Muthoot Finance launches

 Muthoot Finance launches “Muthoot Gold Shield”

Partners with Bajaj Allianz General Insurance to launch Gold Jewellery Insurance

Muthoot Finance, India’s largest gold loan NBFC has tied up with Bajaj Allianz General Insurance, India’s leading private general insurer to provide insurance on gold jewellery as part of their new initiative - “Muthoot Gold Shield”, which is backed and powered by Group Affinity All Risk policy of Bajaj Allianz General Insurance.

Muthoot Gold Shield is the Gold Jewellery Insurance Scheme launched by Muthoot Finance, for its customers in partnership with Bajaj Allianz General Insurance. The policy provides insurance coverage of gold jewellery for individuals. This is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of gold loan and release of gold ornaments. It will provide insurance coverage to the customers of Muthoot Finance as a loyalty product.

Mr. George Alexander Muthoot, Managing Director, Muthoot Finance said, “Muthoot Finance as a company has always believed in the philosophy of helping people and giving back to society. Going by the initial overwhelming response received for this insurance policy, it has been widely accepted by the customers of the Company. As part of our ongoing customer loyalty programme and social commitment, we are providing customers insurance coverage with an objective to build confidence and help move ahead in life without any fear.”

Speaking on the occasion, Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “At Bajaj Allianz General Insurance, our endeavour has always been to offer products to ensure that citizens are safeguarded against exigencies. Gold jewellery is an integral part of our country’s culture and hence we have curated this product specifically for financially shielding customers of Muthoot Finance in case of any unforeseen events, thus making them worry-free about their jewellery.”

The Scheme has the following unique benefits which are exclusive to this Insurance Policy:

 1.       It is one of the simplest and easiest ways of obtaining gold jewellery insurance coverage

 2.       Policy covers burglary, robbery, theft from insured person’s home, loss-in-transit and 13 other disasters (natural calamities)

 3.       This is a standalone gold jewellery insurance offering

 4.       Companies typically provide gold jewellery insurance as part of home insurance along with insurance of other articles at home. Normally, the percentage of insurance coverage for gold jewellery is restricted by some insurance companies to a maximum of 15% of the total home insurance policy sum insured.  For instance, if an individual wants to take a jewellery insurance coverage of 1.50 Lakhs from other insurance companies, he/ she will have to take a home insurance policy of about Rs. 10 Lakhs.

 5.       Muthoot Gold Shield is provided at a nominal premium, which is lower than industry average

 6.       ZERO documentation is required and it takes less than 2 minutes to generate a policy

Flipkart Partners with Bajaj Allianz to launch

 Flipkart Partners with Bajaj Allianz to launch Cyber Insurance to cover Online Financial Frauds

The “Digital Suraksha Group Insurance” policy will cover financial losses caused by various kinds of online frauds and cyber-attacks that might occur during digital transactions

: Flipkart, India’s homegrown e-commerce marketplace, and Bajaj Allianz General Insurance Company, India’s leading private general insurer, have come together to offer ‘Digital Suraksha Group Insurance’ for customers who want to cover themselves against financial losses caused as a result of cyber-attacks, cyber frauds, or other such malicious activities across various online platforms. The Digital Suraksha Group Insurance compensates for direct financial loss (up to the sum insured) due to unauthorized digital financial transactions as a result of identity theft arising out of cyber-attacks, phishing/spoofing, and SIM-jacking. Customers can opt for a one-year cover at premiums as low as Rs. 183 for a cover of Rs. 50,000 (Fifty Thousand).

Highlighting the benefits of the product, Mr, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “Cyber-attacks pose a serious threat wherein your money, reputation, and personal data is at stake. With this Digital Suraksha Group Insurance introduced on Flipkart’s platform, at less than 50 paise per day, you can protect yourself against the financial risk of getting defrauded online. During this COVID-19 era, as you shop online, this insurance will provide coverage against various cyber threats. Thus, making your online experience worry-free.”

Commenting on the new offering, Ranjith Boyanapalli, Head – Fintech and Payments Group, Flipkart, said, “At Flipkart, it is our constant endeavor to make online shopping safer and more convenient for customers transacting digitally. The cyber insurance offering in partnership with Bajaj Allianz is a step in this direction. As the festive season nears, we want to ensure that the customers’ online shopping experience, across any digital medium, is devoid of stress and apprehensions.”

A recent survey conducted by NortonLifeLock stated that about 80% of respondents reported being a victim of cybercrime at some point in their lives. Now, with customers spending more time online for activities such as working, learning, gaming, entertainment, shopping, and transacting, they are more vulnerable than before to cyber-attacks, especially the ones which are directed at individuals. Insurance products such as Digital Suraksha Group Insurance, provide consumers ease of mind and a strong tool to safeguard them from any new-age digital transaction risks that they might be exposed to.

Product		Features
Pricing:	Customers can get a cover of Rs. 50,000 (for a premium of Rs. 183), Rs.1,00,000 (for a premium of Rs. 312) and Rs.2,00,000 (for a premium of Rs. 561), for a 12-months tenure, with covers also extending up to Rs.10,00,000.
Inclusions:	●   Online transactions for debit cards, credit card, digital wallets, UPI / Internet banking (All bank accounts, credit and debit cards, and mobile wallets) ●    Multiple claims/incidents covered up to the sum insured
Discovery period:	The claim is admissible if a loss of funds is reported within 90 days of the occurrence
Geographical cover:	The policy offers worldwide cover and offers protection while traveling international, reimbursed in Indian Rupees
How to avail?	The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart

Guided by the strong understanding of the needs of Indian consumers, Flipkart has, in recent months, introduced life, health, and motor insurance offerings, so that consumers can avail of these important financial services from the safety of their homes during the pandemic. This has expanded the reach of these services to Flipkart’s large and growing pan-India consumer base of more than 250 million. Flipkart is working with some of the leading insurance service providers in the country for providing access to customized and simplified plans based on the dynamic needs of Indian consumers.