refused it. It is annual fee chargeable of 500 rupees and there is a waiver option of 1.25L within a year. The credit limit is low , they offered up to 3- 4 L but got only 52K. I use this card for personal use and shopping purpose.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 04, 2020
    • SBI Cards Credit Card
      "Not interested with offer calls from bank end "
      0.5 5.0/5 "Blown Away!"
      I do hold a credit card with SBI and customer service is very disturbing because they keep on calling day by day regarding offer & card insurance getting calls from different different numbers. Credit limit is not sufficient of Rs. 80,000 and this is SBI Simply Save card.
      Was this review helpful? 2
      , meerut
      Reviewed on Mar 04, 2020
    • SBI Cards Credit Card
      "Credit limit need to increase"
      0.5 5.0/5 "Blown Away!"
      There is no proper contact number for SBI, if i call the number which is given behind the credit card its coming as a number does not exist. Then i searched in Google, which is connecting to other bank. Documentation was simple and executive came to collect photo and i uploaded my pan number, driving license through online. I started using this card for shopping , insurance payment, money transfer but they given very less credit limit Rs. 30K. I would request to increase the limit.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 03, 2020
    • SBI Cards Credit Card
      "Should not get calls from bank regarding offers"
      0.5 5.0/5 "Blown Away!"
      From SBI, i have applied credit card recently. After taking this card i am getting bank calls like i have this offer and insurance benefits, in a day i am getting n-number of calls which am not at all happy and needs to be stopped. They given a good credit limit and i am paying annual charges of Rs. 499.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 03, 2020
    • SBI Cards Credit Card
      "Simply save card "
      0.5 4.5/5 "Excellent!"
      Recently i have applied SBI Simply Save credit card through online. Annual charge is included and they given very low credit limit of Rs. 32k already am holding existing credit card they given limit of Rs. 60k. After applying this card continuously getting calls from insurance and i have this offer, that offer so don't want such calls from this bank. They are charging for accident insurance they charged 500 and for card protection they deducted Rs.1700 need to stop this.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 02, 2020
    • SBI Cards Credit Card
      "Facility is good but charge shouldn't be there"
      0.5 4.5/5 "Excellent!"
      SBI has provided a lower limit of 50K because I was expecting more than that because I had applied this card for my need on last month. Once all the process was done received the card by 5-6 days. After getting the card I use to get many calls and messages from bank for same details. Banker told to promotion team to apply for insurance along with this card but I have neglected. It is annual fee chargeable of 499 plus GST but there is waiver off option avail. They provided EMI conversion option. There is some good offers avail in Amazon and Flipkart. But I am yet to use the card.
      Was this review helpful? 0
      , vadodara
      Reviewed on Mar 02, 2020
    • HDFC Bank Credit Card
      "Need to improve their service and provide more benefits "
      0.5 4.0/5 "Great!"
      I have been using HDFC credit card for more than 5- 6 years. It is a life time free card. In some parameter charges are applicable of 698 rupees. The credit limit is sufficient. At initial they offered of 25K then they have enhanced the limit 3 to 4 times as of now I am holding 2L. There is an option of EMI conversion but charges are high. I use this card to buy grocery, paying premium amount of insurance and shopping purposes. It is Money Back card.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 22, 2020
    • HDFC Bank Credit Card
      "Good Card"
      0.5 4.0/5 "Great!"
      When I am applying the credit card from HDFC bank, they have offered me a health insurance as well. I use this credit card on an emergency basis. The credit card is providing so many cash back benefits while buying a phone and accessories. They given me a credit limit of Rs. 15,000. There is no annual fee deducted on this card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 14, 2020
    • SBI Cards Credit Card
      "Good "
      0.5 5.0/5 "Blown Away!"
      SBI card is a annual fee chargeable of 569 rupees plus GST but there is an option for waiver off if I spend 2K by 2 months no need to pay fee. The credit limit is sufficient of 70K. At initial they told as there is no charge apart fee, but later they explained need to pay insurance amount but I didn't agree for that, then I spoke to higher officer and canceled the insurance plan. I am yet to use the card. For my first bill paid only fee charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 12, 2020
    • IndusInd Bank Credit Card
      "Need to improve mobile app service"
      0.5 1.0/5 "Really Bad"
      I got a call on time from INDUSIND for credit card process. But to dispatch the card was delayed because they have mentioned my address incorrectly in bank. Since I am aware of courier person so it was easy to get my card. Banker told that I need to take an insurance for card which I felt unhappy and I didn't agree for that. The credit limit is low and EMI conversion is applicable. Mobile app is not clarity and not user friendly to access. It is WIFI card.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 12, 2020
    • IndusInd Bank Credit Card
      "Good service"
      0.5 4.0/5 "Great!"
      INDUSIND has provided a life time free card. Two months before I have process the card through online but the process was bit lengthy. Hence I received the card by 2 weeks. I didn't get welcome kit so I contact to customer service, within 5 days I received it.The credit limit is sufficient. EMI conversion with nominal charge. I use for premium amount to pay of my health insurance. The cash limit is avail up to 25K.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 11, 2020
    • IndusInd Bank Credit Card
      "Good "
      0.5 5.0/5 "Blown Away!"
      I got good credit limit in INDUSIND card of about 50K. They have provided a life time free card. Once all the process done, I received the card within 10-12 days. There is an option of EMI conversion. At initial time they have offered insurance along with credit card. but I neglected it. The features are good. The cash limit is avail on monthly basis of above 10K. I use for shopping purpose.
      Was this review helpful? 1
      , kolkata
      Reviewed on Feb 11, 2020
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