MyCyber Insurance

Insurance Policy Details
Who are covered?

Individuals who use the internet. This Policy provides protection to the Insured against loss or damage which arises directly from personal use of computer systems and the internet and results in the occurrence of the specified events defined in the policy, namely:

  • Unauthorized transactions
  • Online purchase transactions during the Policy Period
What are the coverages?
Section I: Unauthorized Transaction

The Insurer shall pay the Insured, up to the limit mentioned in the Policy Schedule, for the Insured’s direct financial loss arising out of:

  • Theft of funds due to an Unauthorized Transaction, first occurring during the Policy Period and reported to the Bank/debit or credit card issuer/mobile or digital wallet, and Insurer, within 48 hours upon discovery (and in any case during the Policy Period) of such transaction.
  • As a consequence of being a victim of a Cyber Incident or Hacking, provided that the Insured reports to the issuing bank or Mobile Wallet company within 48 hours after discovery of the Theft of Funds.
  • Theft of funds arising due to unauthorized access, malicious acts, or malware phishing and spoofing are covered.
Section II: Online Purchase Transactions

The Insurer will reimburse the Insured for Direct and Pure Financial Loss due to transactions on the internet via payment card or Mobile Wallet that the Insured has been dishonestly induced to enter by a Third Party by electronic means to make a purchase of goods or services which are not delivered or rendered, provided that:

  • The Insured can show that reasonable attempts were made to seek a recovery or refund from the Third Party and/or seller of the goods and services.
  • The fraud event is reported by the Insured to their card issuer, bank, or other relevant entity within 48 hours of discovery.
  • The Insured card issuer, bank, or other relevant entity refuses in writing to reimburse the Insured for transactions made as a result of the fraud.
What shall be the sum insured?
  • Option I - SI Rs. 15,000
  • Option II - SI Rs. 25,000
  • Option III - SI Rs. 50,000
  • Option IV - SI Rs. 1,00,000
Policy Period

Annual

Premium
  • For Option I - Rs. 375 + GST
  • For Option II - Rs. 500 + GST
  • For Option III - Rs. 750 + GST
  • For Option IV - Rs. 1000 + GST
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