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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Credit and debit cards have changed our lives. Gone are the days when you stood in a queue for hours to withdraw money from banks. Transactions and access to money has become super easy. But with the good comes some bad. It can be a big nuisance to have your debit or credit card lost or stolen. If you want to always stay protected against this possibility, a Card Protection Plan is ideally suited for you.
What is a Card Protection Plan?
A Card Protection Plan is an initiative to protect your credit and debit cards from misuse or fraudulent use at all times. Once you get your cards insured through such as plan, you can remain stress free even if you lose your card, provided you inform the insurance company within 24 hours of losing the card.
Key benefits of the Card Protection Plan
You generally lose your card along with your wallet, and that is a big inconvenient because invariably, your wallet carries most of your cash, cards, and other important identification. If you lose your wallet on a trip to another city or country, here is how a CCP will help you.
1. Emergency cash: If you have lost your wallet along with all your money and credit cards, a Card Protection Plan will give you an ‘emergency cash assistance’ of Rs. 20 000. You have to return this money in the next 28 days, and no interest will be charged.
2. Hotel/travel assistance: If you have misplaced your credit card or wallet and have no money, your Card Protection Plan will pay for your hotel stay bill and your travel bill so that you can come back home without facing major problems.
3. One-call card block: When you report that your card is lost, the Credit Protection Plan will block this card for you by contacting your bank. If you have registered all your cards with CPP, and you lose all of them, your Card Protection Plan will block all your cards with a single phone call; hence, you don't need to call different banks separately for every lost card.
4. PAN card recovery: If you have lost your PAN card along with your wallet, your Card Protection Plan will assist you in getting a new PAN card. You do not need to go anywhere and file any applications, the Card Protection Plan will take care of everything.
5. Road-side assistance: If you have a Card Protection Plan and your vehicle faces problemswhile you are travelling, your CPP will provide all possible road assistance to you. This service is not currently available in all cities in India, but it is a fast-growing network.
A Card Protection Plan is a must-have for every credit- or debit-card holder because of its overall cover. The premiums you need to pay for the services are also not very tough on your bank balance, making this service affordable and helpful.
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Disclaimer: This Article is for information purpose only. The views expressed in this Article are personal and do not necessarily constitute the views of Kotak Mahindra Bank Ltd. and its employees
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