Bajaj Allianz General Insurance Co. Ltd has a new insurance policy to cover the risks coming from cyberspace and social media. Called the Bajaj Allianz Individual Cyber Safe policy, it covers 10 types of risks related to: identity theft, social media, cyber stalking, information technology (IT) theft loss, malware, phishing, email spoofing, media liability, cyber extortion, and privacy and data breach by a third party. The sum assured ranges between Rs1 lakh and Rs1 crore. Excluding taxes, premium is between Rs662 and Rs8,933. Sub-limits up to 25% apply to all the covers. It also covers payments to consultants for proving the extent of loss, court expenses and reasonable legal fees.
What is covered
Under the identity theft, social media and cyber stalking covers, insurer covers costs of prosecuting a criminal case against the concerned third party. In the IT theft loss cover, you can claim damages against a financial institution or payment system operators.
