A price protection cover is an insurance policy that prevents policyholders from paying more for an item. Generally, such an insurance policy allows policyholders to avail of a refund on certain items purchased with a credit card if the price paid for them is higher than the price mentioned in a print advertisement.
Nonetheless, to claim such a refund, the purchased item must be covered by a bajaj price protection policy. Consequently, individuals must look for the coverage under such a policy to make an informed decision to become sure about it.
Coverage provided by a price protection insurance policy
Here’s what is covered by price protection coverage plans –
-Policyholders are usually reimbursed when they pay a higher amount of money for an item than what had been mentioned in a print advertisement.
-The difference between the price paid for an item and the price advertised is reimbursed to a policyholder.
-Reimbursement is mostly applicable to the same item.
However, it must be noted that price protection insurance coverage does not apply to any perishable items like – food, tobacco, beverage, and fuel. Also, pharmaceutical products, medical equipment, and optical products, etc. are also not liable for reimbursement.
For further details, individuals can get in touch with insurance aggregator Bajaj Finserv, who offers Price Protection Cover under its Pocket Insurance & Subscriptions.
Terms and conditions
To benefit from the price protection cover, individuals must meet these following criteria –
-The price mentioned in the printed advertisement must be lower than what has been paid.
-The printed advertisement in question must have been published within a month of purchase.
-Policyholders must get in touch with the insurance aggregator within a week of the print advertisement.
-At any time, the claim amount will not exceed the actual price of the purchased item.
-The claim amount will be exclusive of merchant’s credit, discount, shipping and handling charges, and manufacturing rebates.
-A set of documents must be submitted to initiate a claim.
It should be noted that this cover does not reimburse for any damage incurred or loss of the purchased item. To get financially covered for any damage to or loss of a high-value item, individuals can avail of a purchase protection cover.
Required documents
Here’s a list of documents which are deemed essential to forward a claim against price protection insurance policy –
i. Duly filled and attested claim form.
ii.The printed advertisement.
It will prove the difference between the price the item in question was purchased and its price drop.
iii.A proof which states the date of the price drop.
iv.Original purchase invoice and related bills
Individuals may find out from the insurance aggregator if they need to submit any additional documents to support the claim. Subsequently, they should find out details pertaining to the claim process associated with the credit card price protection policies.
To avail financial coverage against frauds committed with a lost or stolen credit card or debit card, individuals can opt for a wallet care policy.
Price protection cover claim
Policyholders can initiate their claim by simply getting in touch with the insurance provider. They can do so either via email or through a toll-free number shared on the company’s official website.
Hence, price protection cover holders are entitled to get reimbursed for the extra amount of money they had to pay despite a lower price as mentioned in a print ad. Individuals need to find out the associated terms and conditions along with other requirements before they buy a price protection policy.
