Cashless transactions are gradually replacing traditional payment systems in India. This transition comes after government initiatives like Digital India Mission that encourage citizens to go cashless.
Rapid adaptation of digitalisation and payment cards like debit and credit cards in the country has also resulted in the rise of payment fraud. To combat this situation, opting for CPP or Card Protection Plans has become a necessity. Recently, CPP India is offering this service to its consumers. However, it is crucial to learn about this solution in detail before opting for it.
Here is a detailed look at CPP and other pertinent details.
What is CPP?
The full form of CPP is Card Protection Plan It is a preventive measure undertaken to curb fraud related to payment cards. CPP works almost like an insurance policy wherein the policyholder can claim the sum insured in case of any financial loss. Depending on the insurer and the sum insured, the benefits and features of this plan may vary.
Besides CPP India Group, almost all leading financial institutions offer this plan to ensure the payment card’s safety. The validity of this plan is generally one year, and you need to renew it every year to claim its benefits.
What are the benefits of CPP?
Besides protecting payment cards, CPP benefits also comprise various other important facets. Check out the pointers below to know more.
Blocking compromised cards
Blocking the cards must be the first priority on finding out that your financial accounts or card are at a risk of getting compromised. The situation is still manageable if only a single card is at risk.
However, what happens when the entire wallet goes missing? Or it had two or three credit and debit cards in it? Calling every card provider to block the respective cards can be extremely cumbersome. It may take up a considerable amount of time as well.
In the meantime, the fraudsters may use the cards to initiate multiple financial transactions. To avoid such a situation, CPP India and other financiers offer a single-call card-blocking facility. Once you inform the insurer, they will undertake measures to ensure that each payment card is blocked from further use.
Travel and hotel assistance
With a card protection plan, the issuer also pays for the hotel and other expenses in case the insured cards get lost or stolen. Depending on the plan chosen, it may also cover the cost of train or flight tickets.
All you need to do is call the CPP customer care number and mention your policy number. Apart from this, also share other necessary details to facilitate a faster claim process.
Emergency cash advances
Although some CPP India insurers cover the cost of hotel and travel expenses if the insured cards are compromised. Individuals still may require cash advances for an emergency. In such cases, you can also withdraw money using the CPP credit card or debit card. It comes with a settlement of up to 28 interest-free days.
Most CPP India plans accompany a fraud protection feature. This allows the policyholders to claim for monetary loss due to credit, debit card, or PIN fraud. In some cases, CPP also allows them to claim for fraudulent transactions of up to the last week.
Covers multiple family members
You can also add your family members under CPP India, besides seeking your own coverage. This facility is available with different standalone travel insurance policies.
Besides protecting the payment cards and financially safeguarding the cardholders, CPP also offers a host of additional benefits that can simplify financial transactions. These include -
1. SIM blocking facility
2. Covering the replacement cost of the lost PAN card
3. Dedicated F-assured antivirus programs to protect the system
To know more about the additional features, contact your insurer.
How to avail CPP in India?
Apart from CPP India Group, several renowned insurance providers like Bajaj Finance also offer policies like Wallet Care, domestic travel plans, etc. These insurance plans extend coverage against the financial loss that may arise from card fraud in India. Availing of such plans has become hassle-free with online application and claim procedure.
You can pay a nominal premium to enjoy sufficient financial coverage for card protection. Note that the card protection plan’s validity starts from the day of its purchase and ends after a year. If you want to continue the CPP benefits, renew the plan for the next year.
Hence, CPP India is a must-have if you possess multiple payment cards. It will help you mitigate any financial loss arising due to the mishandling of insured cards. Opt for such a plan now to remain financially secure.