PUNE, India, May 18, 2020 /PRNewswire/ -- With a steep rise in the number of people making digital payments amid the lockdown, incidents of glitches in payment processing, hacking and data breaches have also increased tremendously.

India has witnessed not only a surge in the number of transactions but the number of downloads of digital payment platforms have also almost doubled. According to a research report published by CLSA, these numbers had already jumped three-fold over the last two years to 3 billion transactions a month. This is because of many first-time users, who were earlier not very keen on making digital payments are now due to social distancing measures, have to pay online for buying essentials. 

Although most forms of digital payments have now become relatively secure, but the risk of online frauds still remain high. To ensure customers are financially covered in case their payment information is compromised, Bajaj Finserv is offering an affordable solution called Fraudulent Charges Cover.

Offering a coverage of up to Rs. 75,000 at a nominal premium of Rs. 299 per year, the Fraudulent Charges Cover offered by Bajaj Finance Ltd., the lending and investment arm of Bajaj Finserv, provides customers with a safety net if they ever fall prey to an incident of unauthorised charges made on their credit or debit card or any payment card. 

Fraudulent Charges Cover offered under Pocket Insurance & Subscriptions, offers a host of benefits to the customers such as:

Reimbursement claim:

  • Customers can get reimbursement of unauthorised charges done on their bank or credit card account, using their information through in-store purchases, telephone purchases, ATM withdrawals or online purchase.
  • They can also get reimbursement of unauthorized charges made on their stolen card, 24 hours prior to their first reporting the event to card issuer, and up to 7 days post reporting the same.

Hassle-free application process: Applying for this plan is an all-online and hassle-free process. All one needs to do is fill up the online application form and make payment for the premium. Customers can pay their premiums easily via multiple options such as UPI, Mobile Wallets, Credit/Debit cards.

Including Fraudulent Charges Cover, Bajaj Finserv is offering 85 plans that cover every day risks under their Pocket Insurance and Subscription product portfolio. It covers categories like wellness, travel, health and lifestyle. Customers can pick policies which best suit their requirement with pocket-friendly premiums starting at just Rs. 79.

About Bajaj Finance Limited

Bajaj Finance Limited, the lending company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 40 million customers across the country. Headquartered in Pune, the company's product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today. It is also the only NBFC in India with the international 'BBB' with stable outlook for long-term, by S&P Global Rating.

To know more, please visit: https://www.bajajfinserv.in

Media Contact :
Violet Vaz
Corporate Communication
Bajaj Finserv


Source: Bajaj Finance Limited