In today’s time, credit cards have become a big need for people. It has made things like shopping, ticket booking, and dining very easy, and its use is increasing rapidly due to the great savings on shopping. But do you know that credit card users can also get the benefit of multiple insurance covers at once.
Yes, you also get some free insurance coverage with your credit card, which people often do not know about. Let us tell you in detail about these incredible free insurance covers today so that you can take full advantage of your credit card and stay safe in unexpected situations.
Free Insurance Covers You Get With Your Credit Card
Many credit cards offer some invaluable insurance covers free to their customers. These covers reduce your worries about travel, personal safety, and shopping.
Travel Insurance
Many credit cards offer travel insurance to their customers, which covers situations such as loss of luggage, trip cancellation, and medical emergencies. If the luggage is not found within a certain time frame, a claim can often be made for the lost luggage as well. This ensures that your trip, whether business or leisure, is protected from unforeseen events.
Accidental Insurance
Many credit cards offer waivers of outstanding amounts in case of death due to an accident, providing additional protection to the families of cardholders. The amount of insurance coverage may vary depending on the type of card. For example:
Coverage for Road Accidents
Coverage for Aviation Accidents: This can even go up to ₹40,00,000 (₹40 Lakh), which is a significant safety net for air travellers.
Purchase Protection Cover
This feature usually covers damage or theft of goods purchased within a certain time frame, allowing claims up to ₹50,000. If you have recently purchased an expensive gadget or electronic item and it gets accidentally damaged or stolen, this cover protects you from financial loss.
Also, avail of these additional covers at a low premium
You can also get several additional insurance covers on your credit card by paying a very low monthly premium:
Credit Life Insurance
This coverage ensures that if the cardholder dies or is unable to manage his credit card bill due to disability or unemployment, the outstanding bill will be paid by the bank. This protects the family from unexpected financial burdens.
Credit Disability Insurance
If a cardholder becomes disabled due to a medical condition, this insurance covers the minimum payment due on the card for a specified period. However, it does not cover purchases made after the disability begins.
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. It helps you manage your credit card bills in the challenging time of losing a job.