• Card Protection Plan

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    Debit and credit cards have removed the hassles that were originally associated with payments through cash. Hence, it is becoming increasingly important to protect your debit card from theft and fraud. Opting for a Card Protection Plan (CPP) is a great way to ensure the safety of your debit card.

    What is Card Protection Plan (CPP)?

    CPP is a comprehensive service that protects your debit card from theft, loss, fraud, and other similar emergencies. This service, apart from being available to debit and credit cards, can also be used for the protection of PAN card, Aadhaar card, etc. In addition to protection of the card, there are several other services that you can avail by registering for this offering.

    The Card Protection Plan comes with a validity of one year. After that period, you will have to request for a renewal of the plan. Most banks today offer three types of CPP, i.e., Classic, Premium, and Platinum schemes.

    Services available under CPP

    Both public and private sector banks are offering numerous services under Card Protection Plans. The benefits are usually standard across various players in the industry. The costs, however, range widely based on the type of plan you have selected.

    It is possible to include more than one individual under a plan. So if you opt for a plan that protects your card and that of your spouse, you will be paying an additional amount for the extra coverage. You may also opt for a plan that protects the cards of your parents, in addition to yours and your spouse’s, i.e, a total of 4 members.

    The services available under a CPP is as detailed below:

    • Toll-free number - You just have to make a phone call to block the card if it has been stolen or lost. There will be a dedicated toll-free number for this purpose. The bank will, in turn, call the card issuer and get it deactivated.
    • Emergency hotel and travel assistance - While travelling, if you have lost your wallet containing your cards, then CPP will aid in settling your hotel bills. If you have also lost your travel ticket, the service assists you in getting a replacement ticket. The cost and facilitation involved in the process will be incurred by the bank. It should be noted that there is a cap on the amount provided for each of these services. Some banks even offer you the emergency hotel and travel assistance service overseas.
    • Emergency cash - If you have lost your wallet, the CPP service helps you by providing an emergency cash advance. This service is usually available only when you travel within the country. The money that you receive as advance will have to be paid back within 28 days.
    • Valuable document registration - Through this facility, the bank enables you to register all important documents, such as passport, driving license, insurance policy, etc. for safe maintenance. The data stored in the system can be easily accessed when required. In addition to this, banks also provide a mobile phone identifier (IMEI) registration service.. This service allows you to register a complaint in case you have lost your phone. Through the IMEI number, the stolen/lost phone will be prevented from accessing the network.
    • Passport assistance and card replacement service - In the event of loss of a debit card, you should immediately look to inform the CPP service and block the use of the card. CPP will also provide assistance in getting the lost card replaced. All the paperwork required for the same will be completed with minimum hassles to the customer.

    In the event of loss of a PAN card, CPP will take care of all the procedures involved in getting a new one issued. If you have lost your passport while travelling abroad, CPP will expedite the process of getting a new passport issued to you, so that you can return home at the earliest. It is important to carefully read the terms and conditions associated with your plan, so that you are aware of the extent to which these facilities will be available to you.

    • Blocking of SIM - In case you have lost your mobile phone, CPP will assist you in getting your SIM blocked by reaching out to the network provider.
    • Fraud protection - As part of the plan chosen, you will be protected from fraudulent use of your stolen card. The cover will be offered from up to 15 days before the loss report. The CPP service also protects you from phishing, counterfeiting, skimming, and PIN-based frauds.

    Benefits of CPP

    As debit and credit cards generally come with limited liability in the event of loss, it makes sense to opt for a Card Protection Plan.

    • In case you have multiple cards from different banks, CPP assists you to a great extent. In the event of loss of all cards, you need not make multiple phone calls to each bank to report the same.
    • CPP acts as a cost-effective form of travel insurance to frequent travellers, as it offers them a host of benefits.

