HomeMoney & FinanceHDFC ERGO launches cyber sachet insurance policy

HDFC ERGO launches cyber sachet insurance policy

HDFC ERGO General Insurance Company has announced the launch of its cyber sachet insurance policy aimed at mitigating cyber-related, digital risks for individual customers and keeping them internet insured.

Customers can be internet insured with a pocket-sized insurance cover at a nominal premium of less than 2 per day. The sum insured ranges from 10K to 5 crores for choice of covers that include financial loss, reputation loss, data loss and recovery, cyber liability protection, smart home devices, and cyber bullying. The policy offers value for money through affordable premiums and an option to extend the cover to other family members.

The insurer has addressed the affordability criteria of new-age emerging risks by pricing each section on an individual basis and adding discounts to incentivise customers opting for multiple sections, it said.

According to HDFC ERGO press release, “The pandemic acted as a catalyst increasing the number of cyber-crime attacks across the globe. According to the latest report by the National Crime Records Bureau, India recorded 50,035 cases of cyber-crime in 2020 i.e., an 11.8% surge in such offences over the previous year. Cybercriminals are especially targeting new technology users and senior citizens as they are most susceptible to such attacks.”

While financial loss is one the biggest concerns, there is also a growing worry around data loss, cyberbullying and stalking. The cyber sachet policy offers a comprehensive range of cover, providing 360-degree protection to its customers against the uncertainty of the cyber world. 

The modular product is structured into 14 sections, empowering the customer with the flexibility to customise and personalise the cover to meet their individual requirements. This new digitally enabled policy provides protection against online fraud, email spoofing, phishing, identity theft, online shopping, and reputation restoration, said the press release.

Sanjay Kaw, president, commercial business, HDFC ERGO General Insurance Company said, “With the increase in cyber threats, a product like Cyber Sachet Insurance will prove to be a benefit, given everyone is an easy target to cybercrimes in some or the other form. We believe in helping customers with solutions that are digitally accessible, innovative, and unique. Through the launch of the new Cyber Sachet Insurance, our purpose is to offer our customers the much-needed protection against the various online threats while making sure that the product is affordable.”

The cyber sachet policy also provides a wide range of liability covers arising from various online activities such as claims due to social media activities, malware attacks on third party systems, and the legal costs caused due to data breach, said the press release.

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