Identity Theft Insurance Cover

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Identity Theft Insurance Cover

Identity Theft Insurance - Overview

Identity theft is rampant in today’s ‘Digital Age’. An identity theft can leave you with large debts accrued in your name, or a scarred credit score. Resolving these financial errors could take months, and sometimes years.

With Identity Theft Insurance, you can protect yourself from financial or legal expenses incurred, and get coverage for lost wages, legal expenses, obligation to pay or any other miscellaneous expenses incurred due to identity theft, with Identity Theft Cover from Bajaj Finserv.

 

Identity Theft Cover Features and Benefits

  • High Coverage Limit

    Get coverage up to Rs. 1,50,000 for just Rs. 299 per annum

  • Reimbursement for financial expenses incurred

    In case of identity theft, you can insure yourself against all the legal and financial expenses incurred, when resolving your identity theft. You can cover these expenses:

            • Legal expenses
            • Lost wages
            • Obligation to pay
            • Miscellaneous expenses

  • Multiple payment options

    You can pay your premiums easily via multiple options, such as online account transfers, UPI, Mobile Wallets, Credit or Debit.

  • What is Covered in Identity Theft Cover?

     

    With an Identity Theft Cover by Bajaj Finserv, you can get insured for financial losses incurred due to identity theft. Here’s a detailed lowdown on the different expenses covered:

  • Legal expenses

    Get reimbursement of attorney and court fees incurred by you for:

    • Defending any suit brought against you by a creditor or collection agency or someone acting on their behalf, as a result of the identity theft
    • Removing any civil or criminal judgment wrongfully entered against you as a result of the identity theft
    • Challenging the accuracy or completeness of any information in your consumer credit report, only if this information is inaccurate and falsely provided to the credit agency or financial institution as a result of identity theft.

  • Lost wages

    Reimbursement for time taken from work, to correct financial records that have been altered due to identity theft. Get payment for whole or partially unpaid workdays, but make sure you take these leaves within 12 months of making a claim.

  • Obligation to pay

    Get coverage for actual losses from unauthorised transactions, if any credit or bank accounts were opened in your name without authorization. We will pay for your legal obligation to pay a creditor, when the account was created as a part of your identity theft.

  • Miscellaneous expense

    Get reimbursement for the following expenses:

    • The cost of re-filing applications for credit accounts or banking accounts that are rejected solely because the lender received incorrect information due to identity theft
    • The cost of notarizing documents related to your identity theft, long distance telephone calls, and certified mail, reasonably incurred because of your efforts to report an identity theft or to correct your financial and credit records that have been altered because of your identity theft
    • The cost of contesting the accuracy or completeness of any information contained in your credit history because of your identity theft
    • The cost of a maximum of 4 (four) credit reports from an entity approved by us. The credit reports shall be requested when you make a claim.

  • What is Not Covered in Identity Theft Insurance Policy?

     

    Here are the exceptions to the policy, which are not covered under Identity Theft Cover by Bajaj Finserv:

  • Losses due to physical conditions

    Any physical injury, sickness, disease, disability, shock, mental anguish and mental injury including required care, loss of services or death

  • Credit reports requested beforehand

    Requesting credit reports before the discovery of your identity theft

  • Time taken off work

    Taking time from self-employment or workdays that will be paid by your employer in order to correct your financial records that have been altered due to identity theft.

  • Losses due to other conditions

    Losses due to war, invasion, act of foreign enemy, hostilities or warlike operations (whether war has been declared or not), civil war, rebellion, revolution, insurrection, civil commotion, uprising, military or usurped power, martial law, riot or the act of any lawfully constituted authority

  • For the full list of Identity theft insurance policy exclusions, please download the policy brochure here.

Identity Theft Cover: Terms and Conditions

Here are the terms and conditions for coverage, under the Identity Theft Cover by Bajaj Finserv:

Fraudulent account opened
The fraudulent account must have been opened in your name without your authorization.

Verification from financial institution
Any false charge or withdrawal from the unauthorized opened account must be verified by your financial institution.

Coverage for false charges
Coverage for false charges is limited to the amount you are held liable for by the financial institution.

Inspection of financial records
We will be permitted to inspect your financial records.

Cooperation and enforcement
You will cooperate with us and help us to enforce any legal rights you or we may have in relation to your identity theft; this may include your attendance at depositions, hearings and trials, and giving evidence as necessary to resolve your identity theft.

Deductible for each occurrence
You will only have to pay one deductible per identity theft occurrence during the policy period.

Duties in the Event of a Loss
 

In the event of a covered loss you shall:

Contact us
Call us at 1800119966 or provide written intimation to make a claim within 15 days of discovering the identity theft to obtain proper forms and instructions

Please contact our 24-hour Toll Free Call Center on 1800-11-9966* - 1800-266-7780 (*Toll free from MTNL/ BSNL lines only) or 1800-22-9966 (only for senior citizen policy holders). Please intimate the Call Center as soon as a claim occurs, in order for us to provide you prompt and effective assistance. You may also register the claim by sending below details on [email protected] or sending a SMS on 5616181 as “Claims”

Documents required at the time of claims
Below is the tentative list of documents required for processing of claim
1. Duly filled and signed Claim Form
2. Police Intimation
3. Credit report
4. Legal expenses tax invoices
5. Salary/Wage slips (In case of Loss of Pay)(*to be supported with suitable documents from employer)
6. Credit/bank account statements
7. Miscellaneous Expenses tax invoices –
     a. The cost of refilling applications for credit or banking accounts that are rejected solely because the lender received incorrect information as a result of identity theft.
     b. The cost of notarizing documents related to your identity theft, long distance telephone calls, and certified mail reasonably incurred as a result of your efforts to report an identity theft or to correct your financial and credit records that have been altered as a result of your identity theft
     c. Cost of contesting accuracy or completeness of any information contained in your credit history as a result of your identity theft
     d. Cost of a maximum of 4 credit reports from an entity approved by us. The credit reports shall be requested when you make a claim.

Police report
File a police report within 24 hours of discovering the identity theft

Notifying about the identity theft
Notify your bank(s) or credit account issuer(s) of the identity theft within 6 hours of discovering the identity theft

Completion and return of any claim forms
Complete and return any claims forms including an authorization for us to obtain records and other information such as credit reports (if applicable) within 3 days of making the claim

Proof about identity theft
Provide proof that it was necessary to take time away from your work if you make a claim for lost wages. We will ask you to submit proof from your employer that you took unpaid days off, and you must have this information notarized

Copies of documentation regarding covered loss
Send us copies of any demands, notices, summonses, complaints, or legal papers received regarding a covered loss

Preventive action
Take all reasonable and prudent action to prevent further damage to your identity.

How to Apply for Identity Theft Insurance?

Planning to apply for Identity Theft Cover? It is easy. All you have to do is log on to the website, fill out the identity theft cover online application form, make online payment to pay premium and you are done.

How to Claim under Identity Theft Cover?

Identity theft insurance policy provides you a simple & fast claim process. To lodge a claim, you can contact us through one of these ways:

    •    E-mail – [email protected]
    •    Toll free number - 1800119966
 

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