What is CPP and what are the benefits of CPP?

Read about the features and benefits of Card Protection Plan (CPP) and how you can claim benefits of the plan.
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What is CPP and what are the benefits of CPP?
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3 mins
21 Mar 2023

Cashless transactions are gradually replacing traditional payment systems in India. This transition comes after government initiatives like Digital India Mission that encourage citizens to go cashless.

Rapid adaptation of digitalisation and payment cards like debit and credit cards in the country has also resulted in the rise of payment fraud. To combat this situation, opting for CPP or Card Protection Plans has become a necessity. Recently, CPP India is offering this service to its consumers. However, it is crucial to learn about this solution in detail before opting for it.

Here is a detailed look at CPP and other pertinent details.

What is full form of CPP and what are its benefits?

The full form of CPP is Card Protection Plan It is a preventive measure undertaken to curb fraud related to payment cards. CPP works almost like an insurance policy wherein the policyholder can claim the sum insured in case of any financial loss. Depending on the insurer and the sum insured, the benefits and features of this plan may vary.

Besides CPP India Group, almost all leading financial institutions offer this plan to ensure the payment card’s safety. The validity of this plan is generally one year, and you need to renew it every year to claim its benefits.

What are the features of CPP card protection plan?

The CPP card protection plan is a comprehensive protection plan for your credit, debit, and ATM cards. The key features are as follows:

  • Card blocking services: The plan provides 24/7 blocking services for lost or stolen cards.
  • Fraud protection: In case of a fraudulent activity, the CPP card protection plan covers all types of financial losses incurred due to the fraud.
  • Emergency cash assistance: In case of loss or theft of your cards while traveling, the plan provides emergency cash assistance.
  • One-call assistance: The plan provides access to a single point of contact for all card-related services and queries.
  • Worldwide coverage: The CPP card protection plan provides coverage anywhere in the world.

CPP offers all these features in most of its products and offers insurance as a complimentary benefit. If you opt for a CPP subscription plan through Bajaj Finance, you can enjoy any of these features. In addition, Bajaj Finance Insurance Mall brings you insurance and subscription plans starting at just Rs. 19. These come in varied categories like accidents, critical illnesses, card fraud protection, road trip covers, mobile screen insurance, seasonal diseases, and much more.

You can easily buy these plans online with zero documentation. Given below are a few top CPP plans available at the Bajaj Finance Insurance Mall.

Some of our pocket-friendly health plans

What are the benefits of CPP?

Besides protecting payment cards, CPP membership benefits also comprise various other important facets. Check out the pointers below to know more.

Blocking compromised cards

Blocking the cards must be the first priority on finding out that your financial accounts or card are at a risk of getting compromised. The situation is still manageable if only a single card is at risk.

However, what happens when the entire wallet goes missing? Or it had two or three credit and debit cards in it? Calling every card provider to block the respective cards can be extremely cumbersome. It may take up a considerable amount of time as well.

In the meantime, the fraudsters may use the cards to initiate multiple financial transactions. To avoid such a situation, CPP India and other financiers offer a single-call card-blocking facility. Once you inform the insurer, they will undertake measures to ensure that each payment card is blocked from further use.

Travel and hotel assistance

With a card protection plan, the issuer also pays for the hotel and other expenses in case the insured cards get lost or stolen. Depending on the plan chosen, it may also cover the cost of train or flight tickets. If you are travelling within India, you can also consider the domestic travel insurance plan available on the Bajaj Finance Insurance Mall.

All you need to do is call the CPP customer care number and mention your policy number. Apart from this, also share other necessary details to facilitate a faster claim process.

Emergency cash advances

Although some CPP India insurers cover the cost of hotel and travel expenses if the insured cards are compromised. Individuals still may require cash advances for an emergency. In such cases, you can also withdraw money using the CPP credit card or debit card. It comes with a settlement of up to 28 interest-free days.

Fraud protection

Most CPP India plans accompany a fraud protection feature. This allows the policyholders to claim for monetary loss due to credit card fraud, debit card, PIN fraud or online frauds. In some cases, CPP also allows them to claim for fraudulent transactions of up to the last week.

Covers multiple family members

You can also add your family members under CPP India, besides seeking your own coverage. This facility is available with different standalone travel insurance policies.

Additional benefits

Besides protecting the payment cards and financially safeguarding the cardholders, CPP card protection plan also offers a host of additional benefits that can simplify financial transactions. These include -

1. SIM blocking facility
2. Covering the replacement cost of the lost PAN card
3. Dedicated F-assured antivirus programs to protect the system

To know more about the additional features, contact your insurer.

How to avail CPP in India?

Apart from CPP India Group, several renowned insurance providers like Bajaj Finance also offer policies like Wallet Care, domestic travel plans, etc. These insurance plans extend coverage against the financial loss that may arise from card fraud in India. Availing of such plans has become hassle-free with online application and claim procedure.

You can pay a nominal premium to enjoy sufficient financial coverage for card protection. Note that the card protection plan’s validity starts from the day of its purchase and ends after a year. If you want to continue the CPP benefits, renew the plan for the next year.

Hence, CPP India is a must-have if you possess multiple payment cards. It will help you mitigate any financial loss arising due to the mishandling of insured cards. Opt for such a plan now to remain financially secure.

Related articles:

Online fraud

ATM fraud

UPI fraud

Credit card fraud

Debit card fraud

Pan card Fraud

Disclaimer

Bajaj Finance Ltd. (BFL) is merely a distributor of third party products from Assistance Services providers such as CPP Assistance Services Pvt Ltd, Bajaj Finserv Health Ltd.(BFHL), AWP Assistance India Pvt. Ltd. (Allianz), Doc Online Health India Pvt Ltd. etc. Issuance of the product is at sole discretion of Assistance Company or Services provider . The product and services or benefits assured under the product shall be governed by respective partner’s product T&C’s and BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. Your purchase of an assistance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any product. For more details on terms and conditions, inclusions and exclusions please read the product sales brochure carefully before purchase or subscription. All product information such as membership fees, benefits, exclusions, value added services, etc. are authentic and solely based on the information received from the respective value added service provider or Assistance company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.