ICICI Lombard and MobiKwik enter into a partnership to offer cyber insurance

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ICICI Lombard General Insurance, a prominent general insurance company has entered into a strategic alliance with MobiKwik, a digital financial services application to offer cyber insurance plans with Rs.50,000 coverage. 

Cyber fraud
The Commercial Cyber Insurance plan protects individuals from online fraudulent and unauthorised transactions.

The Commercial Cyber Insurance plan is offered through the mobile wallet application, MobiKwik, and is underwritten by ICICI Lombard. It provides a protective net against fraudulent and unauthorised online payments. The cover will include transactions made by individuals through their bank accounts, mobile wallets, or using their debit/credit cards. 

MobiKwik wallet users can avail the insurance policy by adding money to the wallet or paying for it separately. The policy is valid for a month and costs Rs.99 per month. The policy is issued immediately after purchase. 

ICICI Lombard is a private sector general insurer that offers a range of non-life insurance products like health insurance, home insurance, marine insurance, business insurance, crop insurance, among others. The company has a quick claim settlement process and has a reputation for maintaining a good claims incurred ratio. 

MobiKwik is a platform for individuals to make digital payments for bill payments, recharges, online purchases, etc. The company has been growing at an excellent rate ever since its establishment. As of now, the application has 10.7 crore users. 

Sources: Gadgets Now and The Hindu Business Line 

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