There is hardly anyone these days who does not use a debit or credit card for payments. Cashless transactions are the new norm. You don’t have to wait in circuitous queue to withdrawing cash. With all your transactions becoming cashless, it is really important to protect your cards from fraud, thefts, loss or other similar situations. It is important to obtain credit and debit card protection as these can be stolen or lost.
This is where a card protection plan comes to your rescue. Read on to know more about this.
The Card Protection Plan or CPP is a comprehensive service offered by various banks in the country. It is meant to protect your bank cards from loss, thefts, frauds and other such emergencies. While your bank cards such as your debit and credit cards are protected under this service, CPP also protects government-authorised cards such as PAN card and Aadhaar card. Card Protection Plan is offered by all major banks for a fixed sum. The fees depend on the plan chosen and the validity period of the plan. Three types of card protections plan offered are:
-The Classic Card Protection Plan
-The Premium Card Protection Plan
-The Platinum Card Protection Plan
The charges of the card protection plan depend upon the plan chosen by you. The Classic CPP is the most basic plan; the Premium CPP is a mid-range plan and the platinum CPP is the high-end plan.
Card protection plan is offered by both, public as well as private sector banks. The services offered by all the banks are usually similar and depend upon the plan chosen by you.
Card protection plan is available in the range of Rs 900 – Rs 2200. You need to pay the premium annually. Some of the major banks who offer CPP are State Bank of India the ICICI bank, Kotak Mahindra Bank, IndusInd Bank and Axis Bank.
Here are the services provided by card protection plan:
Report your complaint on a dedicated toll-free number: Banks will provide you with a dedicated toll-free number, which you must call to report the loss or thefts of your card/s. Ensure you save the number in your phone to report your complaint. The bank will get in touch with your card issuer (Visa, RuPay or MasterCard) and get your card/s deactivated at the earliest. You do not have to reach out to every single bank individually to report the loss/theft of your multiple bank cards.
You can get emergency travel and hotel assistance: Should you lose your travel ticket, the CPP service can assist you in getting replacement tickets. The costs and facilitations of providing the service will be incurred by your partner bank who has provided the CPP service. In case you misplace your card while you are travelling, you can get in touch with the CPP helpline. The CPP will help to settle your hotel bills. The bank issues a cap or a maximum value on the amount provided for each of these services. This also depends upon the type of plan chosen by you. This service is extended for overseas travels with a few banks offering emergency travel and hotel assistance.
You can also get emergency cash under this plan: The CPP service also provides you with an emergency cash advance if you lose your wallet. However, this service is limited to domestic travel only Note that you will be receiving this money as advance. You need to pay off this emergency cash back to your bank within a period of 28 days.
You can register your valuable documents under this plan: Apart from your bank cards, card protection plan can also protect other important documents. This includes government-mandated documents such as your PAN Card, Aadhaar card, passport, driving license, and your insurance policy among others. Your data is stored securely in the bank system can be easily accessed by the banks in case of any emergency. You also have mobile phone identifier (IMEI) registration service under the plan. This allows you to register a complaint if you lose your mobile phone. The IMEI number helps to track your phone.
You can get card replacement service: If you lose your debit or credit cards, you must immediately inform your CPP provider. You can either freeze your card (if you think you have misplaced it and may find it) or block your card (if you suspect it has been stolen). CPP will help you to obtain a replacement card.
Here are the benefits of opting for CPP card protection:
It protects all your bank cards: If you have several cards, card protection plan is a must for you. If you lose your card wallet, you do not have to call your banks individually and make multiple calls to each of them. Call your CPP provider on the help-line. The CPP provider will reach out to all your card providers and have your cards blocked instantly.
It is a cost-effective type of travel insurance: CPP can also serve as a cost-effective travel insurance. It is helpful if you are a frequent traveller. The CPP offers a host of benefits including emergency cash services, passport replacement service, and hotel and travel assistance among other facilities.
Most private and public sector banks offer CPP card protection plans. These plans offer credit and debit card protection. They also cover non-financial documents like PAN card and Aadhar card. Depending on your requirement, you can choose a plan. Each plan offers a specified coverage. Accordingly, the costing of the plans is not uniform. But there is a CPP card protection plan for everyone: you simply need to find the right fit for you.
