Cashless transactions have indeed become the new norm in India, considering there is barely anyone who doesn’t use debit and credit cards for transacting. That’s because banking cards have removed the hassles that were once associated with cash payments. For instance, you no longer have to wait endlessly in long queues to withdrawing cash from your local ATM.
With all transactions becoming cashless, it has become vital to protect your debit and credit cards against theft, loss, fraud and other similar circumstances. This is precisely where a card protection plan can come to your rescue. Read on to know more:
Card Protection Plan (CPP) – What Is It?Offered by leading lenders and financial institutions in the country, a card protection plan is a comprehensive service that seeks to safeguard your banking cards – debit and credit cards – from emergencies including theft, loss, fraud and similar damages.
Besides, card protection plan extends comprehensive coverage to other government-authorized identity cards such as PAN card and Aadhaar.
You can avail a CPP from any of the leading lenders and NBFCs in return of a fixed premium. Generally, the sum will depend on the plan that you choose and its validity period.
What Are The Services Available Under A Card Protection Plan?The services on offer under card protection plans are usually similar across lenders, depending on the particular plan that you choose. Stated below is the list of services:
Dedicated Toll-Free HelplineIn the event of card theft, loss or fraud, you will have to contact the lender’s dedicated toll-free number to report the damages. Make sure you have the number saved on your mobile. This way, you can file the complaint promptly, following which the lender will get in touch with the issuer of your card, and block it at the earliest.
Emergency Hotel And Travel AssistanceWith card protection insurance, you can get an easy replacement of your travel tickets should you lose them while travelling. Your lender will shoulder the costs of providing this service to you. Should you misplace your banking cards while travelling, a card protection plan will help you pay the hotel and accommodation bills without any hassle.
Usually, the lender will cap the maximum amount that you’d be eligible for in such a scenario. This amount will depend on the plan that you choose. Some lenders also extend emergency hotel and travel assistance to overseas travel as well.
Emergency Cash BenefitWith a card protection plan, you can also avail emergency cash advances in India should you lose your wallet while you are on the go. However, bear in mind that this service is applicable for domestic travel only.
Coverage For Crucial DocumentsBesides your debit and credit cards, a card protection plan from a reputed lender is designed to offer comprehensive coverage, in case you lose valuable documents. These include lost PAN card, Aadhaar, and other documents - driving license and passport – that are mandated by the government.
Mobile BenefitsFew card protection insurance plans cover offer mobile phone identifier registration provision as well. You will have to intimate the damages, and the lender would block your SIM card on priority. Also, the IMEI registration number can help to track your phone.
Fraud ProtectionWith leading card protection plans in India, you can get exhaustive coverage for card-related frauds, including theft or loss of card, phishing or PIN-based fraud, for that matter.
Bajaj Finserv offers a range of convenient plans under its pocket insurance and subscriptions category.
Spread across five categories – assistance, wellness, lifestyle, travel and health – these handy insurance products have been designed to cater to your regular needs.
For instance, with wallet care, you can get emergency cash advance and comprehensive financial safeguard against damages -- including loss, theft or fraud -- to your debit and credit cards, and government-mandated documents such as Aadhaar, PAN card, driving license and passport.
Further, should you lose your travel tickets, Wallet Care can help you get an easy replacement. Also, in case you lose your wallet in the middle of nowhere, Wallet Care will offer an emergency advance for accommodation, both within the country and overseas.
Moreover, you get exhaustive coverage up to Rs.2 lakh as complementary fraud protection, should your card be subject to fraud, involving PIN-based fraud, phishing and card loss/theft.
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