With an aim to offer insurance solutions against cybercrimes and financial frauds to its customers, Airtel Payments Bank has partnered with ICICI Lombard General Insurance Company. The Mumbai-based general insurance firm claims that the cyber insurance solution provides financial protection to customers against potential financial fraud relating to banking, credit or debit card; identity theft; phishing or email spoofing, etc.
Sanjeev Mantri, Executive Director, ICICI Lombard, said, “The Covid-19 pandemic has blurred the line between home and workplace. With numerous companies normalising work from home, abundant of data is being transcended into the open domain, hence sensitive information is more prone to security vulnerabilities today than ever before.”
“Airtel Payments Bank customers can purchase this cyber insurance policy within minutes using the Airtel Thanks app. This insurance comes with ZERO waiting period and allows users to make multiple claims multiple times during the policy tenure, within the limits of the insured amount opted for. The policy will provide a 90-day discovery period followed by a seven-day reporting period, Airtel Payments said in a media statement.
Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “It is an important addition to our existing bouquet of simple, secure and value-driven solutions, and we hope our users will seek the advantage of this unique offering.”
In order to protect its customers from the growing incidents of online payment frauds, Airtel Payments Bank had last year rolled out ‘Airtel Safe Pay’ – India’s safest mode for making digital payments. With this, Airtel customers can make UPI or Netbanking-based payments through Airtel Payments Bank without any data leak.