Airtel Payment bank launches cyber insurance for its customer with ICICI Lombard

Tags: National News

India’s first payment bank ,Airtel Payment Bank has launched a cyber insurance policy for its customers in partnership with ICICI Lombard General Insurance company .

• The Airtel payment bank customer can buy the policy from the Airtel Thanks App.

• The bank’s policyholder will be provided financial  protection by ICICI Lombard  in case they are a victim of financial frauds while doing online transactions relating to banking, credit cards, debit cards etc.

Airtel Payment Bank :

• It started its operation January 2017 and is the first payment bank in India 
• Its Headquarters: New Delhi 

ICICI lombard General Insurance 

• It is a joint venture of ICICI bank  and   Canada  based Fairfax Financial Holdings.
• The Headquarters of ICICI Lombard General Insurance : Mumbai . 

Concepts clearing 

What is life  Insurance and General Insurance  

Life Insurance  

• It is a contract between an insurance company and a human being where the company promises to pay a sum  of money in case of the death of the human being .
• Important Life Insurance companies in India are LIC, ICICI Prudential,Max Life Insurance etc.

General Insurance 

• Unlike  life insurance in General Insurance, Non Human beings' life or objects which are not living are insured .
• For example crops insurance , cow insurance,buffallo insurance etc  . They are living but they are non-human hence they will come under General Insurance .
• Some of the examples of non life objects are  houses, cars, jewellery,etc. So if we insure our cars then it will come under General Insurance 

Health Insurance 

• In health insurance a person(human being ) is insured for hospitalisation where the insurance company will pay for hospital bills if the person falls ill.
• In India, Health Insurance can be provided by Life Insurance companies, General Insurance companies or specialised Health Insurance companies .
• It means it can be offered by LIC, ICICI  Lombard  or Star Health.

Insurance sector in India is regulated by the Insurance Regulatory  and Development Authority of India (IRDAI).

Headquarters of IRDAI : Hyderabad