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    How to get insurance plan for credit/debit card, PAN card, membership card

    Synopsis

    ​​There are various providers like card protection plan companies, banks, credit card companies and finance companies offering variants of the product. A card protection plan can help by providing insurance cover against loss, theft or fraud that has occurred.

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    The card protection plan takes effect from the date of payment for one year.
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    Credit cards, debit cards, PAN card, loyalty cards or membership cards, all these form an integral part of one’s wallet nowadays. If the wallet gets lost or misplaced, there is a risk of misuse of the cards. To mitigate such risk, the user needs to block each of these cards immediately and apply for new ones.

    A card protection plan can help in such a situation by providing insurance cover against any loss, theft or fraud that has occurred. It also provides one point contact to the user to block all the cards that have been lost and provides assistance to apply for new ones. The plan also provides emergency financial assistance during travel like settling hotel or travel bills.

    Who provides this plan?
    There are various providers like card protection plan companies, banks, credit card companies and finance companies offering variants of the product.

    Availing the plan
    The user needs to sign up for the desired credit protection plan by filling up a form with basic personal details and paying the stated annual premium. On successful payment, a welcome kit is sent to the user which typically consists of a confirmation letter, benefits of the plan, terms and conditions along with a registration form.

    Registration form
    The user needs to fill in the information with respect to all the cards that he wishes to link to the plan. The duly filled form must be sent back to the CPP issuing company or the bank.

    Point to note
    • The card protection plan takes effect from the date of payment for one year.
    • Auto renewal option can be availed to renew the plan at the end of the term to avoid loss of cover.
    • It is important to compare different card protection plans for the benefits offered as well as the pricing

    (Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
    (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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