Who this cover is for
Active internet banking users, remote professionals, high-net-worth families, and digital investors.
Coverage scope
Policy scope is governed by insurer terms, endorsements, and policy schedules. Common provisions include:
Financial Fraud Protection
Compensation for unauthorized direct fund transfers from bank accounts, credit cards, and digital wallets.
Identity Theft Defense
Covers legal defence fees, lost wages, and credit monitoring expenses to restore compromised identity.
Cyber Extortion & Ransomware
Coverage for professional forensic investigation and negotiation advisory during ransomware locks.
Data Restoration & Device Decontamination
Covers IT specialist costs to clean malware and restore digital files on personal laptops and phones.
Key limitations and exclusions
Every insurance contract outlines specific conditions, waiting periods, and deductibles to review before policy inception:
Gross Negligence & Sharing OTP
Voluntarily sharing one-time passwords (OTP) or banking credentials with third parties invalidates fraud claims.
Cryptocurrency & Virtual Assets
Losses involving decentralized cryptocurrencies, NFTs, or unapproved trading platforms are excluded.
Commercial Use Exclusions
Business losses on personal devices require dedicated commercial cyber insurance policies.
How Sanghvi Consultancy assists you
With 45+ years of insurance experience in Navrangpura, Ahmedabad, Sanghvi Consultancy provides personal policy guidance:
- Evaluating family-wide digital risk policies covering multiple personal devices.
- Explaining reporting protocols and cyber cell FIR requirements for valid insurance claim filing.
- Advising on preventative security measures alongside coverage.
Frequently asked questions
How soon must I report unauthorized online transactions?
Under RBI guidelines and insurance policy terms, notify both your bank and the cyber cell within 24 to 72 hours of fraudulent transactions to preserve your claim rights.
Does personal cyber insurance cover social media account hacking?
Yes, select policies cover legal expenses and IT consultancy fees required to regain control of compromised accounts and counter cyberbullying.
Discuss your policy with an advisor.
Get clear answers on policy terms, insurer waiting periods, and claim support without aggressive sales calls.