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What is CPP (Card Protection Plan)?

Most people today have at least one credit or debit card, often more. Plastic cards have eased transactions all over the world by reducing the need to carry large amounts of cash. However, like carrying cash is a risk, losing your cards is also a risk.

What should you do if you lose your wallet containing all your credit and debit cards? More often than not, you will have to call all the card issuers and the banks to block your cards. And if any fraudulent transactions take place while you are in the middle of informing the banks, then you are in trouble. You will have to go through the tedious process of trying to get those transactions reversed.

Fortunately, there is a simple solution in the form of a useful financial product known as the Card Protection Plan or CPP  - basically, an insurance plan for your credit and debit cards.

How does CPP (Card Protection Plan) work?

You pay a small annual premium to buy insurance for all the cards that you wish to cover – including your debit cards, credit cards, and membership cards. The Card Protection Plan that you choose offers you protection against any loss, theft, or other fraudulent transactions conducted through your cards. The premiums are generally less than Rs 1,000 a year.

Features & Benefits of Credit Card Protection Plan

A great advantage is that when you lose one or all of your cards, you have to just call up the service provider's helpline and lodge a claim, instead of dialling and dealing with multiple banks. It is then the insurance provider's responsibility to get in touch with all the concerned banks (as per the cards registered with them) and initiate blocking and cancellation of cards immediately on your behalf. It is also liable to pay for any expenses arising out of any unauthorised transaction conducted through your lost cards.

Another benefit of having a CPP is that it not only pays for unauthorised transactions after you report your cards as lost, but also for those that have taken place seven days before such a report was made. This provision allows any disputes over the timing of the fraudulent transactions to be averted and makes the CPP all the more attractive as a retail-insurance product.


Using the services of a Card Protection Plan (CPP) is an affordable approach to keeping your credit and debit cards safe. To get the card protection plan services , cardholders must pay a nominal annual fee. The yearly fees for these services start at just Rs.899, so you may pay very little upfront to have permanent peace of mind. By taking advantage of this offer, cardholders can avoid the stress and inconvenience of dealing with fraudulent actions. Thus, CPP is the best and most cost-effective solution for safeguarding your cards and other financial information.

There is little doubt that a CPP is a unique product that protects against any loss arising from loss of or theft of your cards. The small premium that you pay goes a long way to secure your peace of mind, making it very worth it.

How to Apply for Credit Card Protection Plan

Subscribing to a Card Protection Plan or credit card theft protection plan is easy and takes only a few minutes. To begin, you must complete an application form for the plan of your choosing, which can be conveniently found online on the service provider's or bank's official website. Following that, you must pay the premium amount shown on your card and as supplied by the service provider.

In most cases, the premium must be paid in full and up in advance. A welcome kit will be issued to the cardholder once the service provider has received the premium. This box contains a registration form, a confirmation letter, and the membership terms and conditions. To complete the procedure, you must register each card involved in the plan by submitting all card data and returning it to the credit card theft protection provider. Following these simple measures, you may feel confident that your cards are safe and secure.

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Things You Need to Know Before Opting for a CPP

You should try to find out the tie-ups that the CPP issuer has with all the banks. It is possible that all banks may not have tie-ups with all CPP issuers.

None of the CPPs will cover an unlimited amount of liabilities. So, you need to check with the CPP provider about the maximum loss that the plan you choose covers. Different CPP providers have different plans having different eligible maximum loss amounts.

If your lifestyle suggests that your chances of losing cards are high (for example, if you are frequent traveller) then go ahead and invest into a CPP to ensure that your losses are covered. But before you do so, it is best that you get all your facts right and evaluate your options carefully.

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Frequently Asked Questions

What is the coverage scope of CPP membership in India

The coverage under CPP credit card protection membership in India is generally limited to the protection against loss, theft or misuse of the member's credit cards, debit cards, and other cards. CCP credit card protection also protects unauthorized transactions and emergency card replacement services.

Is a Credit card protection plan mandatory?

Protection plans for credit card fraud protection are optional. However, if your cards are ever lost or stolen, this is a great method to feel more secure and at ease. A wide variety of benefits, including monitoring for fraudulent activity, compensation for losses, and new cards in the event of theft, are available through plans of this sort.

Can I cancel my credit card protection plan?

You must contact the bank's customer service to terminate the credit card fraud protection Plan. You must call from the cell phone number associated with your account. If you don't, your request can get stuck in limbo. This precaution should be taken before making the call.

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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.