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  • Insurance Credit Cards in India

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  • 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
      "Good Card"
      0.5 3.0/5 "Satisfactory"
      There is no particular reason for choosing Indusind bank credit card and i got the card on time. I get a free airport launch access and air insurance. My card has been blocked without any prior intimation. I called the customer care service regarding this they said due to the internal issue, it got blocked and they asked me to re-applied the card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 25, 2020
    • HDFC Bank
      HDFC Bank Credit Card
      "Best card"
      0.5 5.0/5 "Blown Away!"
      I have HDFC Bank credit card which was taken through Bank. This was a chargeable card 2000 + GST if I active 3 auto debit facility, no need to pay annual charges. I can use this card both India and abroad and also medi claim insurance can cover in this card. Mostly I use this card for travel and shopping purposes. Their service is good.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 23, 2020
    • SBI Cards Credit Card
      "They should reduce the annual fee"
      0.5 5.0/5 "Blown Away!"
      Recently i have bought the TATA card from State bank of India. They are providing free medical insurance for the TATA card but they are charging me a huge annual fee of Rs. 2200 per annum where other banks are providing free credit card but they have not given me a much of credit limit also because its only Rs. 25000.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 22, 2020
    • Citibank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have Citi Bank credit card which was availed through online, their app is very user friendly and the service is good. There are discounts for shopping and if purchase insurance policy will get the offers. I can redeem the reward points even cash back offers are there .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 21, 2020
    • HDFC Bank Credit Card
      "Good Card"
      0.5 4.0/5 "Great!"
      I am using HDFC bank credit card for last 5 years. They have given me a credit limit of Rs. 44,000 and they haven't enhanced my limit not even once. There is no yearly charges for this card. I haven't talk with customer service till now. I get so many benefits like reward points for paying health insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2020
    • SBI Cards Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I'm getting rewards points and lounge access in SBI card and the variant is PRIME card. The credit limit is good Rs.75k. The documentation process was good, quiet simple, easy and pretty quick. After that i got call regarding insurance, constantly from their end. I informed not interest on that.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2020
    • ICICI Bank Credit Card
      "Best card"
      0.5 4.0/5 "Great!"
      ICICI bank credit card is very nice to use. I am using this bank for just 3 months. I can make the payment after 45 days of bill generation. I'm getting cash back benefits. When I purchased the credit card, have issued me a health insurance thats very useful. I use to make the payment through an online. I am happy with the credit limit which they given, looking for more limit.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 12, 2020
    • ICICI Bank Credit Card
      "Very Good Card"
      0.5 5.0/5 "Blown Away!"
      ICICI bank credit card is very nice to use. I am using this bank credit card for just 2 years. I can make the payment after 45 days of bill generation. I'm getting cash back benefits. When I purchased the credit card, they have issued me a health insurance. I use to make the payment through an online. I'm not utilizing the full credit limit on every month.
      Was this review helpful? 1
      , hubli
      Reviewed on Jan 09, 2020
    • RBL Bank Credit Card
      "Good Card"
      0.5 3.0/5 "Satisfactory"
      RBL card credit limit is really good and they have given me many facilities on this card like accidental policy and health insurance policy. They have provided me a credit limit of Rs. 47000 but its reflecting Rs. 30000 in my history regarding this i need to check with the RBL customer care. Its a free of charge credit card.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 03, 2020
    • HDFC Bank Credit Card
      "Good service"
      0.5 4.5/5 "Excellent!"
      I am using HDFC BANK credit card for 2.5 years. It is a life time free credit card.I have received the accidental insurance, its coverage is 4 times the credit limit. Limit enhancement would be done on time. On spend of Rs.100, I get 4 rewards points. Credit limit is not sufficient. .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 30, 2019
    • HDFC Bank Credit Card
      "Good but need to improve the customer care"
      0.5 5.0/5 "Blown Away!"
