Bajaj Allianz Cyber Safe Insurance Plan – Should you opt?
Last week, Bajaj Allianz General Insurance has launched a unique insurance plan in India called “Cyber Safe Insurance Policy”. This plan covers insurance for cyber attacks and provides good protection to individuals who do online transactions and ecommerce users. What are the features of Bajaj Allianz Cyber Safe Insurance Plan? Who can consider Cyber Safe Insurance Plan from Bajaj Allianz? Are the premiums high in this Cyber Insurance Plan? What are the limitations of this Bajaj Allianz Cyber Safe Insurance Plan?
What are Online Cyber Attacks?
With increased online transactions, we keep hearing that someones bank account is debited with unknown transaction. Someones credit card might have misused by hackers to make online purchases. While individuals can go and complain to banks, it is tedious process and investigation takes hell lot of time. There is financial loss as well as processing time and money which gets involved in investigating this. These are termed as cyber attacks. However, till now there are no individual cyber insurance policies in India. Generally credit card issuers have also provided cover against online fraud to cardholders, however it is under a corporate cover purchased by the bank and is not available to individuals.
The Indian cyber insurance market is valued at Rs 30 crore only and comprises of protection bought by institutions.
Features of Bajaj Allianz Cyber Safe Insurance Plan
To cover these cyber attacks, Bajaj Allianz has launched CyberSafe Insurance Plan in India now.
This is a individual policy which covers for online frauds.
This policy is for individual who is victim of cyber attack.
This policy covers for cyber extortation, cyber bullying etc.,
One would get policy coverage for financial loss arising due to online frauds.
The policy also covers for defence cost, prosectution cost, IT Theft Cost, Restoration cost due to identify theft or malware attack.
This policy would create some comfort to individuals who do online transactions and who uses ecommerce websites more frequently.
Who is eligible to take this Bajaj Allianz Cyber Safe Insurance Plan?
Any individual who has completed 18 years of age is eligible to take this insurance plan.
What is the risk coverage value under this plan?
An individual can take this insurance plan for risk coverage of Rs 1 Lakh to Rs 1 Crore.
What are all covered under this Bajaj Allianz Cyber Safe Insurance Plan?
Following are covered under this insurance plan.
Financial loss arising due to online frauds.
Any financial loss arising from email spoofing and phishing.
Losses and expenses related to defence will also be taken care of by the policy.
The policyholder will also have cover for prosecution cost related to identity theft, IT theft loss etc.,
One would also have coverage for restoration cost to retrieve or reinstall Data or Computer Program damaged by entry of the Malware.
Individual policyholders can also claim for expenses incurred on counselling services treatment, claim for damages against third-party for privacy breach and data breach, cyber extortion loss and transportation for attending court summons.
Is the Insurance Plan Device Specific?
This insurance plan cover is not device specific plan and it would cover transactions made using all devices at work (office) and from family devices too. However, the policy expects the insured individual to not undertake transactions in cyber cafes or any suspect devices.
What are the premiums under this Insurance Policy?
According to Bajaj Allianz General Insurance, the premium will vary depending on the number of hours the individual spends online. The premium will be in a broad range.
What are the limitations of this insurance plan?
Complete features are yet to be made available in this plan.
The Premiums are expected to be high (thought not known as of now)
It does not cover for transactions done in cyber café.
It does not cover for transactions done thru devices where company does not suspect. This is difficult to predict what exactly they indicate as suspect devices.
What does Bajaj Allianz General Insurance say about this unique policy?
During the launch of this insurance plan its MD and CEO, Tapan Singhel said "This cover is the first of its kind designed keeping in mind the changing risk profile of the consumer. A couple of decades ago the biggest risk was having your pocket picked. In this day and age covers against pickpockets do not help when the bigger risk is of cybercrime,"
He also added that, "In an increasingly connected digital world, the amount of personal data being generated, transmitted, and stored on to various digital devices is growing at an exponential rate. The critical nature of this data and the complexity of the systems that support its transmission and use, have created a gamut of cyber risks.
Also Read: Top and Good Health Insurance Plans in India
Should you opt for Bajaj Allianz Cyber Safe Insurance Plan?
This is unique insurance plan that covers cyber frauds. Such plans might be unique and be useful for individuals who keep doing online transactions regulary. However, one has to observe the premiums under this plan which is expected to be high (not known as of now). Once all features are available along with premium chart, one can make out whether it is really benefiticial to an individual or not.
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Bajaj Allianz Cyber Safe Insurance Plan