Loss of a credit card requires immediate attention as it remains vulnerable to financial fraud. Thus, lenders offer credit card protection plans (CPP), a scheme that safeguards your financials if you lose your credit or debit cards. Check out a detailed overview of what the plan brings to the table.
What is a Credit Card Protection Plan?
A Card Protection Plan or CPP is an insurance scheme that provides coverage against financial losses incurred due to card loss. Cardholders can avail of the plan against the nominal yearly premium. Under this plan, the insurer also provides coverage for other cards and important documents like debit cards, PAN cards, etc. Protect your cards against the risk of loss, fraud and damages.
Other features include blocking your card with a phone call, emergency assistance during travel, and more. Now that you know what CPP is, here’s a detailed look at all the benefits it has to offer.
Benefits of CPP
A credit card protection plan comes with the following features and benefits.
Instant one-call blocking facility
Call the credit card protector to block all cards in case you lose your wallet. It spares you the hassle of calling independent card issuers to block each card lost or stolen.
Assistance for card replacement
Additional benefits include replacing your lost card under CPP. The insurer also facilitates fraud protection for PAN cards through immediate replacement along with registration for valuable documents.
Economy through a single premium payment
A one-time, yearly fee makes CPP economical and a no brainer.
One plan for all cards
Enjoy protection against the loss of all cards with a single premium payment.
Complementary protection against fraud
Apart from safeguarding you against loss of cards, the plan also provides complimentary coverage against fraud, extending from tele-phishing, phishing, PIN-based fraud, amongst others. The coverage amount differs based on the insurer.
Emergency cash assistance during travel
Enjoy emergency cash assistance while travelling. Use the cash to settle unpaid bills for hotels, ticket bookings, etc. The scheme covers you against losses during domestic or international trips.
How to apply for a Credit Card Protection Plan
Complete the following steps to apply for your card protection plan.
Step 1: Fill up the application form available on the insurer’s website
Step 2: Select premium and pay online
Step 3: Once paid, you will receive a welcome kit for your card protection plan at your registered email ID or postal address
Step 4: Fill up your registration form for all the cards that you want to be covered under CCP with the required details, and submit it to your card protector
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