      Still I'm not yet using my HDFC credit card. Since its a life time free credit card, i have selected the same. Its a millennia card. I get a 5% cashback on certain products. For making insurance payment through HDFC credit card, i get Rs. 50 cashback to my account. Its not that much easy to contact the customer care.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 24, 2019
    • RBL Bank Credit Card
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I use RBL credit card for more than 4 years. Interest rate of EMI conversion is very low. I can transfer the amount from credit card to bank account the charges are not applied. I received the credit card via mobile application money tap. They gave me travel insurance and If the card is lost they will give the amount in my application account.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 20, 2019
    • HDFC Bank Credit Card
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I am using HDFC BANK platinum credit card for past 18 years. Credit limit offered is Rs.5.36L and also they have given me an enhancement option which have denied it.I have provided with insurance which is not payable. For 1 Rewards I get 40 paise to Rs.1 according to my purchase. I get 1 reward points, on spend of Rs.100, . It is a life time free card.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 18, 2019
    • Axis Bank Credit Card
      "Good card with no charges "
      0.5 5.0/5 "Blown Away!"
      I have been using AXIS bank credit card more than one year. It is a life time. It was applied through other channel and received the card within 20 days. The credit limit of 80K was good. Charges of EMI conversion is nominal. I use this card for paying insurance premium amount and there is no additional charges which is happy to use. I use for restaurants as well. It is a platinum card.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 13, 2019
    • Citibank Credit Card
      "Good card for many purposes"
      0.5 5.0/5 "Blown Away!"
      I have been using CITI bank credit card for more than 10 years, it was directly offered from bank. It is a premium card. There is joining fee of one year but there is option of waiver off. The credit limit is sufficient more than a lakh. EMI conversion is avail. I used for many purposes by taking a loan and for insurance purpose as well. It is good criteria for many purposes. I get one movie ticket free in book my show and I can use on week end.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 12, 2019
    • HDFC Bank Credit Card
      "Need to provide the card at earlier"
      0.5 4.0/5 "Great!"
      I have applied HDFC bank credit card directly through bank. For past one month still is in under process. I am yet to receive the card. The credit limit is sufficient of 50K. EMI option is applicable. Banker has intimated if I apply for health insurance, the card will be life time free. So I have applied for same. But I am yet to receive the card.
      Was this review helpful? 4
      , bareilly
      Reviewed on Nov 29, 2019
    • HDFC Bank Credit Card
      "Best travel card"
      0.5 5.0/5 "Blown Away!"
      I have HDFC Bank regalia credit card which was taken through bank directly. I am using this credit card for the past 4 years.The credit limit was very sufficient. This card has a insurance benefits, travel booking offer, etc. Customer service and responsiveness was good.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Nov 27, 2019
    • SBI Cards Credit Card
      "highly recommended "
      0.5 4.0/5 "Great!"
      In my SBI credit card they charges Rs.495 for royal sundaram accidental health insurance with out my knowledge. I made a call to customer support and asked for the reason. Bank stated I accepted while terms and conditions provided from bank executive, I asked for call recording they disconnected the call. For cancellation they charges Rs.49.66 and contacting customer support costed me RS.150. Other than this all other benefits are good and easy for transaction. Limit is around 1.1L it is sufficient.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 25, 2019
    • IndusInd Bank Credit Card
      "Need to improve customer service "
      0.5 4.0/5 "Great!"
      Through online I have applied a credit card with INDUSIND bank on 3 months before. They have offered a life time free card. Process was okay and received a card by 15 days. It is complicated to connect to customer service and take long time to reach them. By using this card if I try to pay insurance policy facing some issue.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 24, 2019
    • SBI Cards Credit Card
      "Neat, clear and approachable"
      0.5 5.0/5 "Blown Away!"
      I'm yet to start using SBI card because I have received the card recently. I have received the IRCTC credit card and there are lots of benefits available. They have provided me a credit limit of Rs. 1.8L and they are charging me a annual fee of Rs. 300 and they also provided me a Rs. 10L insurance cover for the amount of Rs. 430 annually. There is a waiver available for the annual fee, if I use the card for Rs. 20,000 in a year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 20, 2019
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