RBI beginning December last year mandated the use of PIN at POS terminals or merchant outlets for completing the debit card transaction. Nonetheless, though introduced to provide an extra security layer to card based transactions, the step can increase cardholders vulnerability to frauds in case he/she does not keys the PIN carefully.

How the new Wallet Assist plan works?

The unique plan offers comprehensive protection against all kind of frauds on debit and credit cards together with one call assistance service. In case of loss of wallet, all the debit and credit cards bearer need to do is call the company and it shall block all the cards irrespective of the issuing bank in minutes time. Thus, protecting against any likely frauds on the cards.

A maximum of Rs. 2.5 lakh cover is also provided against any fraud that might have happened seven days prior to reporting loss on cards. Protection is also offered against any overseas fraud that could have happened on the cards.

Under the scheme, 2 plans i.e. Power Plan and Privilege Plan are available. For securing a cover of Rs. 1.5 lakh, a cardholder needs to pay an annual premium of Rs. 1,299 while for Rs. 2.5 lakh, an annual premium of Rs. 1,799 is payable.

Other Benefits of the plan

Important documents maintained in the wallet including PAN card and driving license shall also be replaced by the organization for free in case of loss. This is a doorstep service offering by the company Moreover, in case the concerned person who has lost his wallet unfortunately is on a trip, the company shall assist him/her in settling hotel bills, book return journey tickets, offer help on lost passport etc.

Who should bank on Wallet Assist Plan?

Credit or debit cardholders transacting online as well as offline in both domestic as well international markets should indeed purchase the new offering so as to protect themselves against any future frauds on cards.

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