The partnership comes at a time when the growth in digital payments and transactions has led to a surge in sophisticated online frauds.
The insurance from ICICI Lombard provides financial protection to customers against potential financial cyber frauds related to banking, credit or debit card, as well as protection against threats such as identity theft, phishing and email spoofing, Airtel Payments Bank said in a statement on Monday.
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. “This means that 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,” said the statement.
Last year, Airtel Payments Bank launched Airtel Safe Pay. The cyber insurance comes as the bank is diversifying its offerings.