All You Need to know About a Card Protection Plan in India

credit or debit card insurance


Debit and credit cards are the new-age replacements of hard cash which comparatively eased the process to make payments. These have eliminated the need to carry cash everywhere. Now, an individual can easily rely on such plastic cards for a majority of their transactions.

Along with this benefit, cases of theft and fraudulent practices involving your debit and credit cards also increased significantly. You may end up losing your cards, leading to financial loss. You can now receive protection against this situation with a card protection plan or CPP.

What is CPP?

A credit card protection plan is a comprehensive protection scheme for your cards against loss, fraud, theft, and other contingencies. The plan safeguards all your cards including your debit card, credit card, ATM card, loyalty card, and in some cases, your Permanent Account Number (PAN) card as well.

When you register for the CPP in India, you will also avail several other useful services like blocking all your cards with just one phone call, travel expenditure assistance, fraud protection plan, and many more. Generally, the plan once availed remains valid through one year, and then needs renewal.

Advantages under CPP in India

  • A dedicated toll-free helpline number is available to assist 24/7.
  • Options to block all cards at one go by calling a given helpline. In turn, the issuing company of each card will be called individually to for the procedure in question.
  • If you have lost your wallet in transit, the emergency cash and travel assistance service offered by CPP will help you settle all your hotel bills. Even if the air ticket is lost, a replacement ticket will be arranged for you. You can avail it by paying only a nominal premium.
  • The coverage is offered within the country as well as overseas.
  • The offer comes with a fraud protection plan for the lost card as a complimentary service, and this ensures that you are protected against any card based fraudulent activities in terms of counterfeiting, fraud and phishing based on PIN, theft/loss, skimming, and online usages.
  • All your valuable documents like passport, insurance policies, driving license are covered under the CPP plan. The data remains stored in a system and is accessible whenever required.
  • In case your PAN card is lost or misplaced, then the card protection service provider will expedite the process of re-issuance of the card.
  • You can also register a complaint if the phone is stolen or lost, with the aid of the mobile phone identifier (IMEI) registration service. This will prevent the phone from accessing the network.
  • There is also the ease of blocking your SIM by reaching out to the service provider if the phone is lost or stolen.

It is quite easy to apply for such credit or debit card insurance schemes. It goes like this –

  • Step 1- Visit the website of the insurance service provider and look for the particular scheme.
  • Step 2- Type out your vital information like, name, gender, D.O.B, address, mobile number, and email id.
  • Step 3- Make the payment and within 3 days your membership details, the welcome pack will be forwarded to your registered e-mail id.

Availing a CPP in India is a gaining ground as a growing number of individuals opt for coverage against misplacement of their valuable cards. If you want to protect multiple cards you possess and are looking for a more feasible option, avail the wallet care Card Protection Plan under the easy to avail Pocket Insurance schemes offered by Bajaj Finserv. It offers coverage of up to Rs. 1 Lakh against various forms of fraudulent activities associated with the use of the lost card. You can also additionally avail Pocket Insurance schemes such as the identity theft insurance cover for additional debit or credit card coverage

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