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.
Source:indiatimes.com
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