Page 8 - Insurance Times November 2020

the report says it is the largest risk fac- mated at around Rs 8,000 crore. The than 50 paise per day, you can protect
tor for deaths for India, followed by total export credit disbursement sup- yourself against the financial risk of
high blood pressure. The report, how- ported over the five-year period under getting defrauded online. During this
ever, notes the success of the 'Pradhan this scheme, is estimated to be at COVID-19 era, as you shop online, this
Mantri Ujjwala Yojana Household LPG' around Rs 26 lakh crore. insurance will provide coverage
programme, saying it helped dramati- Sources said the main purpose of this against various cyber threats. Thus,
cally expand access to clean energy, making your online experience worry-
scheme is "to revive export credit dis-
especially for rural households and free."
bursement and to ensure flow of ad-
helped reduce "household air pollution equate and affordable export credit to Commenting on the new offering,
exposure".
exporters". Ranjith Boyanapalli, Head - Fintech
and Payments Group, Flipkart, said,
Due to the Covid pandemic, there has
Centre looks to boost ex- "At Flipkart, it is our constant en-
been a sharp decline in export credit
port credit disbursal disbursement by banks. The major rea- deavor to make online shopping safer
and more convenient for customers
through Rs 8,000 crore in- son for the decline is the risk of NPAs. transacting digitally. The cyber insur-
Expanding the insurance support to
surance scheme banks will help exporters get easy ance offering in partnership with Bajaj
The Central Government is considering credit. Allianz is a step in this direction. As the
festive season nears, we want to en-
a special scheme for exporters under
sure that the customers' online shop-
which a premium subsidy of up to Rs Digital Suraksha Group In-
8,000 crore will be provided on export ping experience, across any digital
credit insurance, sources said. This will surance launched medium, is devoid of stress and appre-
help exporters get easier and cheaper Flipkart, and Bajaj Allianz General In- hensions."
credit. surance Company, have jointly A recent survey conducted by
launched 'Digital Suraksha Group Insur- NortonLifeLock stated that about 80%
A proposal to this effect is at the final
ance' for customers who want to cover of respondents reported being a victim
stage and could be part of the next
themselves against financial losses of cybercrime at some point in their
stimulus package, a source added.
caused as a result of cyber-attacks, lives. Now, with customers spending
Under the proposed scheme, 90 per- cyber frauds, or other such malicious more time online for activities such as
cent of the export credit will be in- activities across various online plat- working, learning, gaming, entertain-
sured, said the sources. Currently un- forms. ment, shopping, and transacting, they
der the Export Credit Insurance for are more vulnerable than before to
Bank (ECIB) facility, 60 percent of the The Digital Suraksha Group Insurance
compensates for direct financial loss cyber-attacks, especially the ones
export credit is insured by the ECGC which are directed at individuals. In-
(up to the sum insured) due to unau-
(Export Credit Guarantee Corporation). surance products such as Digital
thorized digital financial transactions
The Central Government will provide as a result of identity theft arising out Suraksha Group Insurance, provide
the increased cost of the premium as of cyber-attacks, phishing/spoofing, consumers ease of mind and a strong
a premium subsidy. The subsidy rate and SIM-jacking. Customers can opt for tool to safeguard them from any new-
will vary from sector to sector. The a one-year cover at premiums as low age digital transaction risks that they
highest premium subsidy has been pro- might be exposed to.
as Rs. 183 for a cover of Rs. 50,000.
posed for agro product exports such as
Highlighting the benefits of the prod- Pricing
tea and rice, followed by Engineering
uct, Mr, Tapan Singhel, MD & CEO, Customers can get a cover of Rs.
Products and others.
Bajaj Allianz General Insurance said, 50,000 (for a premium of Rs. 183),
New exporters will get an additional Rs.1,00,000 (for a premium of Rs. 312)
"Cyber-attacks pose a serious threat
benefit as a higher premium subsidy wherein your money, reputation, and and Rs.2,00,000 (for a premium of Rs.
compared to existing exporters. personal data is at stake. With this 561), for a 12-months tenure, with
For the next five years, the total cost Digital Suraksha Group Insurance in- covers also extending up to Rs.
of premium subsidy has been esti- troduced on Flipkart's platform, at less 10,00,000.

8 The Insurance Times, November 2020