Credit card insurance for you
Whether you obtain Visa, Master or Amex credit card and irrespective of the fact that they are classic, silver, gold or platinum card, all credit cards provide you with some insurance benefit or other. Life insurance is must for every credit card. The coverage amount varies from bank to bank but ordinarily each of them will also provide coverage against accident.
Even for the supplementary or additional card you procure, the provider will ensure some type of insurance benefit for you. Gold cards carry the highest coverage. The range could be anywhere from Rs.50, 000 to Rs.5, 00,000 depending on the card type. The latest addition in the rank, smart card and RBI approved all cards give you this benefit. You must check out for any premium or charges that you have to pay in lieu of such coverage since the feature is not uniform in respect of all credit cards.
It may so happen that due to untimely death of the holder of the card, the responsibility of repayment of dues falls on the spouse or kith and kin of the deceased. There is a feature called the credit shield that provides for waiver of such unpaid dues up to a maximum limit of Rs.25,000. The feature has been approved by the Reserve Bank of India taking into consideration finding credit card usage on the increase in india. In addition, most of the credit cards to day are also adding insurances for medical purposes.