Protect your Debit/Credit Card Purchases with Purchase Price Protection Cover

Due to the steadily increasing popularity of shopping malls, individuals are now open to several luxury brands within the country. Buyers can purchase designer clothes, pricy electronic gadgets, life-style commodities, and other accessories that can cost substantial funds. Moreover, with debit or credit card transactions, individuals now are not required to carry cash while shopping. This significantly reduces the hassle of handling cash, as well as the chances of cash getting stolen or misplaced.

Nonetheless, unpredictable events like accidents, burglary, or theft of these purchased products can cause a similar monetary loss. Thus, it necessitates availing purchase protection insurance plans that can cover all financial loss due to above-said events.

What is the purchase price protection cover?

A purchase price protection is an insurance policy that covers all financial losses due to unforeseen events like theft, accidental damage, or burglary of the goods that have bought. Individuals can avail such coverage on goods purchased with payment cards such as credit and debit cards, cash, or other payment options. This purchase price protection cover works within 30 days from the purchase date.

Insurance policyholders can avail a compensation amount of up to Rs.1.5 lakh against loss or damage to the purchased items at an affordable yearly premium. These benefits are available through an easy online application process and offer hassle-free reimbursement.

Application process -

Individuals can apply for Purchase Protection Cover from Bajaj Finserv under its Pocket Insurance & Subscriptions in following steps-

• Step1 — Applicants need to log on to the official website of this insurance aggregator.
• Step2 — In the next step, individuals have to fill in the application form with correct credentials such as name, address, contact number, KYC details, etc.
• Step3 — Lastly, by paying the premium amount, applicants can buy the insurance policy for one year. All payment methods, like credit cards, debit cards, mobile wallets, and UPI, are acceptable.

Additionally, individuals who use digital payment methods in various mobile or internet transactions for shopping can also opt for fraudulent charges cover. With this insurance plan, policyholders can avail coverage up to Rs.75,000 against any unauthorised charges on payment cards due to data breaches, identity hacking, and malfunctioning in payment processes.

Claim process:

On the event of theft or burglary, the policyholder should file a police report within 24 hours of the loss to initiate the claim process of purchase protection insurance policy. This insurance policy comes with a 24X7 claim settlement assistance service. Individuals can contact the service providers via its toll-free call centre, e-mail, or sending SMS within 24 hours of the incident. However, for an effective and prompt process, policyholders should submit the documents necessary for reimbursement.

Necessary documents:

• A claim form that is duly filled with correct details and signed.
• In case of burglary or theft claim settlement, applicants need to furnish the police F.I.R. of the incident.
• Original purchase receipt. If the purchase was made from an online website, buyers could find the invoice in the inbox of their registered mail-id. Along this line, individuals can also opt for a price protection insurance plan to cover financial loss due to overpaying. Policyholders can get reimbursement for the difference between the printed advertisement price and the purchase price.
• Account statement as a record of the expenses.

Individuals might need to produce further relevant documents such as authorised repair estimate documents if the claim under this purchase price protection insurance is initiated due to damage.

Policyholders should submit the claim form along with the required documents within 3 days of the initial claim application. After successful verification, the claim amount can be reimbursed to the applicant.

Buying an insurance policy can’t prevent unforeseen incidents like accidental damages, burglary, or theft. However, insuring expensive purchases with purchase protection cover can provide peace of mind as it covers all possible financial losses or damages due to the aforesaid incidents.