Mumbai: Card-holders have something to cheer -- their lost cards will now be insured against any misuse.
Standard Chartered Bank and Tata AIG have joined hands to provide insurance cover for lost cards which would protect card-holders from any fraudulent transactions.
The insurance cover would be valid for any fraudulent transaction on a lost card of the bank’s customer up to 12 hours prior to the customer reporting the loss.
Known as Plus Extended Protection Plan, the novel scheme was launched today by Standard Chartered Bank in collaboration with Tata group company, Tata AIG.
“We receive several lost card reports in a month. The product will ensure protection to our valued customers against any fraudulent use,” StanChart’s General Manager, Credit Cards & Personal loans, R L Prasad said in a statement.
In the event of fraudulence, customers would receive reimbursement up to Rs 50,000 per occurrence, who can register any payment card for the cover, the bank said.
The plan also covers ATM assault and robbery insurance, lost wallet protection, purchase protection and home protection while away, the bank said.
StanChart has 90 branches in 33 cities in the country and has a combined customer-base of around 21 lakh.