The new policy, Digital Suraksha Group Insurance, will cover financial losses caused by various kinds of online frauds and cyber-attacks that might occur during digital transactions
India-based private general insurance company Bajaj Allianz and e-commerce marketplace Flipkart have partnered to offer new cyber insurance policy, dubbed Digital Suraksha Group Insurance.
The new digital insurance policy is designed to provide coverage against financial losses due to cyber-attacks, cyber frauds, or other malicious activities across online platforms.
Also, the plan will compensate the direct financial loss incurred due to unauthorised digital financial transactions, based on identity theft, cyber-attacks, phishing or spoofing, and SIM-jacking.
Bajaj Allianz General Insurance MD and CEO Tapan Singhel 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.
“During this Covid-19 era, as you shop online, this insurance will provide coverage against various cyber threats. Thus, making your online experience worry-free.”
The digital insurance policy provides a cover of INR50,000 ($678) for a premium of INR183 ($2.5), INR100,000 ($1,356) for a premium of INR312 ($4.2) and INR2,00,000 ($2,713) for a premium of INR561 ($7.6), for a period of 12 months.
Flipkart launched new insurance offerings during the pandemic
Flipkart has recently introduced life, health, and motor insurance offerings to Indian consumers, offering financial services during the pandemic.
Also, the company is working with several insurance service providers in India for providing access to customised and simplified plans based on the dynamic needs of Indian consumers.
Flipkart fintech and payments group head Ranjith Boyanapalli said: “At Flipkart, it is our constant endeavour to make online shopping safer and more convenient for customers transacting digitally.
“The cyber insurance offering in partnership with Bajaj Allianz is a step in this direction. 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.”