The Art of Decision-Making: Navigating Complexity and Uncertainty
Upi insurance
1. PRINCIPLES AND PRACTICES OF GENERAL INSURANCE
UPI INSURANCEINSURANCE FOR RISKS FROM UPI TRANSACTION FRAUDS
Submitted To
Dr. S A SENTHIL KUMAR
DEPARTMENT OF MANAGEMENT
Submitted By
MUHAMMED ASHFAQUE M
MBA (IM) 1ST YEAR
PONDICHERRY UNIVERSITY
KARAIKAL CAMPUS
2. WHAT IS UPI?
A newest interface for instantly transferring funds between two bank
accounts on a mobile platform using a unique UPI ID and UPI PIN.
Our bank accounts should be connected to our unique UPI ID for
accessing this.
UPI TRANSACTION
3. All major financial companies and banking companies now develop their own
UPI apps.
4. More than 40 Indian Govt.
and Private Banks now
participate
in UPI Payments
platforms.
Almost all banks have
their own UPI Payment
app in Google Play or
iOS App Store. Some third-
party companies also
have their own UPI
app partnering with any
Indian Bank.
5. WHY A SEPARATE INSURANCE COVER FOR UPI TRANSACTIONS
INSPITE OF HAVING CYBER INSURANCE ?
UPI, being the mile stone of the digital economy. We are using UPI
daily even it is for a small transaction.
The simplicity of UPI forces us to use it, even in very small tea shops
we can see UPI QR codes.
UPI is the most commonly used online payment method by the general
public than a firm.
With UPI transactions hitting an all-time high this year, it’s no surprise
that UPI is one of the most preferred methods of payment in recent
times.
8. This high growth rate causes for many fraudulent activities
Because,
1. Emerging system
2. Cyber based
3. Norms are changing day by day
4. Instant transaction of money
5. Insecurity of mobile phones
6. Viruses in electronic media (ransom ware)
7. Lack of knowledge
8. Simplicity
9.
10. UPI INSURANCE
My concept of UPI insurance is about protecting our each UPI
transactions by insurance cover.
When anybody losses any amount by others’ fraudulent activities or
their own unintentional activities while transacting via UPI interface,
the company will check the transactions and repay the lost amount.
Lets check how the UPI Insurance company works, their premium,
settlement, functions add-ons and exclusions
11.
12. UPINSecure Ltd. has collaboration with the following UPI Apps:
Google Pay
Phone Pe
Amazon Pay
Paytm
Any individual or firm who transacting via these UPI Apps can insure their
transactions via UPINSecure Ltd. by just a click in the given check box
while transacting.
13. UNDERWRITING PROCESS
• The premium is collected instantly at the time of transaction.
• The premium amount is 1% of transacting money for first payment to a
UPI ID and 0.5% for subsequent payments.
• If you pay ₹100 to any UPI ID and you want insure your transaction,
then just click on the check box provided in the UPI App and pay ₹ 101
including UPINSecure Ltd. Insurance premium.
• The premium to an unknown UPI ID will be 3% and to a business UPI
ID it will be 0.5%
• The company has the authority to change the premium periodically
as per the risk analysis and norms of banks and UPI apps.
• We will extend the insurance facility to other UPI Apps soon.
16. CLAIM SETTLEMENT
• Claim amount is equal to the lost amount
•When the risk occurs, the claimant has to apply for claim settlement
through the same UPI App or directly our website
• The following documents should be uploaded with the application.
Policy documents
Copy of Complaint filed in the bank
Copy of complaint to the cyber cell
Bank account proof
Duly attested copy of identity proof
• Our technical assistant will check the genuineness of the compliant.
• If the claimant acquires all the terms and conditions and our assessor
satisfies , the claim will be settled with in a week
17. EXCLUSIONS
• When the sender intentionally sending to a wrong UPI ID it cannot
be claimed,
If the sender proves that it is a part of any fraud activity by creating
any dupe UPI ID by changing any one letter of UPI ID and switching
on the transaction by any fraudster to his own bank account
• Illegal transactions will be excluded. The claimant should have to
produce the source and proof of the transaction.
• The reason for the transaction should be mentioned, otherwise it
will be excluded.
• Transactions made for getting any reward or any promotional
activities will be excluded.
• Gift transactions will be excluded.