    Banks that offer Card Protection Plans

    Several banks in India offer Card Protection Plans for the benefit of their customers. Some of these include:

    1. ICICI Bank CPP

      One of the first comprehensive card protection services in the country was introduced by ICICI Bank. It is possible to protect all financial and non-financial documents using this service, i.e., debit cards, credit cards, loyalty, membership cards, etc. If you are a registered member to this service and you have lost your card anywhere in the world, you will just have to call CPP’s helpline number that is operational 24 hours a day. Once you report the issue, CPP will request the issuer to cancel the card and will also assist you in getting the card replaced.

      Key features of the plan include:

      • 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

      These services are made available to customers in three packages, each with a specific coverage:

      • The Classic Single Plan at a price of Rs.1,599 (taxes included) annually
      • The Premium Joint Plan at a price of Rs.1,999 (taxes included) annually
      • The Platinum Family Plan at a price of Rs.2,499 (taxes included) annually
    2. SBI CPP

      The Card Protection Plan from SBI is specifically designed to safeguard the customer’s debit cards, credit cards, and other important documents from fraud and theft. Key features of the plan include the following:

      • 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.
      • 1 year subscription of F-Secure Internet Security will be made available with the CPP membership.

      Customers can avail these services in three packages, each with a specific coverage:

      • Classic Single Plan that costs Rs.1,599 (taxes included) annually
      • Premium Joint Plan that costs Rs.1,999 (taxes included) annually
      • Platinum Family Plan that costs Rs.2,499 (taxes included) annually
    3. Axis Bank CPP

      Axis Bank brings you a comprehensive card protection service in alliance with CPP Assistance Services (P) Ltd. The service offers protection for all your cards and important documents from theft, emergencies, and fraud. If you lose your card anywhere in the world, you just have to call up CPP’s helpline number that functions on a 24 hour basis. Salient 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.

      Customers can avail these facilities through either of the two packages offered by the bank:

      • Premium Plan that has an annual cost of Rs.1,999, inclusive of taxes
      • Platinum Plan that has an annual cost of Rs.2,499, inclusive of taxes
    4. IndusInd Bank CPP

      IndusInd Bank provides its customers the Card Protection Plan to safeguard their important cards and documents. The benefits offered by the service are listed below:

      • 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 service to customers in three packages:

      • Classic Single Plan that has an annual cost of Rs.1,599 (inclusive of taxes)
      • Premium Joint Plan that has an annual cost of Rs.1,999 (inclusive of taxes)
      • Platinum Family Plan that has an annual cost of Rs.2,499 (inclusive of taxes)
    5. Kotak Mahindra Bank CPP

      Kotak Cards offers customers the CPP Card Protection Program to protect their cards and important documents from theft, loss, or fraud. Some of the features of the scheme include the following:

      • One call to block all cards.
      • Emergency hotel and travel assistance up to Rs.80,000 in India and Rs.1,60,000 abroad.
      • Emergency cash advance up to a limit of Rs.20,000 in India.
      • SIM blocking service is provided.
      • Free replacement of lost PAN Card.
      • Fraud protection coverage is offered.
      • Customers can report losses at CPP’s helpline number, 24 hours a day.
      • For each CPP membership, Norton or F-Secure Mobile Security package is provided.
      • IMEI and SIM registration facility is offered.
      • Roadside assistance service is included in the package.
      • Customers can avail a single analysis of his/her credit report annually.
      • Key fob and retrieval facility is provided.
      • Services of a case office can be availed.
      • Mobile wallet protection is offered.
      • Replacement of lost PAN Card is available.

      Customers can avail these benefits by registering to either of the two plans offered by Kotak Mahindra Bank:

      • Card Protection Classic Plus Plan priced at Rs.1,999 (including taxes) annually
      • Card Protection Premium Plus Plan priced at Rs.2,499 (including taxes) annually

    Summary

    A Card Protection Plan is an ideal way to insure your debit cards from fraud and theft. The coverage offered by each plan varies based on the bank and the pre-defined terms and conditions associated with the cover. Hence, it is important to read through the fine print before you purchase a plan.

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