Cyber insurance is an important policy that you must get to protect your essential and sensitive details from computer hackers online. These individuals or groups aim to gather your bank account credentials and transfer money to their personal accounts. However, you can make a smart decision by getting cyber insurance for as low as Rs. 299 per year.
Below are the steps by which you can apply for cyber insurance:
Select the 'Buy now' option
Click on the 'Buy Now' option
Input details
Enter the required details
Complete the payment
Make the payment to finish the process.
The details of the cyber insurance policy plan are as follows:
Substantial coverage - You can get coverage of up to Rs. 2 Lakhs in case of financial loss due to cybercrime.
Low membership charges - The membership costs for different plans of this pocket insurance policy are as follows:
Membership Charges |
Coverage |
₹299 |
₹25,000 |
₹349 |
₹50,000 |
₹399 |
₹1 Lakh |
₹499 |
₹2 Lakhs |
The importance of cyber insurance is as follows:
You can be secured against all the risks and frauds that you can be exposed to online.
Receive protection against hackers who can access your customers’ sensitive data.
- Cyber insurance provides protection against financial and reputational loss of businesses dealing with extensive online data.
Key Features and Benefits of Cyber Insurance Plan
The benefits of the Cyber Insurance plan are as follows:
SIM-hijacking coverage
- You can claim coverage if you lose money due to SIM-hijacking by hijackers and scammers.
Fraudulent financial transaction coverage
You can claim this insurance against financial loss due to any fraudulent transactions done by scammers.
Cyber insurance is highly beneficial for
E-commerce businesses - Such businesses have a lot of sensitive information of customers stored, such as card details, account numbers and PINs.
- Companies storing customer information - Some companies need to store sensitive customer information, which must be protected from the reach of fraudsters to ensure their privacy.
You must be between 18 and 60 years old to qualify for cyber insurance.
Inclusions
1. Cyber-attacks - If you notice any unauthorised transaction made on your account, you can claim this insurance.
2. SIM-hijacking - Fraudsters could hijack your SIM card for transactions which may lead to substantial financial loss.
3. Phishing attacks - These are attempts made by fraudsters to steal your personal information, such as usernames, passwords, and other sensitive data.
Exclusions
1. Frauds involving cash - You cannot raise a claim in case you end up losing money not due to online transactions.
2. Negligence in data protection - You cannot claim this insurance if you lose money due to utter negligence in protecting your sensitive information.
3. Financial loss due to theft - This policy does not cover the financial loss of cash that you encounter due to theft.
4. Purposeful financial loss - If you purposefully lose funds due to carelessness, you cannot claim this insurance.
5. Loss during trading - You cannot claim this insurance if you lose money during online trading in the market.
6. Financial loss due to misplaced cards - If you lose money as a result of a loss of cards or smartphones, you cannot claim this insurance.
You can file a claim via the following methods:
- Call - You can make a telephone call at 1800-209-5858 to file a claim.
- Email - You can write an email at bagichelp@bajajallianz.co.in to make a claim.
- Website - You can visit the official website of Bajaj Allianz to raise a claim.
The essential documents to raise a claim are as follows:
Original copy of FIR
Payment receipt
Account details reflecting the fraudulent transaction
Additional documents to prove the validity of your claim
Below are some tips that you can follow to enhance your security online -
If you notice any malware, instantly file a report against it.
Opt for measures to strengthen your security online, such as an anti-virus application.
Keep funds aside to take necessary measures to enhance cyber security.
Opt for cyber insurance to access substantial coverage during cybercrimes.
You can approach the customer care of Bajaj Markets at insuranceconnect@bajajfinservmarkets.in in case you have any queries or confusion while raising a claim.
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FAQs for Cyber Insurance Policy
Who can purchase this policy?
Any individual who is above 18 years of age or an organisation that feels the need to protect their identity, information, etc. can purchase a cyber insurance cover.
How long is the policy's term?
Generally, the cyber insurance policy has a validity period of 12 months, however, the policy tenure might differ with the terms and conditions of varied insurance companies.
What kind of coverage is offered by the policy? Can I choose any cover?
Cyber insurance policies offer coverage for sensitive information, bank account details, social media accounts, data breaches, etc. You can also choose covers such as for first-party expenses, investigation charges coverage, counselling services, etc. offered by the insurance companies.
Under this policy, am I allowed to create my plan?
You can create a cyber security insurance policy plan as per your customisation. However, it depends upon the norms and conditions of the insurance provider. Some companies offer customization options to their customers while others offer a standard plan.
What is the range of the sum insured that the policy offers?
The insured sum amount in a cyber insurance plan ranges between ₹10,000 to ₹5 Crore depending upon the policy plan of an individual.
Is there any deduction under the policy?
No, there are no deductions under cyber insurance policies.
Does the policy have a waiting period?
The cyber crime insurance policies do not have a waiting period clause under them.
Does the policy include a sub-limit?
Cyber insurance policies do not include any sub-limits.
What happens if I fall victim to multiple cybercrimes at once?
A policyholder is eligible to file for a claim if he/she has been a victim of multiple cybercrimes at once, provided the categories of cybercrimes are either covered by the policy plan or the add-on features concerning the insured sum amount.
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