There are many scams that take place using fake identities. Your hard earned money and social reputation can go in thin air if your identity is used to steal your money or indulge in frauds. So here are some reasons why you must have an identity theft insurance policy.
Protection from anonymous fraudulent activities
You are protected from fraudulent activities like phishing, conning, address manipulation, and skimming. Moreover, your losses will be paid back to you.
Notification in case of fraud detection
You are notified upon any detection of unusual activity in your account through your name, credit card, PIN detail, or account number. You can pre-set your medium of notification and choose from an SMS, email, or phone call.
Protection during online transactions
The identity theft insurance policy company tracks your online payments/ receipts, prepares reports and notifies you regarding any unusual login/ payment, asks you to consult, file case against the payment gateway if they record your credit card details.
Credit report monitoring
Two or more bureaus monitor your credit card report to protect you and optimize identity security.
Protection from legal obligations
You get coverage for the losses incurred (up to the sum insured) through legal obligations due to identity crisis like fraudulent loans/ purchases on your behalf, fake payments, and transactions due to false signatures.
Additional Read: Why is it Necessary to Have Identity Theft Protection
Make sure to choose the insurance provider wisely. Popular financial institutions like Bajaj Finserv offer scheme like Pocket Insurance to cover major possible cases of identity theft of up to Rs.1,50,000 against premium amount less than Rs.300 per annum. Pocket Insurance also reimburses full or partial money incurred.
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