MobiKwik, ICICI Lombard To Provide E-Wallet Users With Cyber Insurance Against Online Financial Fraud

One of India’s leading non-life insurance companies, ICICI Lombard General Insurance, has joined a strategic partnership with the digital financial services platform, MobiKwik, in a bid to offer cyber insurance coverage to mobile wallet users of the latter, reports The Hindu Business Line.

The insurance is aimed at providing protection against unauthorised or fraudulent financial transactions on the internet, whether they be on bank accounts, debit/credit cards and mobile wallets.

The cyber-insurance will be available for purchase on the MobiKwik app for Rs 99 per month, with funds insured till up to Rs 50,000. The validity of the policy will only be for a month at a time.

MobiKwik has somewhere around 10.7 crore Indian users, who may be enrolled in this insurance policy while adding money to their wallets or as per a standalone format.

It would also be possible to lodge claims under the policy digitally.