Airtel Payments Bank partners ICICI Lombard for cyber insurance

Airtel Payments Bank said it has collaborated ICICI Lombard General Insurance Company to offer cyber insurance which can be purchased from the Airtel Thanks application.

The partnership comes when the growth in digital payments and transactions has led to a surge in sophisticated online frauds.

The insurance from ICICI Lombard gives financial protection to clients against potential financial cyber frauds related to banking, credit, or debit card, as well as protection against threats like data fraud, phishing, and email spoofing, Airtel Payments Bank said in a statement on Monday.

The insurance comes with a zero waiting period, allowing clients to make multiple claims within the policy tenure and within the limits of the insured amount opted for. The policy will give a 90-day discovery period, followed by a seven-day reporting period.

“This means that if the insured finds an unauthorized transaction processed from their card or record on the 90th day from the transaction date, they can in any case report it in the following seven days to the issuing bank or mobile wallet company”, said the statement.

Last year, Airtel Payments Bank launched Airtel Safe Pay. Cyber insurance comes as the bank is diversifying its offerings.