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There is an important update for SBI credit card holders. From September 16, SBI Card will automatically shift all its existing Card Protection Plan (CPP) customers to a new and improved plan at the time of their policy renewal.
This change will be effective from the date of renewal of your policy.
SBI Card said that you will be informed about this at least 24 hours in advance through SMS and email. The good news is that the fees of the new CPP plan will be lower than the old plan.
What is CPP?
This is a service that protects your credit card from theft or damage. If your card is lost or stolen, CPP gives you a number of benefits. For example, you can block the card by making a call. Apart from this, you can also get details of your important documents like driving license or passport. CPP also protects against fraud, such as PIN-based fraud, phishing, tele-phishing or transactions without OTP, if the card is lost or stolen. This protection can be up to Rs 3 lakh depending on your plan. There are three variants of CPP – Classic, Premium and Platinum.
What are the changes in the new plan?
The Classic plan will now cost Rs 999, down from Rs 1199 earlier. The Premium plan will now cost Rs 1499, down from Rs 2499 earlier. The Platinum plan will now cost Rs 1999, down from Rs 3199 earlier. This means that the price of each plan has come down. All the plans will provide you with SIM card blocking, emergency travel assistance such as an advance of Rs 80,000 to Rs 1,60,000 for hotels or tickets, and fraud protection of up to Rs 1 lakh. Classic covers one member, Premium covers you and your spouse, and Platinum covers four people (you, spouse, and parents). There is also Mobile Wallet Protection, which provides protection of Rs 10,000 to Rs 50,000 in case of loss of the device.
How to register in the CPP?
After paying the fee, you will receive a welcome kit from CPP, which will contain your unique membership number. You will need to fill out a form and return it or call the CPP call center to register your card and documents. The advantage of registering your driver’s license and passport numbers is that if you don’t have them with you and you need them, you can get this information by calling a CPP executive.
CPP is the first company in India to provide protection in case of card loss or theft. It is a subsidiary of the UK-based CPP Group. These new changes are beneficial for you, as you will get better facilities at a lower cost. Check your CPP plan and be ready for updates.
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