Flipkart-Bajaj Allianz launch Cyber Insurance; for under 50 paise per day, protect yourself against online fraud

E-commerce giant Flipkart and Bajaj Allianz General Insurance Company have come together to provide insurance cover to those who want to protect themselves against any kind of cyber frauds or online financial scams. Flipkart and Bajaj Allianz  cyber Insurance plan will protect the policyholder from other malicious activities across various online platforms as well.

Digital Suraksha Group Insurance has been launched for customers who want to cover themselves against financial losses caused as a result of cyber-attacks, cyber frauds, or other such malicious activities across various online platforms, according to a statement.

Digital Suraksha Group Insurance will compensate for direct financial loss (up to sum insured) due to unauthorized digital financial transactions arising from identity theft, phishing, spoofing and SIM-jacking. 

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

See Zee Business Live TV streaming below:

Speaking on the cyber insurance plan covering online financial frauds; Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance said, "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."

Ranjith Boyanapalli, Head, Fintech and Payments Group at Flipkart said, "As the festive season nears, we want to ensure that the customers` online shopping experience, across any digital medium, is devoid of stress and apprehensions."

Flipkart-Bajaj Allianz Cyber Insurance policy details

The customers can choose for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000, Rs 312 for Rs 1 lakh, and Rs 561 for Rs 2 lakh for a 12-months tenure, with covers also extending up to Rs 10 lakh.

The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart.

This cover compensates for direct financial loss due to unauthorised digital financial transactions as a result of identity theft arising out of cyber attacks, phishing/spoofing and SIM-jacking.

The claim is admissible if a loss of funds is reported within 90 days of the occurrence and multiple claims/incidents are covered up to the sum insured. The policy offers worldwide cover and offers protection while travelling international.

(With inputs from Daanish Anand)