A purchase protection plan secures your purchased items from any accidental damage or loss suffered, helping you recover the financial loss. Purchase Protection Cover offered by Bajaj Finserv provides coverage of up to Rs. 1.5 lakh at a cost-effective price. With a quick online application process and hassle-free claim settlement continue shopping stress-free.
Purchase Protection Cover offers coverage of up to Rs. 1.5 lakh at just Rs. 199 per annum. Make the payment from any of your preferred online payment modes.
The plan offers reimbursement on the purchased items in case of loss due to burglary, theft or accidental damage.
The plan offers coverage against financial loss due to burglary, accidental damage, or theft of items purchased using any payment card or otherwise, within 30 days from the date of purchase.
Here are some of the exclusions under this policy:
• Items carried with you during a trip
• Items that were lost or stolen from a vehicle
• Travelers cheque(s), cash, tickets of any kind, negotiable instruments, bullion, rare or precious coins or stamps, plants, animals, consumables, perishables and services
• Art, antiques, firearms, and collectable items
• Furs, jewellery, gems, precious stones and articles made of or containing gold (or other precious metals and/or precious stones)
• Items you have rented or leased
• Used, rebuilt, refurbished, or remanufactured items at the time of purchase
• Motor vehicles including automobiles, boats and airplanes, and any equipment and/or parts necessary for their operation and/or maintenance
• Permanent household and/or business fixtures are not covered in purchase protection policy
Here are the terms and conditions applicable under this policy:
• Damage or loss within policy period
The damage or loss of the items must be within the number of days specified in the policy, starting from the purchase date
Items given as gifts are included within the policy scope
• Decision for repair, replacement or reimbursement
The insurer will decide whether to have the item repaired or replaced, or to reimburse (cash or credit) up to the amount charged to you, not exceeding the original purchase price
If the item is part of a pair or set, you will only receive compensation for the value of the stolen or damaged item unless the articles are unusable individually and/or cannot be replaced individually
• Coverage limitation for lost or damaged pair or set
The theft or damage of an item that is part of a pair or set will be viewed as one occurrence and the coverage limitation is applicable as per the policy
• Deductions of product rebates, discounts or money received
Product rebates, discounts or money received from Price Protection Cover will be deducted from the original cost of the item
• Theft claims
For theft claims, you must provide an official police report regarding the incident to us within the required time frame
Here are the steps to apply for the plan:
To raise a claim, you can contact the insurer within 24 hours of discovery of loss to obtain a claim form and instructions through one of the following ways:
• Documents required at the time of claim
Here’s a tentative list of documents required for processing claims:
1. Duly filled and signed Claim Form
2. Police FIR (in case of burglary or theft)
3. Original purchase invoice/payment receipt
4. Credit/bank account statement showing expense
5. Any other requirement stated by claim examiner
• Complete claim form
You must complete, sign and return the claim form to us with the following documents (and any other documents we may ask you to provide):
o An original receipt of the item
o Other relevant documents that may be required including but not limited to police reports and/or the repair estimate (for damage claim only)
• Return claim form
You must return the claim form and accompanying documents to us within three days of making the original claim
• Damage claims
For damage claims, you may be required to send in the damaged item(s), at your expense, for further evaluation of your claim
• Police report
You must file a police report within 24 hours of the incident
For queries related to the policy, please write to us on email at firstname.lastname@example.org.
Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?