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  • Kotak Mahindra Bank Card Protection Plan

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    As the economy gravitates towards going cashless, debit and credit cards have come to play a significant role in the payment process. Hence, it is critical that we protect our cards from risks such as theft, misplacement, and fraud. However, if you are in a situation where you have lost your wallet with several cards in it, after the initial panic attack wears off, you will have the endure the arduous process of calling up each bank to block the cards.

    Today, banks provide customers the facility to protect their cards from theft or loss by registering for Card Protection Plan (CPP). Kotak Mahindra Bank provides you this service after a simple registration process. The CPP service is available to you 24x7, and all throughout the year.

    Features and benefits of Kotak Bank Card Protection Plan

    Key features of the Card Protection Plan offered by Kotak Mahindra Bank are as follows:

    • Customers can block all compromised cards through just one phone call to the CPP service.
    • CPP provides emergency cash advance to customers in India, up to a limit of Rs.20,000.
    • The service also offers emergency hotel and travel assistance up to a maximum amount of Rs.80,000 in India and Rs.1,20,000 abroad.
    • It is possible to report a lost mobile phone or request for SIM Blocking through CPP.
    • The facility also provides free replacement of PAN Cards and fraud protection.
    • The fraud protection coverage includes lost or stolen cards and fraudulent use of cards, such as phishing, skimming, online fraud, counterfeiting, and PIN-based fraud.

    How to apply for Kotak Mahindra Card Protection Plan

    The application process for the Kotak Mahindra Card Protection Plan is simple.

    • Customers can SMS DCPP from their registered mobile number to 5676788 or 9971056767.
    • The customer care number of the bank is 1860 266 2666, and it is available 24x7. Customers can call the customer care helpdesk to register for the CPP service.
    • Registration can also be done online through the Kotak Net Banking facility. Once the customer logs in to Net Banking, he/she can apply for ‘Card Protection Plan’ under the ‘Debit Card’ option.
    • Alternatively, the customer can walk into a Kotak Mahindra Bank branch and submit the updated Channel Access Form.

    Details of Kotak Mahindra Card Protection Plan

    One of the significant benefits of Kotak Mahindra Card Protection Plan is the facility to block all compromised cards through a single phone call. Customers can contact CPP at the toll-free number 1800 419 4000 for the same.

    Customers can avail the Card Protection Plan through either of the two packages offered by Kotak Mahindra Bank:

    • Card Protection Classic Plus
    • Card Protection Premium Plus

    The coverage for each plan is detailed below:

    CPP Benefits Card Protection Classic Plus Card Protection Premium Plus
    Annual membership fees, inclusive of applicable taxes Rs.1,999 Rs.2,499
    Coverage for additional members in one membership Single Spouse
    Emergency Assistance Benefits
    Emergency cash in India for each CPP membership Rs.5,000 Rs.20,000
    Emergency hotel bills abroad Rs.80,000 Rs.1,20,000
    Emergency hotel bills in India Rs.40,000 Rs.60,000
    Emergency travel ticket abroad Rs.80,000 Rs.1,20,000
    Emergency travel ticket in India Rs.40,000 Rs.60,000
    Card Loss Reporting Benefits
    24 hours loss reporting facility Yes, for all cards Yes, for all cards
    Free loss reporting facility through telephone Yes Yes
    Coverage all around the world Yes Yes
    Internet Security, on the basis of one subscription for each CPP membership
    Norton/F-Secure Mobile Security pack for smartphones and laptops Yes Yes
    Comprehensive solution for internet security (owned by F-Secure) for PCs and laptops Yes Yes
    Roadside Assistance Benefits
    Battery jumpstart, breakdown assistance, fuel delivery, support for flat tyre, vehicle towing service, etc. Yes Yes
    Other Mobile Benefits
    In the case of stolen smartphones, temporary smartphone replacement Yes Yes
    IMEI and SIM registration service Yes Yes
    Reporting of lost phone/SIM blocking Yes Yes
    Credit Report Analysis Benefits
    Credit analysis facility (single analysis each year) Yes Yes
    Additional Benefits
    Telephone registration line Yes Yes
    Valuable document registration Yes Yes
    Reminder stickers Yes Yes
    Service for replacement of lost PAN Card Yes Yes
    Key-fob service Yes Yes
    SMS to call-back Yes Yes
    Dedicated case officer Yes Yes
    Fraud protection through Group Insurance Policy
    Total cover available for card loss, theft, or fraud such as counterfeiting, skimming, phishing, duplicate cards, compromised cards, PIN-based fraud, etc. Rs.1 lakh Rs.2 lakh
    Number of days covered before the card issuer is notified 30 days 30 days
    Limit for each card No limit No limit
    Mobile wallet protection for each membership Rs.50,000 Rs.1 lakh
    Maximum limit for each mobile wallet No limit No limit
    Number of days covered before the notification 3 days 3 days

    Conclusion

    Given that debit and credit cards usually come with limited liability for loss, theft, and fraud, it is beneficial to opt for a card protection plan to insure them. In addition, you can also protect your valuable documents like PAN Card and passport.

    The add-on benefits offered by CPP is useful for a frequent traveller as well. Although most of these add-on benefits are included under a good travel insurance plan, the premium associated with travel insurance is usually on the higher side. In comparison, CPP is a cost-effective way to avail this protection.

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