According to Cyber Security and Information Technology Examination (CSITE), a part of the Department of Banking Supervision which works under the RBI, has released alarming data. According to such reports, credit and debit card data of more than a million Indians are available on underground websites for sale to the highest bidder. This information is indeed alarming as it increases the chances of credit/debit card fraud. To mitigate scams like these, cardholders can opt for a CPP in India.
Card protection plan (CPP)
CPP in India insures card owners against events like credit/debit card theft or fraud. These insurance plans are imperative for individuals who carry more than one debit/credit card, who travel regularly and use their cards routinely. Although the insurance policy will not be able to help the insured avoid such an incident, it will however provide comprehensive financial coverage in the aftermath to help recover from losses and/or expenses incurred as per the terms of coverage.
A CPP plan will only protect a specific credit/debit card, but in case of a wallet theft, an individual will lose both cards and important documents or papers in it. An individual should opt for a more comprehensive insurance plan like a wallet care plan offered by different insurance aggregators.
Availing an insurance plan helps with adequate coverage for the policyholder and protects him/her against all sort unforeseen incidents. Here are the benefits that an individual can enjoy if they opt for a wallet insurance plan. You can consider the Wallet Care insurance cover offered by Bajaj Finserv under their Pocket Insurance & Subscriptions.
Block the cards
Wallet theft increases the risk of credit/debit card fraud or misuse of important documents. A CPP or wallet insurance plan can assist buyers in blocking all their payment cards upon calling the given emergency helpline number. These helpline numbers are available 24×7, so in case of any theft, it is important to call immediately. This eliminates the need to visit every bank and block the cards. This feature can be considered as a debit card insurance policy as it blocks the card instantly and freezes the money in the account.
Losing a wallet or a purse during a trip will lead to multiple hassles. It often leaves the traveller with insufficient money, without necessary travel documents (road permits, passport, etc.). A CPP or wallet care plan can financially safeguard travellers against such situations. These plans assist travellers with the monetary assistance for accommodation (India/abroad), advance for the replacement of flight/train tickets or any other transportation for their safe return. Enthusiasts looking to plan a road trip can opt for a road trip cover for extra financial protection and added benefits like roadside assistance and complimentary insurance coverage.
SIM card blocking
A wallet insurance plan allows individuals to register their SIM and IMEI number to prevent any misuse of the stolen mobile phone. Such details are to be provided to the insurer to avail services such as one call SIM card blocking services in case of a misplaced or stolen device.
Compared to a CPP in India, a wallet insurance plan offers much more conclusive insurance coverage. Added benefits like PAN card replacement and fraud coverage in case of card frauds involving the PIN or tele-phishing are not provided under CPP plans. A policyholder can enjoy additional benefits of Rs.1 lakh in case of unauthorised transactions, which can be considered as a credit card insurance policy also.
Having credit or debit cards have several benefits, but they are easy to misplace. Lost or stolen wallets or handbags are just as commonplace.
With a CPP in India you can avail substantial financial protection against your credit or debit card. With a wallet or handbag insurance plan, you can avail multiple other benefits as well.