In today’s world, your wallet and your phone is all that a thief needs to empty your accounts and perhaps take over your identity. While you, your friends and your family recognize the growing problem of identity theft in India, what are you doing to protect yourself? Typically, precious little, as a general response would be, ‘I am very careful with my wallet or phone’! However, that is not enough. You need card protection insurance, which will help you to eliminate any misuse of your cards and also provide you with money in case you are in distress.
Let’s understand the Card Protection Plan and how it can help you.
When is card protection insurance useful?
A Card Protection Plan (CPP India) is useful when you find that your wallet is missing or when you have lost your credit or debit cards. It is also useful when you have lost your phone’s SIM Card or your PAN Card. Instead of starting to stress over being cheated or robbed by swindlers who can deplete your bank account or book expenses on your credit cards, get card protection insurance.
When you discover that you have lost your cards, all you need to do is make one phone call and the card protection insurance will ensure all your credit and debit cards are blocked in a matter of minutes. The CPP India also covers the cost of replacing your PAN card and blocking your phone’s SIM card. The best part is that this service is valid whether you’re in India or traveling overseas. Moreover, the cover also helps you get back home if you are travelling within the country or are abroad.
What are the benefits that card protection insurance offers?
o Blocking of cards: All your credit and debit or ATM cards, which can be misused, will be blocked within minutes of you placing the call to the call centre.
o Replacement of lost cards: In case of lost cards, the insurance will assist you to replace your cards.
o Cover for replacing PAN card: Losing a PAN card requires you to place an online request for replacement. The card protection insurance will reimburse you with the cost of replacement of your PAN.
o Phone blocking and IMEI registration: In case you have lost your mobile phone, the insurance will protect you from fraud by immediately requesting your operator to block your SIM card.
o Card fraud protection: You are protected against card fraud up to Rs.1,00,000 for fraud involving PIN-based activation, phishing or tele-phishing or if OTP is not required. Further, even if you are the victim of card fraud when the card is still with you, the coverage continues.
o Emergency cash and travel assistance: If you find the need for immediate cash due to theft you will be loaned up to Rs.80,000 when traveling abroad and Rs.40,000 when traveling within India. You can use this advance to pay pressing hotel bills and to book tickets to travel home without any further hindrance. Further, you can also avail of up to Rs.5,000 emergency cash advance in India. This is an advance, so you will need to repay this amount within 28 days.
o Other assistance: You can also get Mobile Wallet Protection up to Rs.50,000 and emergency roadside assistance when you sign up for CPP India.
- How to purchase the membership?
To be eligible to apply for CPP India membership, you need to be a resident of India and over 18 years of age. You can either call on 1800-419-400 [toll-free] or call 6000 4000 and prefix the STD code of your city.
If you go the online route, you can click apply for card protection insurance online or the pre-approved offers section. Provide information such as your name, gender, DOB, email ID, mobile number and address and pay the premium to apply.
It is important to protect your all your cards from fraud and misuse as a mishap can happen without warning. So, skip ahead of the game and take control by opting for card protection insurance.