Use of payment cards like debit card, credit card, and prepaid cards has made our lives simpler and convenient. Gone are the days when you had to stand in long queues to withdraw money from banks, or, carry a huge chunk of currency along with you while travelling to foreign destinations. Now, all you can to do is just swipe your card and spend on the go.

However, while there are many benefits of using the payment cards, there’s always some risks attached with it. Your world can come crashing down when you suddenly realise that your credit or debit card is missing from your wallet. The fear of losing all your money can lead to an instant panic attack in your mind.

To prevent such a scenario, securing your cards with a wallet protection plan becomes essential.

What is a ‘Wallet Protection Plan’?

Wallet protection plan is a special type of insurance which is designed to insure the contents of your wallet, including all financial and non-financial cards such as debit and credit cards, retail cards, membership cards, PAN card, Aadhar card etc.

In lieu of a fixed annual premium, the wallet insurance policy will safeguard you from financial losses due to card fraud, theft, loss, or any related emergencies. With wallet care plan from Bajaj Finserv, you can get a worldwide coverage of up to Rs. 2 lakh along with free PAN card replacement service at an annual premium of just Rs. 599.

How does a card protection plan works?

In case your wallet is lost or stolen, all that you need to do is call the 24×7 customer helpline number of your policy provider and inform them about the loss of your card(s). The insurer will then make the necessary arrangements to block all your credit, debit, or prepaid cards issued by various banks.

Some insurers also provide services such as emergency cash assistance, free travel tickets, id-card replacement etc. to ensure that you can conveniently manage the situation.

Key benefits of wallet insurance

Losing your wallet can bring a plethora of inconvenience. You might be left stranded in the middle of a trip without any money. Also, you might have to call numerous service providers one by one to block all your debit and credit cards in order to prevent any fraudulent activity. During such a scenario, your wallet protection plan can be of great help by offering these benefits:

Affordable one-time premium – To avail the benefits of a card protection plan, you have to pay only a one-time annual premium. Insurers usually demand a very nominal amount for providing this service, that can be as low as Rs. 499 per annum.

Single call assistance – When you purchase a wallet insurance plan, you will be asked to register all your payment cards with the policy. In case of an unforeseen incident, you will have to make only one call to the insurer and all your registered cards will get blocked instantly.

Lost card recovery – Your wallet insurance can also help you recover your lost documents quickly and conveniently. In case your wallet is lost or stolen, the insurer may assist you in replacing the misplaced cards including PAN card, Aadhar card, Passport, driving license etc.

Emergency financial assistance – In case you lose your wallet during a trip to an unfamiliar territory, your wallet protection plan will help you avail emergency advance cash. You can use this money to settle unpaid hotel bills, pay for your travel tickets, and meet other necessary financial obligations.

Emergency Roadside assistance – The coverage for your card protection plan isn’t confined to the loss of your wallet only. Some insurers also offer emergency roadside assistance services to support you in case your car/two-wheeler breaks down in the middle of a road.

Hence, from assisting you during a difficult situation to ensuring that you come out of it without facing any major hurdle, a wallet protection plan is replete with numerous benefits. In addition, you can also purchase individual Pocket Insurance plans from Bajaj Finserv which are designed to provide need-specific insurance solutions to the customers.

Browse across a range of categories – Assistance, Lifestyle, Travel Insurance, Health Insurance, and Life – and choose the plans that are best suited for your precise requirements.