Personal Finance News

Cyber crime Insurance gets easy, subject to certain T&C

The growing digitalisation and globalisation although have advanced many things for us but it also comes up with plenty of dangers.

The most devastating thing regarding the growing cyber crimes cases is they can come up with any single click on any random email.

Also, your card can be used for any online transactions or phishing can be used to steal all your personal data.

If anything like that happens then getting a compensation or financial aid is hopeless. But, with the help of insurance, this situation can be curbed to some extent.

India is a largely populated country and that too, it comes under third world, as it is a developing nation. Hence, getting any kind of help against cyber crimes is just very tedious.

Although there are many insurances against cyber-crime but they are somehow useless. The blunder is handful of cyber insurance products have less inclusions and more exclusions.

However, IRDAI (Insurance regulator) now wants to change the situation towards a positive goal. The regulator has come up with a suggestion to expand the coverage to include unauthorized access to devices and worldwide territory.

This expansion will include card cloning and online shopping as well. But as we said, it will come up with some terms and conditions, for example an insurance coverage of Rs 20 lakh may cost you between Rs 12,000 -14,000 annually.

Well, however, the current prices are Rs 5,000-6,200 per annum for basic cyber coverage of Rs 20 lakh. While this charge is also inclusive of online transaction and legal charges for cyber fraud cases.

There will be conditions apply for all the coverage further.

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