Credit Card Protection Plan - Six Things to Know About That

1. Credit card protection plan is an insurance cover against loss, theft and fraud of credit, debit, ATM, membership or loyalty cards. This is offered by banks and Credit card firms in association with CPP India.
2. Standard plans cost about Rs 3 per day. The annual fee is deducted as a lump sum at the beginning of the membership. The premium charges differ depending on the benefits offered to customers.
3. The membership begins as soon as the fee is paid and is valid for one year. There is a 30-day cooling off period when the membership can be cancelled and a refund taken if no claims are made.
4. In case of a card-related loss, theft or fraud, the card holder must call CPP's 24-hour helpline to report it. The CPP will, in turn, call all the issuers and ask them to cancel the cards that have been reported lost.
5. For claims, one needs to fill a form and send it to CPP, along with original documents like credit card statement and a police complaint. All claims must be received within the specified period, usually 30 days, from the date of loss.
6. The service also includes emergency travel assistance, which includes advance for settlement of hotel bills and arrangement of return travel tickets.