Credit card theft insurance coverage

[img_assist|nid=8238|title=|desc=|link=none|align=left|width=93|height=124]Standard Chartered Bank together with Tata AIG General Insurance Company will provide a risk cover for lost cards that will protect customers against fraudulent transactions. This is called the Plus Extended Protection Plan.

This should make cardholders who are already burdened with high interest rates happy. While the lost cards will now be insured against any misuse, the insurance coverage will be valid for any fraudulent transaction on a card up to 12 hours before the customer has reported the loss.

“We receive several reports of lost cards in a month. The product will ensure protection to our valued customers against any fraudulent use,” Stanchart Chartered’s general manager (credit cards and personal loans), R. L. Prasad, said in a statement.

Standard Chartered Bank currently competes against such aggressive players as ICICI Bank, Citibank, the State Bank of India and ICICI Bank in the credit card sector. It hopes to reach out to people who are reluctant to apply for credit cards because of risks.
Gaurav D. Garg, managing director of Tata AIG General Insurance Company Ltd, said, “People are moving away from conventional modes of payment and a large number are opting for cards. This product seeks to encourage the confidence of the people who use credit cards.”

According to Standard Chartered in case of a fraud occurs customers would receive an insurance coverage of up to Rs 50,000 per fraud occurrence.

ATM assault and robbery insurance is also covered by the insurance plan. It also includes lost wallet protection, purchase protection and home protection.