India is seeing a significant rise in the use of debit and credit cards. But this has also led to fraudsters finding new ways to make money.
To protect the hard-earned money of depositors, most banks and insurance companies now offer a 'Card Protection Plan' (CPP) which protects your debit and credit cards.
What is CPP?
The scheme that is offered by your bank/insurance company covers your credit and debit cards from any fraud due to loss/theft, skimming, counterfeiting, phishing, online usage and PIN-based frauds. The CPP will help you block the card and get it replaced.
How CPP works?
Various public and private banks offer different protection plans. You will have to pay a particular amount annually to avail the service. The plan ranges from Rs 900 to Rs 2,100 depending upon the type of coverage, tenure etc.
How does protecting your card help you?
Exclusive helpline for CPP:
You can report the loss in just a single call. In case you lose your credit, debit or ATM card, you need to make a call to your bank's 24-hour CPP helpline number to block them. These helpline numbers will be accessible from any part of the world.
Emergency hotel and travel assistance:
Say, for example, you are travelling out of town and have lost your card. Under the CPP, depending upon your coverage, your bank/insurer will take care of your emergency travel expenses to help you reach home safely. The travel tickets will be booked for you. This emergency money will be given to you interest-free. You will have to repay it within a stipulated period of time.
Easy replacement of cards:
Apart from the debit and credit cards, the CPP will also cover loss and theft of PAN cards. Your bank will get your PAN card replaced at no additional cost. You can also get covers for your passport, driving licence, insurance policies and SIM cards under CPP.