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Card Protection Plan : Your Help at Hand in an Emergency!

Published: Tuesday, April 26, 2011, 12:00 [IST]

Protecting your Credit and Debit Card

We belong to a “Plastic" generation, where we may forget to take pocket change but life without that credit card is unimaginable! With the prolific use and the lurking fraudsters, security has become the prime concern amongst both issuers and users.

To the rescue is a Card protection plan. It is a 24 hour card protection service for use in the event of card loss, theft and related fraud. Most banks and card issuers in India have launched this Card Protection Plan in partnership with CPP Assistance Services Pvt. Ltd. (CPP), a global leader in assistance services marketing.

It is a worldwide cover, and what makes this plan extremely convenient and unique is that it protects the cardholder"s entire wallet of cards, credit and debit, and even non-financial ones such as store, loyalty and membership cards. Further, the cardholder is protected from any fraudulent use that may have occurred seven days prior to discovery and within 24 hours of notification of card loss.

Also the convenience lies in the fact that you don"t need to scurry around for that list of helpline numbers, from various card issuers to make those frantic phone calls to block your card in case of a loss. This Card Protection Plan offers you a single number to call to cancel all lost cards.

If you are unfortunate enough to lose your wallet, all it takes is one call to CPP 24 hour helpline to report card loss. CPP will call all your issuers and ask them to cancel the cards you reported as lost and will assist you to get them replaced. The plan offers fraud protection from 7 days prior to your loss report to CPP until your membership is valid.

For travellers, the biggest benefit apart from fraud protection is the emergency travel assistance. In case your mishap happens while you are travelling, CPP will facilitate through its authorized dealer an advance direct to your hotel to cover your hotel bill and also arrange travel tickets for a safe return home.

You can also register with CPP, details of important and valuable documents like passport, driving license, insurance policies, etc for easy access, should you ever need these when the originals are not around or lost. CPP also helps you with getting a lost passport notified, when travelling abroad.

The benefits offered and the premium charge will vary depending on the various banks that have signed up for the program and what they are offering to their customers.

There are 2 tiers offered in most programs for Indian card members, Classic and Premium. A brief description of the benefits and the premium charges offered by Indian Card Issuers in partnership with CPP are listed in the table below.

Classic Plan

  • 24 Hour toll free number
  • Worldwide cover
  • Tele registration

Emergency Travel and Hotel Assistance

  • Hotel Assistance (overseas) - Rs. 80,000
  • Hotel Assistance (In) - Rs. 40,000
  • Replacement Travel Tickets (overseas) Rs. 80,000
  • Replacement Travel Tickets (in India) - Rs. 40,000
  • Cash (In) - NIL

Fraud Protection

  • Pre-notification* - Rs. 50,000
  • Post Notification - Rs. 15,00,000
  • Maximum Limit per Card* - Rs. 20,000

Other Benefits

  • Reminder Stickers
  • Card Ordering Service
  • Valuable Document Registration
  • CPP Key Fob and Retrieval Service

Membership Fee

  • Single - Rs. 955 p.a.
  • Joint - Rs. 1,495 p.a.

Premium Plan

  • 24 Hour toll free number
  • Worldwide cover
  • Tele registration

Emergency Travel and Hotel Assistance

  • Hotel Assistance (overseas) - Rs. 1,20,000
  • Hotel Assistance (In) - Rs. 60,000
  • Replacement Travel Tickets (overseas) Rs. 1,20,000
  • Replacement Travel Tickets (in India) - Rs. 60,000
  • Cash (In) - Rs. 20,000

Fraud Protection

  • Pre-notification* - Rs. 1,00,000
  • Post Notification - Rs. 20,00,000
  • Maximum Limit per Card* - Rs. 40,000

Other Benefits

  • Reminder Stickers
  • Card Ordering Service
  • Valuable Document Registration
  • CPP Key Fob and Retrieval Service

Membership Fee

  • Single - Rs. 1,295 p.a.
  • Joint - Rs. 1,945 p.a.

*Pre-Notification cover begins 7-days prior notification

Source : www.hsbc.co.in

In addition to the membership fee, some card issuers may charge an issuance/administration fee. Please go through the relevant terms and conditions of the agreement with your card issuance company.

With the Card Protection Plan, help is always at hand in an emergency!

Courtesy: InvestmentYogi

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