ICICI Lombard partners with Mobikwik to offer an affordable online fraud protection policy

The relationship aims to provide protection against unauthorized and fraudulent transactions online, across bank accounts, debit/credit cards and mobile wallets. MobiKwik users can avail the Commercial cyber Insurance policy underwritten by ICICI Lombard and enjoy the benefit of a stress-free and secured transaction for its users who opt for Cyber Insurance using the app. The cyber-insurance can be availed at only Rs 99 month and with a sum insured of Rs 50,000.

This strategic cyber insurance product has been intelligently designed to provide the users with 360 degree insured security of their multiple bank accounts, debit and credit cards and mobile wallets. MobiKwik users can enroll under this group insurance product at the time of loading money into their wallet or in a

standalone format, as per their wish. They can avail the cover digitally with an instant policy issuance. Additionally, the claims can be lodged digital online. MobiKwik has taken a Commercial cyber

Insurance policy underwritten by ICICI Lombard to provide the benefit of a stress-free and secured transaction for its users who opt for Cyber Insurance using the app.

Digital wallets aka e-wallets or mobile wallets, are in vogue currently given a growing population is going 'cashless'. With the adoption of cashless transactions on the rise, it is but natural that the cyber threat landscape also magnifies. There are millions of transactions that take place every month on the MobiKwik wallet.

On the tie-up, Sanjeev Mantri, Executive Director, ICICI Lombard said, "With the introduction of mobile wallets, transactions have become far more effective and convenient. But, these online transactions expose users to a new class of risks. Cyberinsurance thereby becomes imperative to provide customers protection against any kind of data security breach. This relationship with MobiKwik further strengthens ICICI Lombard's

endeavor to provide innovative and unique products against the new-age risks and cater to the needs of the customers of our business associates."

Commenting on the launch, Upasana Taku, Co-founder and Director, MobiKwik said, 'We have always been a trendsetter and launched innovative products in line with the customer requirements. We are the first mobile wallet company. to avail cyber insurance for its customers. This product was the need of the hour in today's digital era wherein a number of individuals prefer doing their financial transactions online.'