Is The Concept Of Credit Card And Insurance Necessary?3 min read
It was the end of the month, and you were having trouble meeting his financial obligations. You prayed for payday so that you might have the funds necessary to resolve his financial issues. You stumbled upon a few hundred dollars as you fumbled through your pocket before handing over your jeans for laundering. This event made you highly thrilled, as you were in desperate need of money.
When short on cash, you can always rely on a credit card for shopping or bill payments. Take advantage of the credit card’s perks and enhance your lifestyle. Many individuals must be aware that credit cards can also give insurance benefits. Individuals spend a considerable amount of money on insurance and premium payments. But, free insurance benefits can be obtained with a credit card.
Credit Card Provide Insurance Coverage
Credit cards may come with various travel insurance cover options depending on the type of credit card and the credit card provider, including flight travel insurance. The welcome kit accompanying your credit card will include information about the insurance’s features. Listed below are some of the lesser-known insurance benefits that can be obtained with credit cards.
Travel insurance from India helps cover various costs like medical costs, replacing lost luggage, missed flights, and other similar situations.
When you buy travel insurance online, it should be typically purchased at the beginning of your journey, as accidents are unforeseen occurrences that can occur to anyone. Credit card balances of up to Rs. 50,000 are cancelled in the event of accidental passing away, thanks to credit insurance. One must recognise that this amount differs amongst credit card issuers. The death certificate must be submitted with the claim if the credit card is inactive.
Consider that you are renting an automobile. You elected not to pay the automobile company’s required insurance premium. Regrettably, a collision resulted in some damage to the rented vehicle. Instead of paying for the damages out of your own money, you can file a claim with rental car insurance, which provides coverage for any vehicle damage as long as the rental was paid for with a credit card.*
Nevertheless, travel insurance from India does not cover personal injuries or the theft of objects held within the vehicle. In addition, any damage caused to the other vehicle in the incident is not covered by the rental car insurance.
Due to the fact that accidents happen on a daily basis, it is strongly suggested that you invest in some form of personal accident insurance. In the event of passing away or injury resulting from a traffic accident, however, the personal accident insurance provided by credit cards will allow you to claim between Rs. 2 lakhs and Rs. 4 lakhs. In the event of an aviation accident, an insurance claim between Rs. 10 lakhs and Rs. 1 must be aware that the level of coverage varies based on the type of credit card and the credit card issuer.*
No one likes cancelling trips. Nonetheless, if there is an emergency, journeys are sometimes cancelled. This indicates that you will lose significant money on non-refundable aeroplane tickets. If you purchased your non-refundable tickets with a credit card, the trip cancellation insurance coverage would reimburse you for the resulting loss. It is crucial to remember that these benefits are only sometimes offered with credit cards. The flight travel insurance coverage does not cover travel cancellations caused by a pre-existing medical condition or severe weather.*
People have always been wary of credit cards and their usage. There’s always a possibility of accumulating credit card debt. But if you know how to utilise your credit card properly, you can make wonders happen.
*Standard T&C Apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