Airtel Payments Bank has partnered with ICICI Lombard General Insurance Company to offer cyber insurance solution. This cyber insurance can be purchased from the Airtel Thanks application. The insurance comes with a zero waiting period allowing customers to make multiple claims within the policy tenure, and within the limits of insured amount opted for. The policy will provide a 90-day discovery period followed by a seven-day reporting period.
The partnership comes in the backdrop of the growth in sophisticated online frauds. The solution from ICICI Lombard aims at providing financial protection to customers against potential financial cyber frauds related to banking, credit, or debit card, as well as protection against identity theft, phishing, email spoofing, and others.
Under the insurance policy, if the insured discovers an unauthorised transaction processed from their card or account on the 90th day from the transaction date, they can still report it in the next seven days to the issuing bank or mobile wallet company.
