Get insurance plan for credit/debit card, PAN card, membership card. Here’s how

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

New Delhi: Credit cards, debit cards, PAN card, membership cards have become an integral part of one’s wallet, life nowadays. With PoS terminals becoming easily available at shops and cashless transactions becoming easy, people in urban areas have started relying heavily on credit cards and debit cards. If the wallet gets 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.

Aside 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.

In order 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. Top 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.

1. SBI CPP: As a Premium Card Protection customer, you can enroll only your spouse under the same plan. 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. 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.

SBI card protection plans

2. ICICI Bank CPP: ICICI Bank also offers CPP Card Protection. It can be used in the event of card loss, theft, any related fraud and emergencies. You can safeguard all financial and non-financial cards including credit, debit, loyalty and membership Cards with CPP Card Protection. 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)…Read more>>