Summary: A card protection plan helps you block multiple cards with a single call and replace lost PAN card for free. You also get mobile benefits and complimentary fraud protection.
In the digital era, plastic money in the form of cards (debit and credit) are the way of life. It’s not uncommon for individuals to carry multiple cards in their wallets. However, in an event of wallet loss or theft, the peril of card misuse looms large. A card protection plan relieves you of the stress of calling your card issuer(s) for blocking the cards in an event of a loss. Here are some of the essential aspects you need to know about these plans.
Services rendered by card protection plans
A card protection plan, sometimes known as card protection insurance, allows you to block all your cards at one go in case of a loss. When you opt for this plan, all your card details are with the service provider. You just need to call up your provider to report the loss of card(s). Your provider contacts the card issuing company on your behalf to block your card. Some of the other essential services rendered by these plans are:
– PAN card replacement
A PAN card is essential for availing banking and financial services such as opening an account and filing income tax returns. It also acts as an identity proof. In case you lose your PAN card, replacing it is a taxing procedure. However, new-age card protection plan such as Wallet Care from Bajaj Finserv offers free replacement of a lost PAN Card.

– Emergency travel assistance
Loss of wallet during travel can lead to a lot of stress. A credit card protection plan aids you in such a situation by providing cash advance for hotel stays and booking travel tickets. With Wallet Care from Bajaj Finserv, you can avail emergency cash benefits in India and abroad.
– Mobile benefits
Card protection plans also offer mobile benefits whereby you can avail SIM blocking and IMEI registration service. In case you lose your mobile phone, your service provider would help you in blocking your SIM card and tracking your phone through the IMEI number.
– Complimentary fraud protection
A card protection plan also offers you complimentary fraud protection in case your card is misused. For instance, Wallet Care offers coverage up to Rs.1 lakh against card fraud involving PIN-based fraud, phishing, and tele-phishing.
How to apply for a card protection plan?
Applying for a card protection plan is easy. There are several financial institutions which offer this plan. A card protection plan review would help you make the right choice. Once you’ve decided to opt for the plan, you can make an application online. The card protection plan amount depends on the features offered.
If you want to avail Wallet Care, you can apply online by providing a few basic details and paying the premium amount. You will then receive the Welcome Pack and the membership details in your registered email ID within 3 days.
You can also apply for it from the pre-approved offers section. Pre-approved offers make it easy to avail the product and finance on various loan offerings. All you need to do is to provide a few basic details to know your pre-approved offer.