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

    • Bank Bazaar Credit Card
      "Good service"
      0.5 4.0/5 "Great!"
      The Best thing about Bank Bazaar is their Fast processing Procedure. I applied for a credit card and i was impressed the way my application was taken care. The customer service people were informative. In Bank bazaar there is less documentation work. So yes definitely i will look for more deal through Bank bazaar in coming days.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 26, 2019
    • HDFC Bank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      My credit card was taken with HDFC BANK . I am using this card for past 1month . There is no joining fee with this card . The good part of this card is they are providing good offers and so much of reward points . Net banking facility is good with this card .
      Was this review helpful? 0
      , kolkata
      Reviewed on May 26, 2019
    • American Express Credit Card
      "Average card"
      0.5 3.0/5 "Satisfactory"
      AMEX bank has given me a good limit . Well i carry most of the other banks cards but this one is the good in term of limit given. I did not fee any special feature with this card it is very normal card . And in many outlets it is not available . Overall it is average .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2019
    • SBI Cards Credit Card
      "Good card"
      0.5 4.5/5 "Excellent!"
      I have STATE BANK OF INDIA Credit card. Whenever there is an query or concern , i get connected to their customer service with ease. Happy with the services till date. This is a good to card. Its a life time free card with no annual charges. Limit is also fine here.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2019
    • HDFC Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I am holding HDFC BANK Credit card , they provide EMI option with this card . Using this card since 1 year and i have a good limit here. I am happy with its services. The billing cycle is impressive here. I use this card for multipurpose and customer service is good . The best part is cash back and reward point .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2019
    • Bank Bazaar Credit Card
      "Best services"
      0.5 4.5/5 "Excellent!"
      Bank Bazaar is useful financial tool to compare and choose various financial products online. I got the card pretty soon. Customer support was also very good. I have been using BANK BAZAAR services for while . The whole application process was easy and hassle free.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2019
    • Kotak Credit Card
      "Best card"
      0.5 4.5/5 "Excellent!"
      I applied for KOTAK MAHINDRA BANK credit card and i got on time . I have not interacted with customer service till date so i cannot comment on that . The card is chargeable but they said if i do minimum transaction the fees will be waive off . The best part is reward points here .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2019
    • American Express Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I am using AMERICAN EXPRESS BANK credit card . Their net-banking has a great features which almost takes care of your needs., I can instantly transfer funds and you can have a look on your transaction history. Statements and messages you get on time. I am holding this card for past few year .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2019
    • YES Bank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      My credit card was taken with YES BANK . Offers is good with this card such as reward point , cash back , movie ticket offers . I am using this card for past 1 year . Customer support and the response is good with this card . I use to get EMI option and even reward points too .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2019
    • HSBC Bank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      There was no delay from bank side i receive my credit card on time . The card is free. I am holding this card for past 4 month . I am happy with the services of HSBC BANK credit card . Offers are many on dinning , online portal so many cash back . Customer support is good .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2019
    • SBI Cards Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I hold STATE BANK OF INDIA credit card . I am happy with the services of this card , i am using this card for past few month and i do not have any complains till date . The offers are very attractive with this card such as shopping offers , reward points . They offered good credit limit here .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2019
    • ICICI Bank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      Have stepped more than 1 year with ICICI BANK and it continues to serve better at times. It is most comfortable when i purchase any item and it gets converted to Emi option . Interest rates are good . Have used ICICI card the most on online portals. Overall experience is good .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2019
    • HDFC Bank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I bought my HDFC BANK credit card . Happy with the Credit limit and its features. Till date never faced any issue. Things going smooth in terms of transactions. Features are same as other bank cards. Interest rates and reasonable. Offers are on shopping and it is life time free card .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2019
    • Citibank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I receive my credit on time . They offered good credit limit with this card . Customer support is very helpful . I have CITI BANK credit card .I use to get flight ticket offer . The rate of interest is very reasonable. I am getting good offers and i am getting good cash back .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2019
    • Bank Bazaar Credit Card
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had a good experience with Bank bazaar till now, my application was taken care and it was processed On time. .There was no hurdle applying a credit card through Bank bazaar. In future if i am looking for any financial deals i will process through Bank Bazaar
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2019
    • Kotak Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      There is no reason of choosing KOTAK MAHINDRA BANK credit card . I got this card for shopping , grocery and for general purpose . I hold KOTAK BANK credit card .Feature is good but it is same like other cards . The card is free for first year and next year chargeable .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2019
    • Bank Bazaar Credit Card
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I am using bank bazaar services for past few months. I came to know about this card through on-line when i am searching for loan . The customer services are good. .Overall the whole application process was easy and hassle free. The documentation and the verification process was easy and hassle free.
      Was this review helpful? 1
      , faridabad
      Reviewed on May 26, 2019
    • IndusInd Bank Credit Card
      "Best service"
      0.5 4.0/5 "Great!"
      I got INDUSIND BANK credit card . Initially they said the card is free but later they charge for this card . Offer i have not use much and even i haver not use this card much i am yet to use . I am using since a while and probably will know things as much i use. Overall it has been good experience .
      Was this review helpful? 0
      , faridabad
      Reviewed on May 26, 2019
    • Bank Bazaar Credit Card
      "Good website"
      0.5 4.0/5 "Great!"
      Actually they give quick response once we apply the credit card through bankbazaar. Customer care executive has done a proper follow up and they will take care of the documentation process as well. I have been using the bankbazaar website for last two months. If they added more products, it would be fine.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2019
    • HSBC Bank Credit Card
      "Fantastic card"
      0.5 5.0/5 "Blown Away!"
      I contacted the customer care once, they have helped me to sort out my issues. I am using this credit card for last 45 days. Because of the EMI low interest rates and there will be lots of offers on travel booking I have chosen this card. They are providing free airport launch access. Its a very much secured card.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2019
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