Hardware wallets still aren't secure, and they never will be. Use paper wallets

[Stedsm]

If such a device can be stored in us, why can't we have some sort of device stored in our body too that can alarm Police by sending them necessary details like our live location as well as a message like "Emergency, need help, stuck somewhere!" that we may use by just tapping that area in our body whenever such scenario takes place?

Don't see why not, but I would assume something like that could be fairly easily countered by an attacker using a cell phone jammer or similar device.

Is there any such device that can counter the type of virtual chip I discussed above? I mean can an attacker actually come to know the exact body part and area where such a chip is stored? I have not heard of any such counter device as of yet, but if one is available, what is it?

[Pmalek]

Is there any such device that can counter the type of virtual chip I discussed above? I mean can an attacker actually come to know the exact body part and area where such a chip is stored?

If the chip transmits over the same frequencies as phones it can blocked using a cell phone jammer. A jammer isn't directed to a certain body part, for example towards the wrist like in your example. It blocks all signals in the entire room. We had these at school. They were used to prevent students from cheating on exams who would be in contact with someone during the exam who helped them with the questions. 

[o_e_l_e_o]

I mean can an attacker actually come to know the exact body part and area where such a chip is stored?

Probably the simplest method is through observation of you using it. They would also be able to detect it through scanning for what it is transmitting, be that NFC, RFID, WiFi, or whatever. Microchip detectors exist for scanning animals which have been chipped; no reason an attacker couldn't use it on a person.

They don't actually need to know where it is to disable it though. As I said before, a signal jammer would do the trick. An EMP or even just a strong magnetic field could be also be used to disable it.

[Welsh]

Transmissions can be blocked, but its whether you want to go into the skeptical world of carrying a frequency blocker with you at all times. That would mess up quite a few frequencies, and could effect  some of the emergency services communications which could potentially be a crime depending on where you live.

@o_e_l_e_o,
I've heard somewhere about a virtual chip that can be inserted in a human body anywhere (most probably wrist) and they can generate invoices and even send/receive Bitcoins through the same. If that's true, even if the attackers know that "this guy is having Bitcoins" but are unsure where did he store them, how will they plan and attack such person? If such a device can be stored in us, why can't we have some sort of device stored in our body too that can alarm Police by sending them necessary details like our live location as well as a message like "Emergency, need help, stuck somewhere!" that we may use by just tapping that area in our body whenever such scenario takes place?

It doesn't matter where you store your Bitcoin it only matters that you have Bitcoin. In most scenarios its better to just give up a small amount of money than get harmed. By refusing to tell them where your Bitcoin is it could potentially put you in a life alternating situation which to be honest I wouldn't be willing to risk for a small amount of cash. This is why the point of carrying a small amount of cash is a good idea, and not bringing your whole stash with you. If you're smart, and keep your Bitcoin separated the thief won't be able to prove that you own more than what you give to him on the spot.

[Chris!]

Seems like a great time to bump this important thread!

Never forget, you don't know what vulnerabilities will be found in the future. Don't trust a third party with your crypto, or in this case, your data.

Hardware wallets and the centralized companies behind them are insecure. Learn how to secure your funds properly.