Credit Card In today’s time it has become a necessity for most of the people. Credit cards have made shopping, ticket booking, dining etc. easier. Good savings are also available on credit card purchases. That’s why its use has increased rapidly. Now if you use a credit card, you can avail the benefit of multiple insurance covers simultaneously. Let us know what insurance covers are available on credit cards.
These insurance covers are available for free
- Travel Insurance: Many credit cards offer travel insurance that covers lost luggage, trip cancellation, and even medical emergencies during travel. If items are not found within a certain time frame, a claim for lost luggage can often be made.
- Accidental Insurance: Many credit cards offer waiver of outstanding balance in case of accidental debt, which provides additional protection for the families of cardholders. Depending on the type of card, the amount of insurance cover may vary. For example, coverage for road accidents can range from ₹2,00,000 to ₹4,00,000, while coverage for aviation accidents can be up to ₹40,00,000.
- Purchase Protection Cover: This facility generally covers loss or theft of items purchased within a certain time frame, allowing claims up to ₹50,000.
You can get this cover by paying very low premium
You can avail many insurances on your credit card by paying a nominal premium. Insurance on credit cards is available for a monthly fee. Let us know which insurances can be taken by paying nominal premium.
- Credit Life Insurance: This coverage ensures that if the cardholder dies or is unable to manage his credit card balance due to disability or unemployment, the outstanding bill is paid by the bank.
- Credit Disability Insurance: If a cardholder becomes disabled due to a medical condition, this insurance covers the minimum payment on the card for a specified period. However, it does not cover purchases made after the onset of disability.
- unemployment insurance: If the cardholder suddenly loses his job, this insurance will cover the minimum payment due on his credit card. Similar to disability insurance, it does not cover any new purchases made after job loss.
Top banks offering insurance on credit cards
- standard Chartered Bank: The Standard Chartered Visa Infinite Credit Card offers travel and health insurance up to US$200,000 for international travelers.
- HDFC Bank: HDFC Bank Regalia Credit Card offers luxury and comprehensive insurance benefits, including coverage for death in air accident abroad and emergency medical expenses.
- IndusInd Bank: IndusInd Bank Aura Credit Card offers a cover of ₹10,000 for lost luggage, ₹50,000 for lost passport and ₹25,000 for various travel inconveniences.
- Kotak Mahindra Bank: Kotak Royal Signature Credit Card protects against fraudulent transactions with a cover of ₹2,50,000, which is applicable for seven days before the loss is reported.
- Axis Bank: Axis Bank Privilege Credit Card features air accident coverage of ₹2,50,00,000 and purchase protection of up to ₹1,00,000 as well as coverage for lost travel documents.
