Flipkart partners with Bajaj Allianz to offer cyber fraud insurance

Flipkart on Tuesday announced a partnership with Bajaj Allianz General Insurance Company to offer ‘Digital Suraksha Group Insurance’ for customers.

According to Flipkart, the ‘Digital Suraksha Group Insurance’ policy will cover financial losses caused by various kinds of online frauds and cyberattacks that might occur during digital transactions.

In terms of the policy, there are different types of slabs, and tenures are available for customers. You can choose for a one-year cover at premiums as low as Rs. 183 for a cover Rs. 50,000, Rs. 312 for Rs. 1 lakh, and Rs. 561 for Rs. 2 lakh, as well as, you can increase your covers up to Rs. 10 lakh.

“As the festive season nears, we want to ensure that the customer’s 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 unauthorized 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 cards, digital wallets, UPI/Internet banking (All bank accounts, credit and debit cards, and mobile wallets), the company said in a statement.

The company also said 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.