It is no longer odd to find auto wallas accepting wallet payments or your food delivery guy coming in with a mobile swipe machine. What is odd is the fact that most of the financial fraudulent activities, happen through online transactions or loss/theft of card and this is in our lowest priorities for insurance. Moreover, based on accumulated statistics, as on August 2018, there are over 980 million active debit cards and counting in India while the credit cards numbers are over 41 million. Imagine the volume of online transactions being made on any given day!
So, who or what will protect debit/credits and online transactions? The answer is Smart Wallet Insurance.
What is Smart Wallet Insurance?
In the case of loss of card, this scheme protects you against fraudulent activities, mobile wallet protection, personal accident cover and assistance for blocking the wrongful usage of your cards and much more.
How is Smart Wallet Insurance Beneficial to You?
Smart Wallet comes loaded with multiple benefits and features and here are the ones that matter:
- Lost/Theft of Card/Wallet Liability & Card-blocking Assistance: If you lose your debit or credit card or if it is stolen, this insurance provides you protection in liability and card blocking assistance.
- Mobile Wallet Protection: With wallet payments on the rise, this cover protects all your transactions made through online mobile payment wallets.
- ATM Cash in Transit: In case your card is lost or stolen during a transaction at an ATM, this card provides card-blocking assistance and covers loss of liability.
- Unauthorized Fraudulent Card Usage: Smart Wallet covers unauthorized fraudulent usage on Cards owing to:
- Skimming
- Counterfeiting
- Phishing
- Compromised Cards.
- Personal Accident Cover: The Insured under this cover is paid for accidental bodily injury solely and directly caused by accidental, violent, external and visible means resulting in accidental death or Permanent Total Disablement or Permanent Partial Disablement within twelve (12) calendar months of the occurrence of such injury.
- Personal Accident Benefit: Smart Wallet Insurance also gives you personal accident cover where a sum is assured as a benefit in the case of any accidental event.
FAQs About Smart Wallet Insurance
Who Can Apply for A Smart Wallet Insurance?
Anybody with an active bank account, associated debit or/and credit card can apply for this protection in India.
Can the spouse of the Smart wallet policyholder receive coverage through this policy?
This cover if opted for extends all the other coverages selected, to the spouse of the Insured where the maximum liability for any and all claims made by anyone Insured Person and/or his or her spouse shall be limited to the total Sum Insured in the policy.
What is Cash Advance Assistance under Smart Wallet?
The cover provides Emergency Cash Assistance to the Insured in the case of Loss of Card.
Will Smart Wallet cover incidents occurring in sporting events?
Any claim arising out of sporting activities in so far as they involve the training or participation in competitions of professional or semi-professional sports persons, Adventure Sports unless declared beforehand and necessary additional premium paid is exempted from cover.
Now that you are aware of how the Smart Wallet insurance acts as a First-Aid box for your digital money and much more, apply for this simple yet comprehensive policy today, only on Fisdom.
