Flipkart partners with Bajaj Allianz to offer cyber fraud insurance for online transactions

Keeping the upcoming festive season and growing online frauds in mind, Flipkart on Tuesday announced a partnership with Bajaj Allianz General Insurance Company to offer ‘Digital Suraksha Group Insurance for customers in the country.

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.

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.

"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 Ranjith Boyanapalli, Head, Fintech and Payments Group, Flipkart.

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

The insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber attacks, phishing/spoofing and SIM-jacking.

The policy covers online transactions for debit cards, credit card, digital wallets, UPI/Internet banking (All bank accounts, credit and debit cards and mobile wallets), the company said in a statement.

"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," said Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance.

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.

"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," Singhel said.

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