Shopping today has transformed majorly from wandering through the streets to swiping across the screen. Almost all our transactions are done through the online medium, and with that, there is a noticeable increase in fraudulent online activities. In order to keep it all safe, the insurance companies have come up with a new policy in the name of Purchase Protection Insurance. In the Purchase Protection Insurance, all your damages, theft, frauds, etc. are covered. One will get total reimbursement on the loss in the form of refund or replacement. The timeline for repayment is usually up to 6 months from the purchase date and time. It is one of the additional features provided on your cards. In some of the cards, you also get refunded if the price of a particular item decreases after your purchase under a specific time slot. All these features depends on your insurance company and the type of purchase protection policy, you opt.
Benefits of Purchase Protection Plan
When we purchase something costly, we want to make sure it delivers to us in the same condition as we ordered it, right? As per the Fair Credit Billing Act, the Purchase Protection Insurance protects all your goods and services in case of disputes, provided you submit the necessary receipts for the same. Following are the benefits of Purchase Protection Cover:
- In the case of a cash purchase, the policy amount can be claimed.
- It doubles the purchase security in case of theft, damage, and fraud.
- Apart from the original goods warranty, one gets the benefit of an extended warranty through the protection policy.
- In case the seller is not accepting the goods, one can claim the returns through the protection policy and get the benefits.
Documents to be submitted for Claiming for Purchase Protection Plan
Below mentioned are the documents to be submitted for claiming under Purchase Protection Plan:
- Claim form: You need to fill up a form which would contain all your personal as well as purchase details. It can be availed online as well as offline.
- Credit card statement: The bank statement with records of the purchase details has to be presented clearly.
- Purchase receipt: An original receipt of the purchase has to be presented.
- Report: In case of theft or fraud, if the police complaint is registered, then one is required to submit the detailed police report.
- Insurance Policy Papers: A detailed document of your insurance policy has to be submitted.
- Insurance Declaration Page: This document is essential at the time of claiming cover.
How can Bajaj Finserv save you with Purchase Protection Plan?
Bajaj Finserv provides the best Purchase Protection insurance among all the policy providers under its Pocket Insurance Scheme. It avails the following benefits:
- It covers up to Rs. 1,50,000 with just a negligible price of Rs.199 per annum, which is nothing compared to the high price purchases and losses.
- It allows claiming both cash and credit transactions.
- It covers reimbursement of items damaged within 30 days of purchase as well as the things given as a gift to the third party.
Exclusions under the Purchase Protection Plan:
- Items carried while traveling.
- Items lost from vehicle
- Items that are perishable in nature.
- Products made of gold and other precious stones.
- Items rented or leased from the third party.
- Used or re-manufactured items at the time of purchase.
- Items categorized under art and antiques.
- Tickets or negotiable instruments