As digital payments continue to rise amidst COVID-19 restrictions, incidents of identity theft, hacking, phishing attack, and data breach have also increased multifold. As per Norton Cyber Safety Insights Report, over 27 million Indians fell victim to incidents of identity theft in the past 12 months.
While the digital payments infrastructure continues to improve in India, the risk of payment frauds cannot be undermined. To stay covered against financial losses as a result of credit/debit card frauds, one may opt for Fraudulent Charges Cover offered by Bajaj Finance Ltd., the lending and investment arm of Bajaj Finserv.
Things covered under the plan
Offered under Pocket Insurance & Subscriptions, Fraudulent Charges Cover offers coverage up to Rs. 80,000 at a nominal premium of Rs. 349/year. With this membership, customers can get reimbursement for unauthorised charges done on their bank or credit card account, using information stolen through online purchases, telephone purchases, in-store purchases, or ATM withdrawals. One can also avail coverage for skimming, cloning, and counterfeit frauds if the incident occurs within the membership period.
Exceptions to keep in mind
Cash advances made using the stolen or lost debit/credit card are not covered under this plan. In case there are losses incurred due to transactions made by any person/family member whom the registered card user has trusted with his/her payment cards are not included in the cover. Also, coverage can only be availed for unauthorized charges made on stolen card, 24 hours prior to reporting the incident to bank/card issuer, and up to 7 days post reporting the loss or theft of credit/debit card.
Trouble-free application and claim process
Applying for this Pocket Insurance plan is an all-online and hassle-free process. All one needs to do is fill up the online application form and make premium payment using UPI, mobile wallet, credit or debit card. To raise a claim, one can simply send an email at [email protected] or call the toll-free number – 1800119966 to get the needed assistance.
In addition to Fraudulent Charges Cover, there are over 180 plans under Pocket Insurance & Subscriptions that offer coverage against everyday risks, not covered under conventional insurance plans. Some of these products include Wallet Care, Fonesafe Mobile Screen Protection, COVID-19 Insurance, Key Safeguard, and more.
About Bajaj Finance Limited
Bajaj Finance Limited, the lending company of Bajaj Finserv Group, is one of the most diversified NBFCs in the Indian market catering to more than 40 million customers across the country. Headquartered in Pune, the company’s product offering includes Fixed Deposit, Pocket Insurance & Subscriptions, Insurance, Consumer Durable Loans, Lifestyle Finance, Lifecare Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
To know more, please visit: www.bajajfinserv.in/pocket-insurance-plan.
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