All your personal, professional, as well as social activities, are dependent on your identity. One can steal your identity and file a fraudulent tax on behalf of your name, withdraw your hard earned money from your bank account, perform a massive scam in your name and much more. In most of these cases, you can end up incurring huge financial losses. Due to this reason, it is advisable to take up an Identity Theft Insurance Policy and protect yourself from fraudulent scams resulting into financial losses.
Benefits of Identity Theft Insurance
If you are still wondering why you should pay an extra premium amount for your identity insurance policy then below are the benefits of doing so:
Notification in Case of Fraud Detection
As soon as any kind of unusual activity is detected in your account through your name, bank account number, credit card or PIN details, etc. you are notified of the same via your pre-set up medium. You can either choose email notification, text message or a simple phone call to get information.
Credit Report Monitoring
Two to three bureaus will monitor your credit report at the same time. In case one bureau is not able to track the activity, another bureau will protect you. This way it doubles the chances of your identity security.
Protect You While Performing Online Transactions
It tracks all your online payments and receipts. In case of any unusual login or payment, it prepares a report and notifies you regarding the same. If the payment gateway records your credit card details, the insurance company would track the same and ask you to consult them or file a case against them.
Protect You from Unknown Fraudulent Activities
A well-defined Identity Theft Insurance Policy can protect you from fraudulent activities like address manipulation, conning, skimming or phishing. If by any means you suffer through losses, all of it will be paid back to you within the specified time duration.
Protect You from Legal Obligations
In case you are trapped in any legal obligations due to your identity crises like fake payments, fraudulent loans on behalf of you, any fraudulent purchase on behalf of your name, transactions due to false signatures, etc. then you can get coverage for the losses incurred up to the sum insured.
How Bajaj Finserv Helps You?
Bajaj Finserv covers all the major possible cases of identity theft under its pocket insurance scheme. Following are the benefits of the same:
- It covers up to Rs.1, 50,000 against the premium amount of Rs.299 per annum.
- Multiple payment methods through both online and offline mediums like cash, mobile wallets, UPI, net banking, etc.
- Wrong claims by creditors, banks, courts, rating agencies, a criminal or civil claim against you, etc. due to identity theft are covered back fully.
- Reimbursement of full or partial money, in case of lost wages due to any reasons like wrong identity, wrong biometric swipes, wrong attendance, etc.
If you have suffered through losses due to any of the unauthorized transactions like wrong payment to creditors on your name, loan taken by the third party on behalf of you, cash withdrawals through your cards, etc. all will be reimbursed depending on your type of insurance.