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Online Banking Protection Plan

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With increasing digitalisation, there has been an increase in internet/online banking, which has now become an indispensable part of our daily lives. While these technological advancements are more convenient, the risk of online security is higher, as a lot of vital data is at stake.

Online Banking Protection Cover by AWP Assistance (India) Private Ltd. offers secure browsing facility, coverage against loss and theft of payment cards, and offers a sum insured up to Rs. 1 lakh, at just Rs. 177 including GST.

Plan Details

Here are the details of this plan.

Product Price including GST
Online Banking Protection Rs. 177

Eligibility: Individuals who are 18 and above can apply for this plan. The age is considered as per your last birthday.

Plan Validity: The plan is valid for a tenor of one year.

What's Covered

Here’s what’s covered in this plan.

  • Money-in-bank

    Online banking protection

    1. The plan covers 1 card per year for a sum insured up to of Rs. 1,00,000.
    2. The plan covers payment of the claim for cases where, Allianz Partners verifies that the mentioned card is recorded in their system.
    3. All cards must have built-in chip-and-PIN technology.

  • Money-in-bank

    Lost card liability

    1. Waiting period for this cover is 15 days pre-reporting and 7 days post-reporting.
    2. Any loss arising out of unauthorized/fraudulent usage of lost/stolen cards on ATM/POS/EDC terminal/E-commerce anywhere in the world.
    3. Any PIN-based transactions (ATM, internet, etc.) from lost/stolen cards are covered provided PIN is acquired under duress by an unauthorized person. 
    4. Cardholder should block/cancel the card as soon as possible, but not more than 7 days from the date of notification of fraud transaction via SMS/card statement/email/Net Banking or by any other means. 
    5. Intimation of claim to the Allianz Partners/Bank should be made within 15 days from the date of blocking or date of receiving the statement, whichever is earlier.
    6. FIR or police report is to be mandatorily submitted in case of a lost card.

  • Money-in-bank

    Counterfeit/ Skimming

    1. Counterfeit Card is a card that has been embossed or printed to be passed off as a card issued by the bank, which is subsequently altered or modified or tampered with without consent of the bank named in part I of the schedule.
    2. Skimming refers to any fraudulent use of bank card(s) where property, labour or services are sold and delivered by a merchant to an individual claiming to be the cardholder using telephone, fax machines, postal services or a computer-based system or network. 
    3. Losses arising out of duplicate or counterfeit cards as issued by the bank created without the card holder’s knowledge.
    4. Cardholder should block/cancel the card as soon as possible, but not more than 7 days from the date of notification of fraud transaction via SMS/card statement/email/Net Banking or by any other means.
    5. Waiting period for this cover is 15 days pre reporting and 7 days post reporting.
    6. The claim has to be reported by the cardholder within 15 days from the date of issue of the statement containing the disputed counterfeit transaction or date of notification of fraud, whichever is earlier.

  • Money-in-bank

    Online Fraud Protection

    1. Internet banking fraud is defined as a fraudulent/unauthorized online transaction being made on the internet using lost/stolen cards. 
    2. Phishing/account takeover - Any fraudulent loss or damage arising due to information obtained by unauthorized access to sensitive information such as usernames, passwords and any card details by masquerading as a trustworthy entity in electronic communication which is not owned, operated or contracted by the insured or the insured’s bank card processor.
    3. The membership covers all online fraudulent utilization of credit cards using the authorized CVV (card verification value code) issued to the cardholder by the bank.
    4. Covers liability arising out of any loss or damage of card transactions using the authorized PIN issued to the cardholder by the bank.
    5. Waiting period for this cover is 15 days pre reporting and 7 days post reporting.
    6. The claim should be reported by the cardholder/bank to within 15 days from the date of receipt of the statement wherein the alleged online fraud transaction is reflected or the date of blocking, whichever is earlier.
    7. Cardholder should block/cancel the card as soon as possible, but not more than 7 days from the date of notification of fraud transaction via SMS/card statement/email/Net Banking or by any other means. 

What’s not Covered

Here’s what’s not covered in this plan.

  1. Any claim due to deliberate breach of law would not be payable.
  2. Gross negligence is not covered.
  3. Pre-delivery fraud and compromised 2nd level authorization transactions are not covered.
  4. Claim will not be paid in case the card issuing bank/authority reverses the transactions or reimburses the customer for the loss.
  5. Password based transactions are not covered, unless both card and OTP/secure PIN source is lost as per investigation by issuing bank, mobile or internet service provider, and FIR or police report.
  6. Allianz Assistance will not make any payment for any claim directly or indirectly arising from the following:
  7. Loss incurred by the cardholder because of misuse of credit card at any site not having authorized Verisign Security status or any other equivalent security status at any point in time for the entire period of the insurance.
  8. Any failed/duplicate/declined transactions by host website/authorized bank.
  9. Any errors made by the host website/authorized bank.

How to Apply

Click on ‘Apply Now’ button and share your basic details in the online application form

Check and confirm your application by entering the OTP received on your mobile number

Pay the premium via credit/debit card, UPI, mobile wallet, or any other available online payment mode

You will receive the details of your membership via email/WhatsApp

Claim Process

You can raise a claim by reaching out to Allianz Assistance via one of the following ways: 

Allianz Assistance toll-free number – 1800 419 9039

Contact Us

In case you have any queries related to coverage, exclusions or claims, please write to us at wecareinsurance@bizsupportc.com.

Disclaimer - Bajaj Finance Ltd. (BFL) is merely a distributor of this product, owned by AWP Assistance (India) Private Limited (AWP/Allianz Assistance). Issuance of this product is at the sole discretion of AWP. This product shall be governed by AWP product T&C’s and BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This is not an insurance product.

Additional Disclaimers – You must provide us with complete and accurate information when purchasing the membership and requesting a benefit. We may not be able to aid or cover if you provide us with incorrect or incomplete information. This includes failure to cooperate in the settlement of the claim or failing to pass on important information or changes.

If you or anyone acting on your behalf makes a claim which is in any way false or fraudulent or supports a claim with any false or fraudulent statement or document, you will lose all benefits you have paid for in this membership. We may also recover the cost of any previous benefits extended to you.

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