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The frauds occurring during the various online transactions have increased largely especially the ones dealing with credit card usage. It is majorly because of the easy and effortless use of internet which has welcomed illegal acts of data breach and forced banks to go for insurance cover. Insurance companies are seeing large number of enquiries from the banks. Where the large banks are purchasing policies worth Rs. 500 crore, the mid-sized or smaller ones are opting for Rs. 250-300 crore. As per the head of underwriting at Bajaj Allianz General Insurance, TR Ramalingam, the insurance demands have increased against internet hacking, skimming etc.
Expanding the insurance policies, the insurers are now including computer-related frauds etc. which were not included earlier. The premium varies from 1% to 2% of liability the bank wishes to have. The premium depends on various factors which affect its amount. As per the Right to Information Act, domestic banks faced a loss of Rs. 17284 crore in 2012-13 and around 26, 598 cases of fraud were filed by 62 banks. President of Tata AIG general Insurance, M Ravichandran said cyber insurance policy will provide cover against cyber extortion and breach of data privacy. Also, people are showing more interest in securing their exposure through cyber insurance. Tata AIG and similar companies are reinsurance driven and have the ability to do the underwritings. A person who has hacked the bank’s website with an intention of stealing or destroying information is paid under cyber extortion policy.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
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Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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