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Importance of Cyber Insurance for Individuals
Feb 16, 2023

What is the Importance of Cyber Insurance for Individuals?

With an increase in the penetration of the internet in the life of a common man, the online security of an individual is compromised even more. The use of internet has brought convenience for many, but, it has also been responsible for exposing individuals to perils like cyber-attacks. While it is important to monitor all your internet activities cautiously, it is equally important to have a full-proof protection in case you become a victim of cyber-attacks. With an aim to provide overall security and coverage to individuals, Bajaj Allianz launched India’s first Individual Cyber Insurance policy. We at Bajaj Allianz have tried to understand the new-age risk factors and their impact on the life of a person. To make the online experience of our customers safer, we launched this Cyber Safe Insurance Policy for individuals. This is just one of the ways in which we aim to serve our customers better and embody the sentiment of ‘Caringly yours’.

Importance of Cyber Insurance

Having an insurance plan is like having a safety net, which can safeguard you in the event of any mishap. Similarly, a cyber insurance policy provides you coverage in case you suffer loss due to cyber threats.

Beneficial for individuals

Businesses and companies have been aware & careful of cyber threats because they handle sensitive information of their customers. But, cyber risks such as IT theft, cyber extortion, misuse of financial and personal information can harm individuals as well. Keeping this in mind, Bajaj Allianz’s Individual Cyber Safe Insurance policy is designed to provide coverage to a person, who is above 18 years of age.

Comprehensive insurance coverage

This plan offers extensive cyber insurance coverage to individuals against 10 major cyber threats:
  1. Identity Theft
  2. Social Media
  3. Cyber Stalking
  4. IT Theft Loss
  5. Malware Attack
  6. Phishing
  7. E-mail Spoofing
  8. Media Liability Claims
  9. Cyber Extortion
  10. Privacy Breach and Data Breach by Third Party
A single insurance policy works the same for the individuals irrespective of the device they are using. Thus, a person is covered under this policy regardless of how many and which device he/she uses. Definitely a thoughtful feature!

Affordable premium rates

The premium rates for this policy are fixed and very reasonable. The premium rates primarily depend on the SI (Sum Insured) chosen by the insured person. Have a look at the premium rates for this insurance policy in the table below:
SI (INR) 1 Lakh 3 Lakh 5 Lakh 10 Lakh 15 Lakh 20 Lakh 25 Lakh 50 Lakh 75 Lakh 100 Lakh
Premium (INR) 662 1395 1823 2848 3696 4187 4545 6156 7589 8933

 In-built services

Besides providing coverage against 10 potential cyber threats, Bajaj Allianz’s Individual Cyber Safe Insurance policy also provides the following in-built services for the insured person:
  1. Counselling services – A cyber-attack can leave a person in a distressed state, financially as well as emotionally. Thus, it is better to seek medical help so that you get the required treatment for the same on time. In case you consult a psychiatrist, psychologist or counsellor, the cost for the treatment will be covered under this policy.
  2. IT consultant services – If you have been the victim of a cyber-attack, then you might need help assessing the loss incurred and investigating the source of the loss. You can get this help from an IT consultant, whose expenses will also be covered under this cyber insurance policy.

The Bottom Line

We encourage you to take this opportunity to take the extended benefits of cyber insurance offered by Bajaj Allianz and get the much needed financial protection in case of an unfortunate event like personal data loss or financial loss due to a cyber-attack.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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Share Your Thoughts. Leave a Comment Below!

  • Manish Rawat - July 20, 2019 at 5:39 pm


  • Yogesh Pal - March 25, 2019 at 10:34 am

    Nice initiative.

  • Selvaraj viswanathan - March 23, 2019 at 9:23 am

    Good insurance. Having the scheme is nice.

  • Ramsantosh meena - March 22, 2019 at 2:36 pm

    Thanks for sharing this!

  • Shahid altaf - March 21, 2019 at 10:04 pm

    This article is so important

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