SBI Card revises card protection plans: How they affect you?
What's the story
SBI Card has announced a major revision to its Card Protection Plan (CPP) benefits and pricing for existing customers. The changes will come into effect on September 16. All active CPP customers will be automatically migrated to the new plan variants on their respective renewal dates, the company said in a statement.
Notification process
Customers will be notified via SMS or email
SBI Card has assured that customers will be informed about the changes through SMS or email at least 24 hours before their renewal date. This is part of the company's effort to keep its customers in the loop about any modifications in their CPP plans and ensure a smooth transition to the new variants.
Plan details
New CPP variants and key benefits
The revised CPP structure comes with three variants - Classic, Premium, and Platinum. These new plans offer updated benefits at a lower cost than the previous ones. Some of the key features include one-call card blocking facility across all variants, SIM card blocking in all plans, and emergency travel assistance for hotel and ticket replacement abroad.
Added protections
Fraud protection cover and mobile wallet protection
The revised CPP plans also offer fraud protection cover of up to ₹1 lakh for PIN-based frauds, phishing, tele-phishing, and transactions where OTP is not necessary. An extra cover of up to ₹25,000 to ₹1 lakh is provided for card-present and card-not-present frauds. Mobile wallet protection is included in the new plans with coverage ranging from ₹10,000-₹50,000 if the device is physically lost.
Pricing comparison
Pricing for the new plans
The revised CPP pricing is lower than the previous plans, offering higher benefits at reduced costs. The Classic Lite plan's price has been reduced from ₹1,199 to ₹999, while Classic Plus's price has been slashed from ₹1,899 to ₹999. Premium Plus and Platinum Plus have also seen a price reduction with their new prices being ₹1,499 and ₹1,999, respectively.