What is CPP & What are the Benefits of CPP?

Cashless transactions are gradually replacing traditional payment systems in India. This transition has been prompted by 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 frauds. 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 details before opting for it.

Following is a detailed look at CPP and other pertinent details.

What is CPP?

Card Protection Plan or CPP is a preventive measure undertaken to curb frauds related to payments cards. CPP Plan works almost like an insurance policy wherein the policyholder can claim the sum insured on falling prey to any cybercrime, with subsequent 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 leverage its benefits.

What are the Benefits of CPP?

Besides protecting payments cards, CPP benefits also comprise various other important facets. Check out the pointers below to know more -

• Blocking compromised cards

On finding out that your financial accounts or card details are compromised, the first thing you need to do is block the cards immediately. The situation is still manageable if only a single card is hacked.

However, what happens when the entire wallet is misplaced or stolen, and it had 2/3 credit and debit cards in it? In such cases, calling every card provider to block the respective cards can be extremely cumbersome and take up a considerable amount of time.

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 multiple card-blocking facility through a single call. 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 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 have to do is call the CPP customer care number and mention your policy number and 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 with a settlement of up to 28 interest-free days.

• Fraud protection

Most CPP India accompany a fraud protection feature which allows the policyholders to claim for the monetary loss due to credit, debit card or PIN fraud. In some cases, CPP also allows them to claim for the fraudulent transactions of up to last one 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 -

I. SIM blocking facility.
II. Covering the replacement cost of the lost PAN card.
III. 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 aggregators like Bajaj Finserv also extend policies like Wallet Care, Domestic Travel Cover, etc., under Pocket Insurance and Subscriptions. These insurance plans extend coverage against the financial loss that may arise from card frauds in India. Availing 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 insurance policy 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 if you possess multiple payment cards. It will help you to mitigate any financial loss arising due to mishandling of any of the insured cards. Opt for such a plan now to remain financially secure.

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