If you are applying for a credit card or already have one, there is a very important aspect of card benefits that you may have ignored. Does your credit or debit card come with an insurance cover of some sort ?
Typically one must be eligible for insurance and pay for it themselves. However, if you are getting it free as a part of your card benefits it is worth to knowing about it and leveraging it as necessary. Based on our survey, 8 out of 10 card users aren’t even aware that there could be insurance associated with their cards. Any insurance benefits available on your cards is not only important for you to be aware of but also for your spouse/dependents to be aware because in unfortunate situations this knowledge can prove to be very valuable to you and your family.
Let see the types of insurance that are popularly available with credit or debit cards.
1. Credit Insurance – This type of insurance allows you to waive off your outstanding credit card amount incase there is an unfortunate accident or death. This can prove to be very helpful to ensure that as one does not leave an outstanding liability to their dependents in the case of an accident or death.
2. Travel Insurance – When one travels, more often than not one is required to take travel insurance which comes at an additional cost. But some of the credit cards offer travel insurance that covers lost baggage, lost passports, delay in baggage arrival etc. Depending on the credit card they cover both domestic as well as international travel. Isn’t that cool! It can save you quite a bit of money for each trip of yours in case you are buying travel insurance for your trips.
3. Accidental Death Insurance – This is one of the most important insurance type that can benefit many in case of accidental death. Accident insurance offers cover could vary from 50,000 to a few crores, depending upon the credit card. This kind of insurance susually covers accidental death via road or air accidents.
4. Purchase Protection – This is kind of insurance provided by some cards insures certain items purchased via the credit card in case the items are damaged or lost due to theft or fire etc. The insurance is generally less than 1 lakh in coverage and has a stipulated time to claim from the date of purchase of the item and the loss. Let us take few examples: ICICI Bank Sapphiro Credit Card Provides Accidental Insurance of upto Rs 3 lakhs for Air accidents only
Axis Bank Privilege Credit Card Air Accident Cover upto Rs. 2.5 Cr Purchase Protection Plan upto Rs. 1 Lakh Credit Shield 1 Lakh Loss of Travel Document Cover upto 300 USD Delay of Check-In Baggage Cover upto 300 USD Loss of Check-In Baggage Cover upto 500 USD HDFC Regalia Credit Card Accidental air death cover worth Rs. 1 Crore Emergency overseas hospitalization up to Rs.15 lakhs in case of emergency Credit Liability cover of up to Rs. 9 lakhs
So what is the key point here?
1. Be aware of the insurance benefit associated with your card or if you are selecting a new card look for insurance coverage
2. Make sure you keep your family members aware of insurance benefits available on your cards
3. Ensure to fill the nomination forms associated with these insurance on your cards as applicable.
4. In case you own multiple cards, use the RUSSH App to keep this valuable information at your fingertips because remembering this is practically impossible!
RUSSH App is specifically designed to help users lookup their card benefits at all times at your fingertips. RUSSH has more than 450+ cards listed in its database with all types of benefits for each card starting from insurance, to online and instore offers specifically designed for you by your card provider. With Russh app available on android and iOS you will derive maximum benefits associated with your cards – it is an smart assistant app and does not need any card details. Made by credit card users for credit card community to benefit. RUSSH App can be downloaded from: https://www.russh.in/russhapp