ICICI Lombard joins hand with Mobikwik to offer cyber-insurance cover of Rs. 50,000

ICICI Lombard General Insurance, a leading non-life insurance company has announced a partnership with Mobikwik to offer cyber-insurance cover of Rs. 50,000.

The relationship aims to provide protection against unauthorized and fraudulent transactions online, across bank accounts, debit/credit cards, and mobile wallets. It can be availed digitally through the app at only Rs. 99/ month.

Sanjeev Mantri, Executive Director, ICICI Lombard said, "We have always been ahead of the curve and introduced unique solutions at attractive price points. With the introduction of mobile wallets, transactions have become far more effective and convenient. But, these online transactions expose users to a new class of risks. Cyber-insurance thereby becomes imperative to provide customers protection against any kind of data security breach. This relationship with MobiKwik further strengthens ICICI Lombard's endeavor to provide innovative and unique products against the new-age risks and cater to the needs of the customers of our business associates."

This product will have to provide 360 degrees insured security of their multiple bank accounts, debit and credit cards, and mobile wallets. MobiKwik users can enroll under this insurance product at the time of loading money into their wallet or in a standalone format, as per their wish. They can avail the cover digitally with an instant policy issuance. Additionally, the claims can be lodged digitally.

Upasana Taku, Co-founder, and Director, MobiKwik said, " This product was the need of the hour in today's digital era wherein a number of individuals prefer doing their financial transactions online. This is a category that has been untouched upon and is a promising one, with the rise in the adoption of digital payments, across cities and towns."

Taku said, "We have partnered with ICICI Lombard General Insurance for this product and are confident that this differentiated product will further enable more users to trust digital payments and will use them more actively, without any fear. We are committed to bringing in many more innovative and affordable products to address the requirements of millions of Indians."