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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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