On the contrary, there's a guardian angel lurking in the fineprint. An angel that compensates you if your Armani suit gets lost or stolen at the airport, takes care of card frauds, and even pays your family in case of your untimely death. Card companies agree. However, acts of hostility like war are excluded,'' he clarifies. Having a credit card automatically qualifies you for free insurance cover against an accidental death.
Air accidents get the maximum coverage.
The nominee of a gold card holder who dies in an air crash could get anywhere between Rs 10 lakh and Rs 15 lakh. When filing for the accident claim, the nominee has to inform the issuing bank and the insurance company within 30 days from the death of the cardholder, giving a brief description of the accident. The plastic helps out here, too. Typically, card companies insure only against international flights, but HSBC insures both domestic and foreign travel. Most banks offer similar coverage if the baggage is not found within 48 hours of your reaching the destination.