Bharti Airtel's online banking subsidiary Airtel Payments Bank is now offering 'Cyber Insurance' in partnership with ICICI Lombard General Insurance Company.
Airtel Payments Bank customers can purchase this cyber insurance policy using the 'Airtel Thanks' app. The company said that this insurance comes with zero waiting period and allows users to make multiple claims multiple times during the policy tenure, within the limits of the insured amount opted for.
Last year, the bank launched Airtel Safe Pay, which it claims to be the safest way to pay online. This cyber insurance solution on its platform is its yet another move on digital financial safety.
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But what is cyber insurance?
Growth in digital payments and transactions has also inevitably led to a surge in online frauds that are also becoming increasingly sophisticated. Cyber insurance policies, in general, offer financial protection to customers against potential financial fraud relating to banking, credit or debit card, identity theft, phishing or email spoofing and other online financial crimes.
Sanjeev Mantri, Executive Director, ICICI Lombard, said, “with numerous companies normalising work from home, abundant of data is being transcended into the open domain, hence sensitive information is more prone to security vulnerabilities today than ever before."
The Insurance Regulatory and Development Authority of India (IRDAI) has underlined the need for cyber insurance by citing the increase in digital fraud and cyber theft during the pandemic.
Talking about the new policy, offered in conjunction with ICICI Lombard, Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said: “It is an important addition to our existing bouquet of simple, secure and value-driven solutions, and we hope our users will seek the advantage of this unique offering.”
The policy will provide a 90-day discovery period followed by a seven-day reporting period. This means that if the insured discovers an unauthorised transaction processed from their card or account on the 90th day from the transaction date, they can still report it in the next seven days to the issuing bank or mobile wallet company.
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