The Credit Cards usually pinch the inefficient customers due to its higher rate of interest; several hidden charges and the trend to attach the value added products such as health insurance, but the pinch becomes panic wounds if it is lost. The customer can lose all his/her credit available in the card if it reaches in a wrong hand.
To solve this major problem of customers, Standard Chartered Bank has shaken hands with Tata AIG General Insurance Company Ltd and introduced a ‘Plus Extended Protection Plan (PEPP),’ which will protect the client’s card from fraudulent purchasing, transaction and ATM assault and robbery for next 12 hours of losing the card and till prior reporting to customer care in this regard.
The insurance cover of the card is up to Rs.50,000 per occurrence. The losing customers will get the reimbursement of the card from the insurance cover as per card’s available credit limit.
Introducing to this unique plan, Standard Chartered General Manager R L Prasad said, “We receive several reports of lost cards in a month. The product will ensure protection to our valued customers against any fraudulent use.”
While the Managing Director of Tata AIG Gaurav D Garg said, “People are moving away from conventional modes of payment and a large number are opting for cards. This product seeks to encourage the confidence of the people who use credit cards.”
Besides theft protection, PEP plan will also protect the client from ATM assault and robbery Insurance, Lost wallet Protection, Purchase Protection, Home Protection while away, Personal Trip Effects Insurance.
Standard Chartered is a global bank and has 90 branches in 33 cities in India with a cumulative customer base of around 21 lakh. The recent data of Reserve Bank of India shows that credit card users in India are extending very rapidly and at present there are nearby a total of 26 million credit card holders of all banks.
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