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Online frauds: How premium of just Rs 183 can safeguard transactions worth up to Rs 50,000

Customers can get a cover of Rs 50,000 for a premium of Rs 183 and Rs 1 lakh cover for a premium of Rs 312 per annum.

September 29, 2020 / 03:18 PM IST

If you are ready to pay Rs 183 as insurance premium annually, you will be able to get a Rs 50,000 cyber insurance cover that will protect against financial loss due to fraud during digital transactions.

E-commerce firm Flipkart has partnered with Bajaj Allianz General Insurance to launch ‘Digital Suraksha Group Insurance’ for customers who want to cover themselves against financial losses during online shopping. This will cover cyber-attacks, cyber frauds, or other such malicious activities across various online platforms.

The Digital Suraksha Group Insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber-attacks, phishing/spoofing, and SIM-jacking.

Customers can opt for a one-year cover at Rs 183 annual premium for a cover of Rs 50,000.

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “Cyber-attacks pose a serious threat wherein your money, reputation, and personal data is at stake. With this Digital Suraksha Group Insurance introduced on Flipkart’s platform, at less than 50 paise per day, you can protect yourself against the financial risk of getting defrauded online.”

Customers can get a cover of Rs 50,000 (for a premium of Rs 183), Rs 1 lakh (for a premium of Rs 312) and Rs 2 lakh (for a premium of Rs 561), for a 12-months tenure.

Ranjith Boyanapalli, Head – Fintech and Payments Group, Flipkart, said, that as the festive season nears, the platform wants to ensure that the customers’ online shopping experience, across any digital medium, is devoid of stress and apprehensions.

A recent survey conducted by NortonLifeLock stated that about 80 percent of respondents reported being a victim of cybercrime at some point in their lives.

With remote working being the new normal due to the coronavirus outbreak, there is a higher risk of cyber risks during digital transactions.

The product includes coverage against online transactions for debit cards, credit card, digital wallets, UPI / Internet banking (All bank accounts, credit and debit cards, and mobile wallets).

Multiple claims or incidents will be covered subject to the sum insured limit. This means that a customer reporting two incidents, one of Rs 20,000 and one of Rs 30,000 will get the claim if the sum insured is Rs 50,000.

The claim is admissible if a loss of funds is reported within 90 days of the occurrence. The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart.

first published: Sep 29, 2020 03:17 pm