The “Digital Suraksha Group Insurance” policy will cover financial losses caused by various kinds of online frauds and cyber-attacks that might occur during digital transactions
Bengaluru, NFAPost: Flipkart, India’s homegrown e-commerce marketplace, and Bajaj Allianz General Insurance Company, India’s leading private general insurer, have come together to offer ‘Digital Suraksha Group Insurance’ .
The service will be offered to 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.
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 (Fifty Thousand).
Cyber attacks
Highlighting the benefits of the product, Bajaj Allianz General Insurance MD & 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,” said Bajaj Allianz General Insurance MD & CEO Tapan Singhel.
Commenting on the new offering, Flipkart Fintech and Payments Group Head Ranjith Boyanapalli said at Flipkart, it is a constant endeavour to make online shopping safer and more convenient for customers transacting digitally.
Online experience
“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,” said Flipkart Fintech and Payments Group Head Ranjith Boyanapalli.
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 for activities such as working, learning, gaming, entertainment, shopping, and transacting, they are more vulnerable than before to cyber-attacks, especially the ones which are directed at individuals.
Insurance products such as Digital Suraksha Group Insurance, provide consumers ease of mind and a strong tool to safeguard them from any new-age digital transaction risks that they might be exposed to.
| Product | Features | |
| Pricing: | 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. | |
| Inclusions: | ● Online transactions for debit cards, credit card, digital wallets, UPI / Internet banking (All bank accounts, credit and debit cards, and mobile wallets)● Multiple claims/incidents covered up to the sum insured | |
| Discovery period: | The claim is admissible if a loss of funds is reported within 90 days of the occurrence | |
| Geographical cover: | The policy offers worldwide cover and offers protection while traveling international, reimbursed in Indian Rupees | |
| How to avail? | The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart |
Guided by the strong understanding of the needs of Indian consumers, Flipkart has, in recent months, introduced life, health, and motor insurance offerings, so that consumers can avail of these important financial services from the safety of their homes during the pandemic.
This has expanded the reach of these services to Flipkart’s large and growing pan-India consumer base of more than 250 million. Flipkart is working with some of the leading insurance service providers in the country for providing access to customized and si
