In this era where everything we do is shifting its base to a digital platform, we need to ensure that security is the topmost priority. As we have made lives easier through digital transactions, the hurdles of a safe digital transaction are also much higher. We at eSewa have always valued security and a smooth digital transaction minimizing hurdles along the way.
We value user security by:
- Device Binding: Link your eSewa ID to specific devices for stricter login control.
- Mandatory OTPs: New devices require mandatory One-Time Passwords (OTPs) for transactions, adding an authentication layer.
- Stronger Password Resets: Password resets now require SMS verification from your registered mobile number, preventing unauthorized changes.
In addition to these measures, eSewa has recently introduced wallet insurance. This innovative step complements our existing security measures, providing an extra layer of protection against fraudulent activities.
What’s Covered by Wallet Insurance?
The insurance protects you from financial losses arising from the hacking of funds during mobile or online transactions; and/or payments made from the phone.
Wallet Insurance makes sure you get:
- Maximum coverage per event of Rs. 20,000.
- You can claim up to 2 times per year.
- Premium: 50 Rs per year.
Claim Settlement Process
Here’s how to file a claim in case of a fraudulent incident:
- Claim Intimation: Request and submit a claim notification to eSewa/Himalayan Everest Insurance (HEI) within 48 hour of the event occurrence.
- Police Report: File a complaint with the police station regarding the incident.
- eSewa will review your claim details and share them with HEI.
- HEI Assessment: HEI will assess your claim and request additional documents (from eSewa/police) if needed.
- Client Consultation: HEI may consult you for further details about the incident.
- Claim Payment: Upon confirmation, HEI will issue a discharge voucher for the claim amount. This amount will be credited directly to your eSewa wallet.
eSewa’s commitment to security goes beyond standard measures. Our wallet is secure and does not compromise at all on any security measures. Wallet insurance just provides an additional safety net, giving you peace of mind while using their digital wallet platform.
EXCLUSIONS AND LIMITATIONS:
Here are the major exclusions:
- Fraudulent activities related to the purchase of goods and services are not covered.
- Fraud resulting from the hacking of social media accounts, whether it’s your own account or someone else’s, is excluded from coverage.
Further Limitations Include:
- Subsequent loss that arises out of the theft of Card, or captured information by any means from the Mobile;
- Loss caused by an officer or employee of the bank or financial institution;
- Any incident giving rise to a loss or potential loss involving the Insured Person’s family members as perpetrators of the Robbery (for purposes of this exclusion, family members include relatives as far removed as first cousins);
- Any costs, charges or expenses incurred by the Insured Person or by any financial institution in establishing the existence of loss or potential loss provided under the Policy or as a party to any legal proceeding, whether such legal proceeding exposes the Insured Person to loss covered by this Policy;
- Mobile Phone left unattended;
- Any loss resulting from use of a Mobile Phone for any reason other than the loss of funds from a mobile phone that is stolen;
- Loss resulting from the voluntary giving or surrendering of funds in any exchange or purchase;
- Any loss resulting from the use of a Mobile Phone by anyone other than the Insured Person;
- Damages of any type for which the Insured Person is legally liable, except compensatory damages, but not multiples thereof, arising directly from a loss covered under this Policy;
- Indirect or consequential loss of any nature;
- Subsequent loss that arises out of the theft of any Mobile Phone;
Schedule of Benefits
If during a Covered Activity, an Insured Person is robbed of their mobile phone or has their funds hacked whilst using their phone to pay for goods or services online and there is subsequent withdrawal of funds from their bank account(s) and the stolen funds are not recovered after 1 week of the Robbery, the Insurer will pay a benefit equal to the maximum limit stated in the Schedule of Benefits. The stolen amount withdrawn via the Insured Person’s personal mobile telephone will be payable provided the Robbery is reported to the police and the Insured Person’s bank after 1 week of its occurrence, and the following documentation is produced upon submission of a claim:
- A copy of the police report and a self declaration of the police compliant
- The IMEI Number of the phone;
- A fully completed claim form dated and signed by the Insured Person;
- A copy of the bank receipt to bank statement showing the amount withdrawn, Time and date; and
- Confirmation from the financial institution records that the Transactionoccurred at the time, date and stated location; or
- In the case of a personal mobile phone Robbery, confirmation from the financial institution records that the transaction occurred at the time, date and stated location.
