Flipkart partners with Bajaj Allianz to cover online financial frauds

E-commerce marketplace Flipkart and Bajaj Allianz General Insurance Company have come together to offer solutions for customers who want to cover themselves against financial losses caused as a result of cyber-attacks, cyber frauds or other such malicious activities across various online platforms.

The 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.

Customers can opt for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000.

Tapan Singhel, Managing Director and CEO of Bajaj Allianz General Insurance, said cyber-attacks pose a serious threat wherein money, reputation and personal data is at stake.

"With this product introduced on Flipkart's platform at less than 50 paise per day, you can protect yourself against the financial risk of getting defrauded online. During this Covid-19 era, as you shop online, this insurance will provide coverage against various cyber threats, thus making your online experience worry-free."

Ranjith Boyanapalli, Head of Fintech and Payments Group at Flipkart, said the marketplace's constant endeavour is to make online shopping safer and more convenient for customers transacting digitally.

"As the festive season nears, we want to ensure that the customers' online shopping experience across any digital medium is devoid of stress and apprehensions," he said in a statement on Tuesday.

A recent survey conducted by NortonLifeLock shows that about 80 per cent of respondents reported being a victim of cybercrime at some point in their lives.

Now with customers spending more time online for activities such as working, learning, gaming, entertainment, shopping, and transacting, they are more vulnerable than before to cyber-attacks, especially the ones which are directed at individuals.

( With inputs from ANI )