At a time when online frauds have been on the rise, e-commerce marketplace Flipkart has partnered with Bajaj Allianz General Insurance Company to offer insurance against financial losses caused as a result of cyber-attacks, cyber frauds, or other such malicious activities across various online platforms. The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart
The Digital Suraksha Group Insurance 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.
According to a statement from Flipkart, 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 claim is admissible if a loss of funds is reported within 90 days of the occurrence and covers online transactions for debit cards, credit card, digital wallets, UPI / Internet banking (All bank accounts, credit and debit cards, and mobile wallets). Customers can make multiple claims/incidents covered up to the sum insured.
“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,” Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said in a statement.
A recent survey conducted by NortonLifeLock stated that about 80% of respondents reported being a victim of cybercrime at some point in their lives, and this is bound to increase with more consumers moving online amid the COVID-19 pandemic.
Ranjith Boyanapalli, Head – Fintech and Payments Group, Flipkart, said, “At Flipkart, it is our constant endeavor 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.”