What is CPP and what are the benefits of CPP?

What is CPP and what are the benefits of CPP?

Read about the features and benefits of Card Protection Plan (CPP) and how you can claim benefits of the plan.

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3 mins
21 Mar 2023

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.

Fraud protection

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.

Additional benefits

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.

Disclaimer

Insurance is the subject matter of solicitation. Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third-party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and ManipalCigna Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer to insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Visitors are hereby informed that their information submitted on the website may be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt Ltd, etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective value-added service provider or Assistance company.
Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.