India is one of the largest and fastest growing economies in the world. Our standard of living is rising, and along with it our wants. Hence the need for wealth creation. It is also reflected in the rising consumerism in the country, and the increasing number of credit and debit cards. And with that number, chances of card fraud increase as well. Since wealth protection is the other side of the coin, here we look at what measures you can take in case of theft or loss of card.

The first thing to do is to report the missing card to the bank and get it blocked. According to the Reserve Bank of India (RBI), it is the banks’ responsibility to provide protection against and fight frauds. Once you get your card blocked, you won’t be liable for any transactions that happen after this. Credit cards typically have stronger fraud protections than debit cards.

Process

You should lodge a First Information Report with the police and get an acknowledgement. You will be required to submit a written application, with details such as the card number, bank account number, and the date of loss. The bank will issue a new card in place of the stolen/lost one.

Liability

Most banks have a zero liability policy, which means that you will not have to pay anything against the expenses occurred during the period between the loss and you reporting the theft. You should be clear on the bank’s policy regarding this before you issue a card. For example, some banks give a time period of 7 days to report the loss of card.

It is important to always monitor your transactions, and if you see any suspicious activity, report it to the bank immediately.

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After you have achieved your financial goals, the unpredictable circumstances such as illness, inflation and unanticipated expenses can decrease the value of your assets. The longer life expectancies and long periods of financial plans make it difficult for you secure even your assured amount. It’s important to think of wealth protection as an important part of financial planning.

Benefits from wealth preservation strategies

A good wealth protection plan in place will help you to prepare a strategy for protecting your assets from any potential damage. It also ensures you the peace of mind knowing that you have made provisions to protect your financial future. The most valuable benefits include:

• The financial future of your family is secure, including the value of your assets.
• You are financially prepared to deal with any sudden illness and financial needs for long-term care.
• The financial stress of your family will be reduced in case of an untimely death or an unpredictable unemployment.
• Your heirs can directly own the assets in case of a sudden demise.

Combine life insurance in your wealth protection plans
The overall wealth preservation strategy should also include life insurance. Along with life insurance, following financial protection plans, can protect the assets you've worked hard to build:

• Estate Planning: Ensures that your earnings are beneficial for you when you are alive and helps you to transfer it to your heirs after your death. 
• Insurance Investing:  Can help in planning your financial freedom in your retirement years.
• Life Insurance: Provides an effective financial cover for members of a family in case of a sudden death.
• Accident and sickness insurance: Prepares you for any accident, disability or critical illness.

Choose the solution that’s right for you

Choosing the financial protection that's right for your circumstances can be challenging. Always see the benefits that a wealth protection plan is giving you. The benefits should not only restrict to the returns after an accident, but it should also give you benefits during the tenure of a plan.  

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