LIC Cards Services Ltd. of has launched a card-protection plan for its credit card customers, an official from the India-based card issuer tells PaymentsSource.

“We have launched this service in partnership with CPP Assistance Services Pvt. Ltd. for our customers,” he says. “The service would allow cardholders to block their lost or stolen card on a single call to CPP’s 24-hour helpline from anywhere in the world.”

Membership in the protection plan will ensure all LIC cardholders’ credit, debit and ATM cards are safe, the official adds. Members also may register store, loyalty and membership cards. The annual fee for participation is either 995 rupees (US$22 or 16.42 euros) or 1,295 rupees, depending on the assistance-service and fraud-protection limits provided.

LIC Cards formed after Life Insurance Corp. vested in Mangalore-based Corporation Bank last year (see story).

The company has issued 50,000 cards since it began operations and plans to issue at least 500,000 credit cards in the next fiscal year, which ends March 31, 2011.

Officials involved with the service were not available for comment as of deadline.

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