Most of the people are not aware of Card Protection Plan (CPP). Card Protection Plan helps you in securing your credit card, debit card, and wallet loss condition. CPP is not a new concept it is old terminology used for card and wallet protection.
Recently, I have come across one incident. My friend had gone to a restaurant along with his family. At the time of making the payment, he found that his wallet is stolen. He was carrying a credit card, debit card, PAN card and other important documents in the wallet. Fortunately, he has purchased a card protection plan. He immediately called customer service of SBI and got the help of emergency cash for bill payment. Apart from that, he has got assistance in free PAN card replacement and support for the card blocking.
The situation mentioned above can take place for anyone anytime. However, if coverage of card protection plan is purchased you will be secured against the misuse of credit card, debit card as well as personal identity documents.
What is Card Protection Plan (CPP)?
Card Protection Plan as the name suggests it is a plan that offers protection to your card as well as your money, and identity in case of wallet loss. Most of the bank and credit card companies offer CPP plan for a credit card, debit card as well as other important documents kept in your wallet. It also provides coverage against phishing and online fraud. The detail information about what benefits you can expect by buying CPP are given below.
What does a Card Protection Plan offer?
Block All cards at a single go
In case you lose all your credit card and debit card, it is pain to call customer care service of individual companies and block card one by one. CPP provides a facility of blocking all cards at a single go. You just need to inform customer care facility and they will ensure to block all your cards.
Fraud protection features help you ensure that no fraudulent transaction takes place in case your card is lost. If you suspect that someone is using your stolen card. You can inform CPP in advance to prevent any losses.
Replacement of Important documents
In the case of wallet loss replacing ID cards such as PAN card, Aadhaar is very painful. You need to deal with multiple agencies to apply for new cards. If you have purchased CPP, you can request a company for the replacement of cards and it will be done without any extra cost.
Emergency Cash Advance Facility
Most of the CPP plans provide emergency cash advance facility. The amount of advance varies from plan to plan. It generally starts with Rs.5000. In case of wallet loss, you just need to inform CPP customer care and you will be given emergency cash at the required or nearby place. You need to return this money in 28 days.
Emergency Travel and Hotel assistance
You will also get emergency travel and hotel assistance benefits. Suppose you are traveling outside and you lose your wallet. It will be very difficult to settle a hotel bill and complete the remaining trip. If you have purchased card protection plan you can get the benefit of emergency travel and hotel assistance. This benefit can be provided for domestic and international places. The benefit given here will vary from bank to bank.
Lost Mobile Phone and SIM Blocking
In case you lose your mobile phone you can make use of CPP services for blocking SIM and reporting stolen mobile at a police station. You need to register your phone’s IMEI number at CPP and they will help you to track your mobile also.
Dedicated Case officer
Few plans also offer the facility of a dedicated case officer. A dedicated case officer helps you in addressing all your requirement in case of card or wallet lost. In case you want a dedicated case officer to handle your case you need to inform the customer care team of CPP.
SMS to Call Back Services
You can also avail SMS to Call back services. In this facility, you can SMS to a dedicated number and get call back services for untoward incidents.
How to purchase Card Protection Plan?
It is very easy to purchase a card protection plan. This plan can be purchased online as well as offline. Before purchasing this plan, you need to decide from which company you want to purchase this plan. CPP is provided by following bank and organizations.
- ICICI Bank
- Bajaj Finserv
- Yes Bank
- CPP Group
You need to fill up the form mentioning your card detail, communication detail, and personal information. The representative will call you back with required plan information. The annual premium of card protection plan is in the range of Rs.1650 to Rs.2600.
Do you need a Card Protection Plan?
Well, buying a CPP or not is a personal decision. For a middle-class person, CPP will be an additional liability. However, if you are from upper middle class carrying multiple credit cards and debit cards in your wallet you can opt for CPP.
Additionally, if you are a frequent traveler with a tendency to lose items on the move, you should buy a card protection plan. A CPP will help you on the foreign land for emergency travel and hotel assistance.
Do you think it is worth to buy a card protection plan? Do share your views in the comment section.