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

    • ICICI Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I have a been using the ICICI credit card for a while. The Cash limit and credit limit is good. I am using it for years and I am happy with the offers. I got the amazon voucher I got cash back offers. Overall it has been a very good experience with the card and their services so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • HDFC Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I had chosen to go with HDFC credit card , I am happy with the services which they had provided so far, The credit limit with the card has been good and there has been some good cash backs and rewards with the card and it has been a life time free card as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • Bank Bazaar Credit Card
      "User friendly"
      0.5 5.0/5 "Blown Away!"
      I came to know about bank bazaar through a website.Yet to use the mobile app. Sometime I use to check many kinds of details through an online. The customer service is good and responsiveness. The good which I would like to share is every details about the products are applicable in one app.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2019
    • Bank Bazaar Credit Card
      "Good website"
      0.5 4.0/5 "Great!"
      Bankbazaar products and the customer care service is good. I have been using this website for last 6 months. I have tried their mobile app and its very good. I can able to see all the transaction details and all other information by using this website.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 21, 2019
    • IndusInd Bank Credit Card
      "Good card to use"
      0.5 4.0/5 "Great!"
      There is no reason for choosing this indusind credit card. They have given me a limit of Rs. 50000 and I'm happy about it. Currently they are not providing many offers and I'm not aware of it. I have got a call from customer care service and the response is good. I have received the card and welcome kit on time.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 21, 2019
    • Kotak Credit Card
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am using KOTAK MAHINDRA bank credit card for more than one month. On time I received a card from bank and the process was smooth. Credit limit is okay. Based on the transactions I use to get reward points and cash back. The customer service is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2019
    • HDFC Bank Credit Card
      "Good card"
      0.5 4.5/5 "Excellent!"
      I got a credit limit of 1.50L from HDFC credit card. I would say its a best card for doing transactions on regular basis. I use Freedom card for last one year. There is no annual fee. I am getting quick response from the customer service and I can convert the payments into EMI via online immediately. Everything was online and customer service is not required.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 21, 2019
    • Bank Bazaar Credit Card
      "Better"
      0.5 4.0/5 "Great!"
      I am getting regular calls from the executive which should be avoided. I have used Bankbazaar.com before one year to take the credit card and it went good then have started using the portal regularly. The website is easy to navigate and there was no hassle.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 21, 2019
    • Kotak Credit Card
      "Need to increase the limit to use the card frequently"
      0.5 4.0/5 "Great!"
      The customer service is moderate because am not getting proper response from the executive. I have taken PVR Gold credit card from Kotak Mahindra Bank. I have been using very rarely and have received the card before couple of months. I am not happy with the limit, its very low which is hardly 40K.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 21, 2019
    • Bank Bazaar Credit Card
      "Good website"
      0.5 5.0/5 "Blown Away!"
      There is a option for every financial needs which is a bankbazaar website. Customer support team have called me for a many time to purchase the card. Their support is very much valuable for the customers. I am using this website for past 1 month.
      Was this review helpful? 0
      , kanpur
      Reviewed on May 21, 2019
    • IndusInd Bank Credit Card
      "Good Card"
      0.5 5.0/5 "Blown Away!"
      Actually this was the only Indusind credit card which is available for based on my eligibility criteria. Its actually a card with free own button if i want to purchase into EMI we can press the button and i can swipe and automatically it will convert into EMI and we don't need to call the customer care service.
      Was this review helpful? 0
      , kanpur
      Reviewed on May 21, 2019
    • review Credit Card
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had selected the state bank of india since it gives me benefits, the process in getting this card has been easy and it was very simple. They had given me with a credit limit of 1.5 lakhs. Customer service is good.i will recommended to my colleague.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • SBI Cards Credit Card
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have State Bank Of India Credit card which i am using for the past 11 years .This card was applied directly with Bank.There are good cash back offers and reward points .The service was good to me so far.This card is really good to use .I am satisfied with the service so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • ICICI Bank Credit Card
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have ICICI Bank credit card which was applied through Bank.The card limit was good and i am comfortable with the limit .There was no issues faced so far on using this credit card .There are good reward points and cash back offers .I have not faced any issues on using this card .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • Axis Bank Credit Card
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I am using axis Bank credit card which i have applied with Bank itself.So far not faced any issues on the usage .There are cash back offers and reward points which is very good to me .I have got all the relevant details about the credit card through the agent .I am satisfied with the service so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • HDFC Bank Credit Card
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am holding HDFC credit card they offer credit limit 1.20 lakhs.all the shopping malls use for transition.Rewards point applicable and cash back offers applicable.Due to my expatiation received limit of credit card. I will recommend this credit card to others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • Bank Bazaar Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I came to know about Bank bazaar through Online .This website is really doing a good service ,It is good to use .This portal will provide financial product information .This website is a user friendly one .I am comfortable on using this the service so far .We can check credit score it is very useful .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • Kotak Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Kotak Mahindra bank credit card which was applied through Online .The credit limit was good ,I am having good reward points and also cash back service .This card is very easy to use ,good to handle .The customer service is also good.I am very much satisified with the service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • Axis Bank Credit Card
      "Decent Card"
      0.5 4.0/5 "Great!"
      I have been using the card more than 6 years and i never faced any issues from this card. Their credit card banking facility is easy to use and the EMI offers facility is available. I'm using th variant of Neo Card. I get the movie ticket offers from this card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • American Express Credit Card
      "Too costly for any offers"
      0.5 3.0/5 "Satisfactory"
      For Amex for the first year its good and from the second year the charges are very high. Amex is restricted in most of the places and the difficulty we cannot use the card for all the places. The given credit limit is Rs. 1 lakhs. I get a rewards points which i can convert into cashback offers.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
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