Credit card In today’s time, people have become a big need. It has made it very easy to make things like shopping, ticket booking, dining and its use is increasing rapidly due to good savings on shopping. Those using credit cards can also get the benefit of several insurance cover simultaneously. You also get some insurance cover free with credit cards. Let’s know about them.
Free insurance cover
Travel insurance
Many credit cards provide travel insurance to their customers, who cover the situations such as losing goods during the journey, cancellation of travel and medical emergency. If the goods are not found within a certain time limit, it can also be claimed for often lost goods.
Accidental Insurance (Accident Insurance)
Many credit cards provide exemption of outstanding amount in case of accidental death, which provides additional protection to the families of the card holders. 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 for aviation accidents, coverage of ₹ 40,00,000 can be received.
Purchase Protection Cover (Shopping Safety Cover)
This feature usually covers the loss or theft of goods purchased within a certain time frame, which can make up to ₹ 50,000 claims.
You can take this cover by giving very little premium
You can take many insurance on your credit card by paying a minor monthly premium:
Credit Life Insurance (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 minimal payment on the card for a specified period. However, it does not cover purchases done after the onset of disability.
unemployment insurance
If the cardholder’s job suddenly goes away, this insurance will cover the minimum payment payable on his credit card. Similar to disability insurance, it does not cover any new purchases made after leaving the job.
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