Key digital payments bank Airtel Payments Bank has joined hands with private insurer ICICI Lombard General Insurance Company to provide cyber insurance solutions to customers on its platform in a bid to check online frauds related to banking and other similar processes. In a statement released a day back, the companies said that the move will benefit those who are engaged in online payments, which have seen a surge over the past few years.
“Growth in digital payments and transactions has also led to a surge in online frauds that are becoming increasingly sophisticated. The cyber insurance solution from ICICI Lombard provides financial protection to customers against potential financial fraud relating to banking, credit or debit card; identity theft; phishing or email spoofing and more,” the joint statement, released on February 7, Monday read.
The insurance can be purchased by Airtel Payments Bank customers within a few minutes, the press release read.
Features of the Airtel Payments Bank Cyber Insurance
– Customers can purchase this cyber insurance policy within minutes using the Airtel Thanks app.
– 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.
– 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…
