If you have ever been in a situation where the price of the product you purchased last week is lower now, you would probably know the agony of the same. But, do you know that you can get a refund of the price difference? If you have purchased the product with your credit card that is covered with a Credit Card Price Protection, you will get the difference in the money reimbursed to your account within a stipulated time. Price Protection Insurance is a benefit provided by credit card providers along with the purchase of the credit card. In conditions where the price of the product drops within a defined time of the purchase, you are liable to get your discounted money. The difference in the product price need not be from the same retailer to get this benefit.
Things to Consider to Avail Price Protection Insurance Policy
Credit card issuers try all the possible ways to attract more and more customers. Some prominent benefits of using credit cards include rewards, cash-backs, points, etc. However, the purchase price protection cover is generally a lesser known benefit. Below mentioned are the things to consider while availing the purchase price protection insurance:
- Not all credit card providers offer price protection coverage. You can buy Price Protection Policy from renowned financial providers like Bajaj Finserv.
- It is ideal to use this benefit for big purchases like electronics and furniture. This is because not only are they expensive, but there are high chances of a price drop in such items amongst the retailers.
- Whether you avail the facility from your credit card issuer or an insurance provider, you need to read the fine prints of benefit to know its details.
- Check the limits offered by the insurance company or the credit card issuer for the claim that can be made.
- You need to check the period within which you can claim your difference in price. No money will be provided in case you claim after the determined time.
- Lastly, you need to keep the proof of the purchase like the receipt that shows the item as well as the date of the purchase. You might also need to provide other necessary documents to confirm the price drop of the product.
Benefits of Availing Credit Card Price Protection Policies
Bajaj Finserv is known to be one of India’s fastest growing and reliable financial provider. With CRISIL’s FAAA and ICRA’s MAAA highest credit ratings, you can assure guaranteed claim settlement provided you meet the eligibility criteria for the same. You can get protection against your financial loss from your purchase through debit/credit cards. Below mentioned are the benefits of availing Credit Card Price Protection Plan from Bajaj Finserv are as follows:
- Quick and hassle-free application procedure.
- Easy claim procedure.
- High coverage limits up to Rs. 75,000.
- A low annual premium of just Rs. 399.
- Get coverage of the price differences.
- Get reimbursement for the price differences paid using debit card/ credit card.
How to Apply for the Price Protection Insurance Policy?
The pocket insurance policies offered by Bajaj Finserv is affordable insurance offering high coverage as per the chosen plan. You can easily apply for the pocket insurance plan of your choice by filling up a quick application form and submitting a few necessary documents. However, you need to intimate the insurance company within 24 hours of the discovery of the price drop.