Fraudulent Charges Cover

As innovations in payment methodologies continue to rise, there has also been a steady increase in the number of mobile and internet transactions. However, this has also increased incidents of glitches in payment processing, hacking, and data breaches.

You can protect yourself from unauthorised charges made on your credit or debit cards and cover yourself against any unauthorized charges made on your payment card, with the Fraudulent Charges Cover from Bajaj Finserv.

 

Here’s a look at the terms and conditions for coverage of Fraudulent Charges Cover by Bajaj Finserv, in case your payment card was lost:

• We will only pay for unauthorized charges for which you are responsible, under the terms and conditions of your payment card.

• Report the loss or theft of your payment card to the issuer(s) within 3 hours of discovering your lost or stolen payment card event.

• Compliance with terms and conditions for issuance of your payment card is mandatory.

Duties in the Event of a Loss
 

In the event of a covered loss, you shall:

• Contact us
Please contact our 24-hour Toll Free Call Center on 1800-11-9966* - 1800-266-7780 (*Toll free from MTNL/ BSNL lines only) or 1800-22-9966 (only for senior citizen policy holders). Please intimate the Call Center as soon as a claim occurs, so we can provide you with prompt and effective assistance. You may also register the claim by sending below details on general.claims@tata-aig.com or sending an SMS, writing ‘Claims’ to 5616181

• Police report
File a police report within 24 hours of discovering unauthorized charges or ATM withdrawals

• Report loss or theft
To the extent your payment card was not lost or the object of theft, report the unauthorized charges, or ATM withdrawal(s), to the payment card issuer(s), bank account issuer(s) or credit account issuer(s), and to us, within 24 hours of your discovery of a loss;

• Documentation
Complete, sign and return the claim form to us with all the following documents, within 3 days of making the original claim:

     I. Copy of Duly filled claim form.
     II. Charge slips for fraudulent Transactions.
     III. Copy of Police Intimation.
     IV. Statement from card issuer regarding loss notification within stipulated time.
     V. Recent 3 months Card statement
     VI. Copy of Dispute letter given by Customer to Bank – Verified by bank
     VII. Copy of Incident report by bank
     VIII. Complete passport copy, if fraud happened in an international location

The claim form and accompanying documents with the exception of Merchant charge slip must be returned to us within 3days of making original claim.

This is an indicative list and other documents may be required at the time of claim settlement.

SETTLEMENT

     1. Post submission of all required documents and survey/Investigators report, the claims department processes the claim within 7 working days.
     2. The payment can be remitted to the insured using one of the following ways:

a. Electronic fund transfer

Following are the list of documents required for EFT settlement:

     i. Copy of cancelled cheque
     ii. EFT Mandate form.

b. System Cheque.

     • Cooperate with us in investigating, evaluating and settling a claim.

Rest all terms, conditions and exclusions of the policy remains unaltered.

Terms and Conditions for Coverage in case payment card is still in your possession

Here’s a look at the terms and conditions for coverage of Fraudulent Charges Cover by Bajaj Finserv, in case your payment card is still in your possession:

     • You must comply with all terms and conditions by which your payment card(s) is/are issued.
     • We will only pay for unauthorized charges for which you are responsible under the terms and conditions of your payment card(s).
     • You must submit evidence to us that unauthorized charges were made from your bank account or credit account.