Insurance Benefits & Fraud Protection

How are you covered with your card?

Insurance Benefits overview for South Africa

MasterCard® Consumer Credit and Debit Premium programs offer a host of insurance benefits. MasterCard cardholders can benefit from these insurance covers for eligible transactions that they make on their card. The benefits and coverage vary from program to program. For your benefit, a summary for different types of insurances is provided below.

Please do ensure you check for the applicable terms & conditions since there are transactions which are not covered by the insurance benefit like purchasing a house, boat or car etc.

Travel Inconvenience & Cancellation

There's nothing worse than missing a flight or losing luggage during a trip, but with MasterCard, cardholders can count on prompt and generous compensation to help through a tight spot.

If a trip is unexpectedly canceled or delayed, MasterCard cardholders have the added peace of mind that their travel and accommodation expenses will be covered if a trip is unexpectedly delayed or canceled for trips that are paid in advance with their card.

MasterCard provides coverage for lost luggage and delays, trip delays, trip cancellations and misconnections.

Travel Accident & Medical

Getting sick or injured while travelling or having to find a doctor in an unfamiliar city can be daunting and stressful. With MasterCard, cardholders can count on us to help find the best medical care easily and quickly while on the road anywhere in the world.

For greater peace of mind when you are traveling, MasterCard offers enhanced protection options to ensure that health and safety needs are promptly and efficiently met.


Card Fraud Protection (Card Lost & Card Not Lost)

Card Lost

If the card is lost, or is the object of a theft, cardholders will be reimbursed for unauthorized charges on the payment card, up to 24 hours prior to first reporting of the event to the issuing bank.

Card Not Lost

If the card is still in possession and unauthorized charges are made on the card through: (i) in-store, (ii) telephone, (iii) ATM withdrawals, and/or (iv) on-line purchase(s), using the credit card information, the cardholder will be reimbursed for the unauthorized charges, which are incurred up to two (2) months prior to the first reporting of the event to the issuing bank.

ATM Robbery

If during the period of insurance you withdrew money from any ATM anywhere in the world using your payment card and you are robbed of such money within 15 minutes of such withdrawal or if you are forced through a threat of violence to you by an unknown person to draw money from an ATM, the ATM robbery insurance covers you for:

1. the amount you withdrew from that ATM and

2. any medical expenses incurred by you directly and solely resulting from such robbery incurred within 12 hours of such robbery or threat of violence,

provided that the insurance will not pay more than the maximum amount payable per occurrence nor more than the maximum amount payable per 12 months period of insurance.

Purchase Protection

When shopping for a new computer, buying a new appliance or purchasing a smart phone, cardholders can pay with confidence knowing that most purchases they make with their MasterCard may be protected in case of theft or accidental damage.

With MasterCard, cardholders will be insured for loss of a covered purchase due to accidental damage or theft occurring within ninety days from the date of purchase as indicated on the store receipt.

Extended Warranty

MasterCard cardholders have a card that provides additional warranty coverage, which may save you from having to buy more coverage or pay for repair costs for mobile phones, televisions, home appliances, tools, and more.

The extended warranty benefit doubles the original manufacturers or store-brand warranty for up to 12 months. It is available for no additional cost, and there is no need to register a purchase.

Collision Damage Waiver

MasterCard cardholders eligible for this insurance benefit enjoy peace of mind when hiring a car from car rental agencies.
This insurance will cover the following, up to the cardholder's per occurrence and annual aggregate limits listed.

1. Physical damage – cover for losses to the rental vehicle you incur during a covered rental trip, caused by physical damage up to the lesser of:

a) The value of the claim, or
b) US$50,000

2. Additional benefits - the following charges are covered during the rental trip, if eligible:

a) Any daily rental rate of the rental vehicle upto US$300 per policy period, for "loss of use", while the rental vehicle is being repaired;
b) Any reasonable and customary charges, up to US$100 per policy period, for towing the rental vehicle to the nearest authorized repair shop assigned by the rental company;
c) Any reasonable and customary drop off charges up to US$100 per policy period in the event you are hospitalized, following an accident, and are unable to return the rental vehicle to the nearest rental company location;

Product Insurance Coverage

Please note that the information mentioned above is only a summary. Each Insurance Benefit is governed by detailed Terms & Conditions and you are requested to contact the Issuing Bank for the same.
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Insurance Coverage


   
Maximum Benefit Amount (USD)
Fraudulent Charges Per occurrence
2,000
  In aggregate
3,000
Purchase Protection Per occurrence
2,000
  In aggregate
5,000
ATM Robbery Per occurrence
100
  In aggregate
200
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Insurance Coverage


   
Maximum Benefit Amount (USD)
Fraudulent Charges Per occurrence
2,000
  In aggregate
3,000
Purchase Protection Per occurrence
2,000
  In aggregate
5,000
ATM Robbery Per occurrence
250
  In aggregate
400
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Travel Insurance - Accident & Health Coverage


Travel Accident & Insured Journey: Maximum Benefit Amount:  
Common Carrier Travel Accident-International Trips Up to R10,000,000
Common Carrier Travel Accident-Domestic Trips Up to R1,000,000
Insured Journey Travel Accident for International Trips Up to R1,500,000
Insured Journey Travel Accident for Domestic Trips Up to R750,000
Travel Medical Benefits:
Medical Expenses (Injury or Sickness) Up to R10,000,000 excess of a R5,000 deductible
Emergency Medical Evacuation/Return of Mortal Remains Up to R20,000,000
Daily In-Hospital Cash Benefit Up to R1,000 per day
Trip Inconvenience Protection:
Trip Cancellation Up to R75,000 excess of a R5,000 deductible
Trip Curtailment Up to R75,000 excess of a R5,000 deductible
Trip Delay For delays in excess of 6 hours, up to R1,000 per hour up to 9 hours maximum
Missed Connection Up to R6,500 excess of a R500 deductible
Luggage Protection:
Common Carrier Lost Baggage Up to R30,000 excess of a R750 deductible and subject to a single item maximum limit of R6,250
Common Carrier Baggage Delay For delays in excess of 12 hours, up to R4,500

*the exchange rate applicable remains at a constant ZAR8.68 to US$1.00



Insurance Coverage


   
Maximum Benefit Amount (USD)
Fraudulent Charges Per occurrence
2,000
  In aggregate
4,000
Purchase Protection Per occurrence
3,000
  In aggregate
20,000
Extended Warranty Per occurrence
500
  In aggregate
2000
ATM Robbery Per occurrence
500
  In aggregate
700