What is Cyber Insurance?
Cyber insurance is an important policy that you must get to protect your essential and sensitive details from online hackers. These hackers aim to gather your bank account credentials and transfer money to their personal accounts. However, you can make a smart move by getting cyber insurance for as low as Rs. 299 per year.
How to Apply for Cyber Insurance?
Below are the steps by which you can apply for cyber insurance:
Cyber Insurance Policy Plan Details & Specifications
The details of the cyber insurance policy plan are as follows:
Substantial coverage - You can opt for coverage of up to Rs. 2 Lakhs in case of financial loss due to cybercrime.
Low membership charge - The membership cost for different plans of this pocket insurance policy are as follows:
Membership Charge |
Coverage |
₹299 |
₹25,000 |
₹349 |
₹50,000 |
₹399 |
₹1 Lakh |
₹499 |
₹2 Lakhs |
Why is Cyber Insurance important?
The importance of cyber insurance is as follows:\
You can raise a cover against all the risks and frauds that you can be exposed to online.
It offers protection against hackers who can access the sensitive data of your customers.
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:
Who needs Cyber Insurance?
Cyber insurance is highly beneficial for
E-commerce businesses - They have a lot of sensitive information stored, such as card details, account numbers and PINs of individuals who shop from those sites.
Companies storing customer information - There are companies that need to store sensitive customer information. This must be protected from the reach of fraud to protect their details.
Eligibility Criteria for Cyber Insurance
Your age must be between 18 and 60 years to qualify for cyber insurance.
What's Covered & Not Covered
What's covered?
Cyber-attacks - If you notice any unauthorised transaction on your account, you can claim this insurance.
SIM-hijacking - Fraudsters hijack your SIM card for transactions leading to substantial financial loss.
Phishing attacks - Protect your information and money from fraudsters with malicious intentions.
What's not covered?
Frauds involving cash - You cannot raise a claim in case you end up losing cash and not due to online transactions.
Negligence in data protection - You cannot claim this insurance if you lose money due to utter negligence in protecting sensitive information.
Financial loss due to theft - This policy does not cover the financial loss of cash that you encounter due to theft.
Purposeful financial loss - If you purposefully lose funds due to carelessness, you cannot claim this insurance.
Loss during trading - You cannot claim this insurance if you lose money during online trading in the market.
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.
How to File a Claim?
You can file a claim via the following methods:
Call - You can make a telephone call at your convenience 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.
Documents Required to Process the 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
Tips to enhance Cyber Security
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.
Keep funds aside to take necessary measures to enhance cyber security.
Opt for cyber insurance to access substantial coverage during cybercrimes.
Cyber Insurance Customer Care Details
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.
FAQs for Cyber Insurance Policy
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✔️Who may 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.
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✔️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 the insurance companies.
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✔️What kind of coverage is offered by the policy? Could 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 like first-party expenses, investigation charges coverage, counselling services, etc. offered by the insurance companies.
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✔️Under this policy, am I allowed to create my plan?
You can create a cyber security insurance policy plan, however, it depends upon the norms and conditions of the insurance provider. Some companies offer customization options to their customers while some offer a standard plan.
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✔️What is the range of 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.
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✔️Is there any deduction under the policy?
No, there are no deductions under cyber insurance policies.
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✔️Does the policy have a waiting period?
The cyber crime insurance policies do not have a waiting period clause under them.
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✔️Does the policy include a sub-limit?
The cyber insurance policies do not include any sub-limits.
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✔️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.
