Insurance Plan for Credit/Debit Card, PAN Card, Membership Card

• Everybody is aware that Credit cards, debit cards, PAN card, membership cards are an integral part of one’s wallet, life nowadays. Now that PoS terminals are easily available at shops and cashless transactions, urbanites now heavily rely on credit cards and debit cards. If the wallet is lost or misplaced, there is a risk of misuse of the cards.
• Nowadays, banks and insurance companies offer Card Protection Plan (CPP) which offers insurance cover against any loss, theft, or fraud that has occurred to the cardholder in such a situation. Under this protection plan, your cards are protected from loss, theft or frauds.
• Apart from just credit or debit cards, documents such as Permanent Account Number (PAN) card are also protected under such plans.
• In order to avail the benefits of these covers, customers have to pay a fixed amount to insure their cards. Depending on the service and tenure, banks offer several card protection plans. Various public, as well as, private sector banks have different Card Protection Plans.

What should users do?

• To avail these plans, users have to pay an annual premium. Depending on the service and tenure the cost of such a plan ranges between Rs 900 and Rs 2,100.
• Banks like the State Bank of India, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank and Axis Bank offer Card Protection Plans.
• The scheme covers your credit and debit cards from any fraud due to loss/theft, skimming, counterfeiting, phishing, online usage or PIN-based frauds.

Let us see more details about these one by one

1. SBI CPP:  
   1. As a Premium Card Protection customer, you can enroll only your spouse under the same plan.
   2. If you apply for a Platinum Card Protection plan, you can enroll up to 4 members of your family, (spouse and parents) and they can avail all the benefits of the Card Protection plan.
   3. In case you lose your valuable credit, debit, ATM cards of any bank, you can make a single call to CPP’s 24-hour helpline number to block all your lost cards.
2. ICICI Bank CPP: 
   1. 1. ICICI Bank also offers CPP Card Protection.
   2. It can be used in the event of card loss, theft, any related fraud and emergencies.
   3. You can safeguard all financial and non-financial cards including credit, debit, loyalty and membership Cards with CPP Card Protection.
   4. In case of card loss or theft that may have occurred anywhere in the world, all you need to do is call CPP’s 24-hour helpline, to report loss of card(s).
3. Yes Bank CPP:
   1. Yes Bank also offers CPP Card Protection which safeguards your Credit Cards, Debit Cards and Pre-paid Cards in the event of card loss, theft, any related fraud and emergencies with YES BANK.
   2. Key benefits include Single call assistance to block all Credit/ Debit/ Prepaid cards across all banks, Emergency Cash assistance in India, Emergency Hotel Bills/ Travel tickets assistance in India and Overseas, Free PAN card replacement, Roadside Assistance Benefits, Mobile phone benefit if the Mobile phone is lost and Credit Report and Analysis Benefit.

4. Kotak Mahindra Bank CPP: 
   1. Kotak Mahindra Bank also offers CPP protection.
   2. Users can register now CPP Card Protection Programme to avail the facility to block all their cards through a single phone call.
   3. The service is available to 24X7. One can simply call CPP at 1800 419 4000 to block cards.

5. Axis Bank CPP: 
   1. Axis Bank in association with CPP Assistance Services (P) Ltd. offer comprehensive card protection service.
   2. With CPP, you can protect all your cards and important documents in the event of loss, theft, fraud and emergencies.
   3. Benefits include One call to block all your lost or stolen cards, Fraud protection – 15 days Pre Notification, Free replacement of Loss Pan Card, SIM Blocking & IMEI registration service, Emergency Cash Advance Facility (in India only), Emergency Travel & Hotel Assistance and Valuable Document Registration.

General:

• Card protection plan takes effect from the date of payment for one year. To avail the benefits, the user needs to sign up for the desired credit protection plan by filling up a form with basic personal details and paying the stated annual premium.
• Once the payment is made successfully, a welcome kit is sent to the user which typically consists of a confirmation letter, benefits of the plan, terms and conditions along with a registration form. The user is required to fill in the information with respect to all the cards that they wish to link to the plan. The duly filled form must be sent back to the CPP issuing company or the bank. Note that auto-renewal option can be availed to renew the plan at the end of the term to avoid loss of cover.