The medium of financial transactions has gradually shifted over the last few years. An increased number of individuals are deviating towards cashless transactions, resulting in an escalated usage of credit and debit cards. Nevertheless, with the increased dependence on such payment cards, there are escalated chances of financial vulnerability in cases of losing wallets that hold these cards.
Thus, to minimise the financial liabilities that can arise with a stolen or lost wallet, insurance provider Bajaj Finserv offers a wallet care plan. It can provide one with comprehensive benefits to control the financial damages that can occur due to loss or theft of one’s wallet.
Despite the ease of accessibility to such insurance covers, individuals, post-losing their wallet often face challenges regarding the immediate steps that need to be taken.
Following is an overview of such steps an individual should adopt immediately after losing their wallet and how having a Wallet Care cover can help.
How to protect yourself in case of loss of wallet?
The first step to take in case of a lost wallet is to block all your credit and debit cards. Conversely, placing individual calls to each of the financial institutions can be a cumbersome task. In this respect, it is considerably beneficial to have an insurance policy among many Pocket Insurance & Subscriptions offered by Bajaj Finserv in place.
With a wallet protection cover, individuals can block all their credit and debit cards over a single call to their insurance provider. This process allows one to minimise the hassles faced by individuals on the loss of their wallets to a considerable extent.
What are the other benefits of availing wallet covers?
Apart from immediate card blocking services, this insurance cover also offers several other benefits –
This insurance plan is extremely beneficial for individuals stranded without their wallets while travelling. In such a scenario, this card can help to avail –
- Travel ticket replacement.
- The advance of emergency hotel stays.
- Emergency cash benefits.
PAN Card replacement cover
Loss of wallet can also lead to loss of documents like the PAN card. Under such circumstances, policy like the Purse Care cover can reimburse the cost incurred to duplicate PAN card.
The biggest concern that a card protection plan addresses is that it comes with add-ons that allow individuals to seek protection against card frauds. For instance, with Bajaj Finserv Pocket Insurance & Subscriptions like Wallet Care, individuals can avail coverage of up to –
- 2 Lakh against card frauds like phishing, PIN-based fraudulent activities, tele-phishing, etc. if the cards are lost or stolen.
- 1 Lakh against card frauds for transactions where the card may or may not be present with the cardholder.
Consequently, with such an insurance cover in place, one can significantly reduce the financial liabilities that can arise with the loss or theft of their wallets.
Further, to ensure maximum protection, they can also report the loss of their wallets to local authorities.
Even after undertaking the above mentioned measures and availing a card protection plan online, individuals should keep a close eye on their CIBIL report post losing their wallets. It will bring any suspicious transactions to their notice immediately, and they can then take the measures necessary to prevent them. Under such circumstances, it is also beneficial to have an identity Theft Insurance cover to take precautions against frauds in case one loses the identity documents along with his/her wallet.