Bajaj Allianz and Flipkart join hands for cyber insurance

New Delhi: Indian e-commerce major Flipkart, now owned by Walmart, on Tuesday said it has tied up with Bajaj Allianz General Insurance Company to offer insurance against financial losses resulting from cyber-attacks, cyber frauds, or other such malicious activities across various online platforms.

'Digital Suraksha Group 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, a statement said.

Customers are being offered a one-year cover at premiums starting from Rs 183 for a cover of Rs 50,000, it added.

"Cyber-attacks pose a serious threat wherein your money, reputation, and personal data is at stake. 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," Bajaj Allianz General Insurance MD and CEO Tapan Singhel said.

During this COVID-19 era, as one shops online, this insurance will provide coverage against various cyber threats, he added.

"At Flipkart, it is our constant endeavour to make online shopping safer and more convenient for customers transacting digitally. The cyber insurance offering in partnership with Bajaj Allianz is a step in this direction," Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart, said.

As the festive season nears, Flipkart wants to ensure that the customers' online shopping experience, across any digital medium, is devoid of stress and apprehensions, he added.

Flipkart has, in recent months, introduced life, health, and motor insurance offerings on its platform working with insurance service providers.

(With input from PTI)