A loss of a credit card requires immediate attention as it becomes vulnerable to financial fraud. Thus, lenders offer Card Protection Plan (CPP) that safeguards your financials if you misplace 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 credit card protection plan is a part of Card Protection Plan or CPP. It is an insurance scheme that provides coverage against financial losses due to the loss of payment cards and PAN cards. Cardholders can purchase this plan against a nominal yearly premium. CPP helps protect your cards against the risk of loss, fraud, and damages.
Card protection plans also offer other useful features. This includes blocking your card with a phone call, emergency travel assistance, and more. Here is a detailed look at all the benefits that CPP has to offer.
Features and benefits of CPP
The CPP Wallet Care plan provides coverage of up to Rs. 2 lakh, at an annual subscription fee of just Rs. 699. Given below are the features of this card protection plan offered through Bajaj Finance:
• Instant card blocking with a single call
In case your wallet is stolen or lost, you can call on 1800-419-4000 (toll-free number) and get all your cards blocked at the same time. This reduces the hassle to contact multiple banks to get the cards blocked instantly.
• PAN card replacement
The insurer also facilitates fraud protection for PAN cards through immediate replacement along with registration for valuable documents.
• Emergency travel assistance
The plan provides emergency cash assistance if your wallet gets lost or stolen while travelling within the country or abroad.
• Complementary protection against fraud
Apart from safeguarding you against loss of cards, the plan also provides complimentary coverage against fraud, such as tele-phishing, phishing, PIN-based fraud, among others. The coverage amount differs based on the insurer.
• Additional entertainment benefits
Along with offering the above-mentioned benefits, the plan also provides add-on annual subscription of ZEE5.
How to apply for a credit card protection plan
Complete the following steps to apply for your card protection plan.
Step 1: Click on ‘Buy Now’ button on this page.
Step 2: Enter your full name as on your PAN card and mobile number and press the ‘Proceed’ button.
Step 3: Enter the One Time Password (OTP) received on your registered mobile number for verification.
Step 4: If your mobile number is present in our records, your details on the form will be pre-filled and you need to review the details.
Step 5: In case you are a new customer buying the plan, you will need to fill in the details required - name, address, email address, and phone number.
Step 6: Once details are reviewed or filled out, the payment page will open. Complete the online payment via one of the following options: UPI, net banking, credit/ debit cards, and wallet.
Step 7: After the payment is successful, you can download the plan receipt instantly.
Credit card protection plans provide a layer of security for credit card users. These plans offer fraud protection, purchase protection, and extended warranties. With such benefits, consumers can rest assured that their purchases are protected, and their sensitive data are secure. A credit card protection plan is a valuable investment for anyone looking for peace of mind while shopping.