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Willing to shell out Rs 65 a day? You can buy a cyber …

Willing to shell out Rs 65 a day? You can buy a cyber …

If you are scared of losing money through online transactions and are ready to pay upto Rs 65 per day, you could buy a cyber insurance cover from ICICI Lombard General Insurance.

The general insurer has launched a cyber insurance cover for individuals at a time when work-from-home has become the new normal.

This policy offers protection to individuals and their families against any cyber frauds or digital risks that could result in a financial or reputational loss. The retail cyber insurance product is a form of insurance that protects individuals against losses that individually vary from online theft to unauthorised transactions.

The policy can be purchased at an affordable rate by all digitally active individuals. The premium ranges from Rs 6.5 per day to 65 per day. The sum insured for the cover ranges from Rs 50,000 to Rs 1 crore as opted by the policyholder. The policy provides coverage to the entire family, including children for a duration of one year.

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Sanjay Datta, Chief – Claims, Underwriting and Reinsurance, said the product is designed to protect individuals against the dangers that come with the connected life like cyber-bullying, identity theft, among others.

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The company said that in India there were over 560 million internet subscribers and over 350 million social media users. Further, it added that research proved that cyber-attacks have soared 86 percent in the four weeks roughly between March and April & overall 37 percent in first quarter of 2020.

According to the Internet Crime Report for 2019, released by FBI’s Internet Crime Complaint Centre (IC3), India ranks third among the top 20 countries that are victims of cybercrimes.

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ICICI Lombard’s coverage will include protection against identity theft, cyber-bullying, cyber extortion, malware intrusion, financial loss due to unauthorized and fraudulent use of bank account, credit card and mobile wallets. It also covers legal expenses arising out of any covered risk.

Newer threats like reputational injury and individual lost wages due to rectify errors related to cyber crime will also be covered. All the expenses incurred in restoring digital reputation with means of removal of the harmful publication from the internet can also be claimed under the insurance.

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Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.

Published at Fri, 26 Jun 2020 04:42:00 +0000

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