Wallets are an essential addendum to our lives, which carries all important personal documents and insurances. Losing them can be disastrous but having a wallet insurance plan comes in handy.
A wallet insurance might seem like an unnecessary insurance to buy; however, it is actually very important. Without a proper wallet insurance, a person runs the risk of losing a lot of their valuable belongings without any compensation. The wallet care plans ensure that a person’s debit and credit cards are insured in case of any loss, damage, or fraud. All the cards in the wallet can be blocked with just one call, which reduces a lot of the stress of the already stressed victim.
There are multiple benefits that can be enjoyed through a wallet insurance plan. Through this plan, a person can block all their debit and credit cards with just one call. Most card protection plans have a 24-hour loss reporting service. In many cases this service is available worldwide. This makes sure that the buyer can avail the insurance services even when they are in a foreign country with no connections or possibilities to physically visit an office. The plans also cover the loss of your important documents. They have PAN card protection plans for the identity cards that are there in your wallet. In case the victim is travelling when their wallet gets lost, the insurance plan also provides emergency travel assistance.
This includes emergency advance for hotel stays in both abroad and India, replacement travel ticket advance in both abroad and India, and emergency cash benefits in India. A lot of people also carry their mobile phones in their wallets. For this a lot of insurance plans also cover SIM and IMEI registration. They also block the SIM card that has been stolen. These wallet insurance plans also provide complimentary fraud protection to the buyer. This includes up to Rs. 1,00,000 coverage for card fraud. This credit card protection plan includes PIN based fraud, tele-phishing, and of lost and stolen cards. The last option is only available for cards where OTP is not required. Any person who is above the age of eighteen is eligible to avail a wallet insurance plan. Wallet insurance is generally available in membership durations of one year.
It is very easy to apply for a wallet insurance plan and avail it. For the first step, the buyer must select a wallet plan that is suitable for them by looking through the various plans that are provided by various finance and insurance companies. After doing enough research, they can choose a product from the company’s website. Once the product is selected, the buyer has to provide his or her name, date of birth, email id, mobile number, and address details to the company. After this the company takes a few days to verify the details that are provided by the buyer. After the details are verified, the buyer can pay through the online mode of payment and thereby receive the welcome pack and membership details in their registered email-id.
Thus, we can see that availing a wallet insurance plan is a very straight-forward and simple process. Furthermore, it is also a necessary insurance plan as it not only covers the buyer against the loss of their monetary property, but also against the loss of their important documents. Thus, a wallet plan is the best way to deal with the loss of a wallet. If you travel a lot and your wallet contains your life in a concise form, it is wise to insure it.