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In an interesting tie-up to tackle online financial frauds, the Walmart-owned Flipkart and Bajaj Allianz General Insurance Company, India’s leading private general insurer, have come together to offer ‘Digital Suraksha Group Insurance’.
It gives cover against financial losses caused by cyber-attacks or online frauds during any transaction. The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart.
The insurance scheme compensates for direct financial loss (up to the sum insured) due to unauthorized 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 premiums as low as Rs. 183 for a cover of Rs. 50,000.
Cyber frauds on the rise
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.” Commenting on the new offering, Ranjith Boyanapalli, Head – Fintech and Payments Group, 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.”
A recent survey conducted by NortonLifeLock stated that about 80% of respondents reported being a victim of cybercrime at some point in their lives. Now, with customers spending more time online they are more vulnerable than before to cyber-attacks, especially the ones which are directed at individuals.
Features of this insurance scheme
Customers can get a cover of Rs. 50,000 (for a premium of Rs. 183), Rs.1,00,000 (for a premium of Rs. 312) and Rs.2,00,000 (for a premium of Rs. 561), for a 12-months tenure, with covers also extending up to Rs.10,00,000.
The insurance covers online transactions for debit cards, credit card, digital wallets, UPI and internet banking.
The claim is admissible if the loss of money is reported within 90 days of its occurrence.
The policy offers worldwide cover and offers protection while traveling international.