Here is a list of banks that offer card protection plan:
ICICI offers services to protect all financial and non-financial documents. In case you have lost your card anywhere in the world, a single call to the helpline number will assist you in getting the card replaced. You can opt for a single plan, joint plan or multiple plan, depending on your needs.
Key features provided by the bank are:
-Emergency hotel and travel assistance
-Emergency cash advance
-Valuable document registration
-Fraud protection
-Service to report lost mobile phone
-Service to replace lost PAN card
-Service to register mobile phone identifier (IMEI)
-Provision of key fob attachment for keys and reminder stickers
There are three types of plan available. The charges for these plans are as follows:
-Classic Single Plan will cost Rs.1,599 (taxes included) annually
-Premium Joint Plan will cost Rs.1,999 (taxes included) annually
-Platinum Family Plan will cost Rs.2,499 (taxes included) annually
The card protection plan from SBI is designed to safeguard financial and non-financial documents of a customer against fraud and theft. Key features offered by the bank are:
-Single call loss reporting through which you can report the loss of your cards by calling CPP’s helpline number, functional 24 hours.
-International number for emergency services abroad.
-Emergency travel assistance up to Rs.1.6 lakh.
-Emergency hotel assistance up to Rs.1.6 lakh.
-Emergency cash assistance in India for up to Rs.20,000.
-Facility to enroll up to 4 members of your family to the Card Protection Plan.
-CPP SMS service through which you can send an SMS to speak to a customer care associate from CPP.
-Fraud protection service.
-Facility for replacement of lost PAN card.
-Facility for reporting lost mobile phone and SIM blocking.
-Facility to avail the services of a case officer.
-Availability of key fobs and reminder stickers.
-Registration of valuable documents.
-Registration service for mobile phone identifier.
Three types of plans are issued which are priced as follows:
-Classic Single Plan costs Rs.1,599 (taxes included) annually
-Premium Joint Plan costs Rs.1,999 (taxes included) annually
-Platinum Family Plan costs Rs.2,499 (taxes included) annually
Axis Bank card protection plan
Axis Bank offers protection for all your cards and important documents from theft, emergencies, and fraud. Call CPP helpline number in case your cards are lost or stolen. Key features of the plan include:
-The lost card/cards will be blocked with just one phone call.
-Fraud protection is offered.
-In the event of loss of PAN card, free replacement will be provided.
-IMEI registration and SIM blocking service is available.
-In India, the emergency cash facility is provided.
-Emergency hotel and travel assistance is included.
-Registration of valuable documents is allowed.
-For each CPP Membership, one subscription of F-Secure Internet Security is offered.
The following packages are offered by the bank:
-Premium Plan at an annual cost of Rs.1,999, inclusive of taxes
-Platinum Plan at an annual cost of Rs.2,499, inclusive of taxes
IndusInd Bank offers card protection plan to protect the important cards and documents of customers. The key features of the CPP card protection plan are:
-Card blocking facility through a single call to CPP
-Emergency cash service in India
-Emergency advance for hotels abroad
-Emergency advance for hotels in India
-Replacement travel ticket advance abroad
-Replacement travel ticket advance in India
-Fraud protection
-IMEI and SIM registration service
-SIM card blocking or lost phone reporting service
-Single subscription of F-Secure Internet Security pack
-SMS2Talkr service
-Services of a case officer
-Reminder stickers or key fobs
-Free PAN Card replacement facility
-Extension of membership to family
The bank offers the CPP card protection plan in the following packages:
-Classic Single Plan which has an annual cost of Rs.1,599 (inclusive of taxes)
-Premium Joint Plan which has an annual cost of Rs.1,999 (inclusive of taxes)
-Platinum Family Plan which has an annual cost of Rs.2,499 (inclusive of taxes)
Once you select the bank and the plan, you need to pay the requisite fees. Once the fee is paid, you will receive a welcome kit to you with your unique membership number on the same. You also need to fill out a registration form and send back to the bank. For convenience, you can do the registration through placing a call to the customer care number of the bank.
You can register all the debit cards you hold. There is no upper limit on card registration.
No, you can register all the cards and important documents that you hold. In case you misplace your financial cards or they are stolen, you can block all of them with a single call.
Most banks provide you assistance to obtain a replacement PAN card. Get in touch with the bank who has provided the card protection plan. You will need to submit a few documents to receive the replacement card.
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