ICICI Lombard partners with Airtel Payments Bank to offer ‘Cyber Insurance’ to customers

Airtel Payments Bank, ICICI Lombard

Airtel Payments Bank has started offering Cyber Insurance in partnership with ICICI Lombard General Insurance Company.

The cyber insurance solution from ICICI Lombard provides financial protection to customers against potential financial fraud relating to banking, credit or debit card; identity theft; phishing or email spoofing and more.

Airtel Payments Bank customers can purchase this cyber insurance policy within minutes using the Airtel Thanks app. This insurance comes with ZERO waiting period and allows users to make multiple claims multiple times during the policy tenure, within the limits of the 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.

Sanjeev Mantri, Executive Director, ICICI Lombard, said, “The Covid-19 pandemic has blurred the line between home and workplace. With numerous companies normalising work from home, abundant of data is being transcended into the open domain, hence sensitive information is more prone to security vulnerabilities today than ever before. We are excited to partner with Airtel Payments Bank as this pioneering tie-up will assert the company’s pledge to provide innovative new-age risk solutions to our customers to prevent cyber-attacks exploding in the era of digital transformation.”

Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “We are pleased to partner with ICICI Lombard to offer this product to our customers. It is an important addition to our existing bouquet of simple, secure and value-driven solutions, and we hope our users will seek the advantage of this unique offering.”

Airtel Payments Bank has been innovating ahead of the curve to protect its customers to make their payments journeys safer. Last year, the Bank launched Airtel Safe Pay ─ the safest way to pay online. This launch of cyber insurance solution on its platform is yet another step in the direction.

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