Credit card has become a necessity for most people today. Credit card has made shopping, ticket booking, dining etc. easy. There is also good saving on shopping with credit card. That is why its use has increased rapidly. Now if you use a credit card, you can avail the benefit of many insurance covers simultaneously. Let us know which insurance covers are available on credit card.
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 while traveling. Often, a claim can be made for lost luggage if the luggage is not found within a certain time frame.
Accidental insurance: Many credit cards offer waiver of outstanding balance in case of accidental debt, which provides additional protection for cardholders’ families. Depending on the type of card, the amount of insurance cover may vary. For example, coverage for road accidents may range from ₹2,00,000 to ₹4,00,000, while coverage for aviation accidents may go up to ₹40,00,000.
Purchase Protection Cover: This feature generally covers damage 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 card is available on a monthly fee. Let us know which insurances can be availed by paying a 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 losing the job.
Top Banks Offering Insurance on Credit Cards
Standard Chartered Bank: Standard Chartered Visa Infinite Credit Card offers travel and health insurance up to USD 200,000 for international travellers.
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 Royale Signature Credit Card protects against fraudulent transactions with a cover of ₹2,50,000, which is applicable up to seven days before reporting the loss.
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 along with coverage for lost travel documents.
