A group of insurance companies are gearing up to launch insurance products that would insure a person against losses arising from lost wallets.
Tata AIG Life is planning to launch products that would ensure a person against such losses. In addition the insurer would provide insurance cover for car or apartment, identity theft and purchase protection.
Bharti AXA General Insurance, Iffco Tokio General Insurance are some of the other players planning to launch such products.
However under this option the money lost will not be covered and insurance will be restricted to the replacement cost of a lost or stolen wallet, personal papers and the credit and debit cards in the wallet.
Besides, no, tickets coverage will be offered for cheques or fraudulent charges on the lost or stolen cards and any other identity theft-related costs.
There is another form of Card protection especially meant for Credit and Debit Cards. I am gathering information on the same and shall write a post ASAP.