Your wallet safety is our first and foremost priority. Wallet Insurance is just an extra added layer so that we leave no stone unturned when it comes to safety. If you have further queries about how wallet insurance works, you can read the FAQs below.
FAQs
1. What is wallet insurance and how does it work on the eSewa platform?
Wallet insurance on the eSewa platform provides coverage against financial losses due to hacking of funds during mobile or online transactions and unauthorized payments made from your phone. It adds an extra layer of security to the existing measures, giving users peace of mind.
2. How can a customer purchase wallet insurance through the eSewa platform?
Customers can purchase wallet insurance directly through the eSewa app by selecting insurance section and selecting the wallet insurance option. They will need to pay an annual premium of Rs. 50 to activate the coverage.
3. What specific incidents are covered under the wallet insurance policy?
The insurance covers financial losses from hacking of funds during mobile or online transactions. However, it does not cover fraudulent activities related to the purchase of goods and services or hacking of social media accounts.
4. Is there a limit to the amount of coverage provided per event?
Yes, the maximum coverage per event is Rs. 20,000 and they can claim just two times. How many times can a user claim wallet insurance in a year?
Users can claim up to 2 times in a year and the maximum amount is 20,000.
5. What is the annual premium for wallet insurance?
The annual premium of the wallet insurance is Rs. 50.
6. How does a user file a claim in case of a fraudulent incident?
To file a claim, follow these steps:
- Claim Intimation: Notify eSewa and Himalayan Everest Insurance (HEI) within 48 hours of the event.
- Police Report: File a complaint with the police station regarding the incident.
- eSewa Review: eSewa will review your claim details and share them with HEI.
- HEI Assessment: HEI will assess your claim and may request additional documents.
- Client Consultation: HEI may consult you for further details.
- Claim Payment: Upon confirmation, HEI will issue a discharge voucher, and the amount will be credited directly to your eSewa wallet.
7. What documents are required to be submitted with a claim?
The required documents include:
- A copy of the police report and a self-declaration of the police complaint.
- The IMEI number of the phone.
- A fully completed claim form dated and signed by the insured person.
- Self Declaration form of Police report
- A copy of the bank receipt or bank statement showing the amount withdrawn, time, and date.
- Confirmation from the financial institution that the transaction occurred at the stated time, date, and location.
8. How long does the claim settlement process typically take?
If the document and claim process are valid and verified, then the insurance settles within 7 days. However, the duration of the claim settlement process can vary depending on the complexity of the case and the time taken to gather and verify all necessary documents.
9. Is there an age requirement to be eligible for wallet insurance?
There is no age limit for purchasing wallet insurance.
10. Does wallet insurance cover any losses due to user negligence, such as forgetting a password or sharing login credentials?
No, losses due to user negligence, such as forgetting a password or sharing login credentials, are not covered by the wallet insurance policy.
11. Are there any exclusions to the coverage provided by the wallet insurance policy?
Yes, major exclusions include:
- Fraud related to the purchase of goods and services.
- Fraud resulting from hacking of social media accounts.
- Losses are caused by theft of a card or captured information from the mobile.
- Losses caused by bank or financial institution employees.
- Losses involving family members as perpetrators.
- Costs incurred in establishing the existence of loss.
- Losses from unattended mobile phones.
- Losses from voluntary giving or surrendering of funds.
- Losses from the use of a mobile phone by anyone other than the insured person.
- Indirect or consequential losses.
12. Is there a deductible amount that needs to be paid by the user before the insurance kicks in?
There is no deductible amount.
13. How can a user check the status of their wallet insurance policy?
When a user clicks wallet insurance at eSewa and proceeds to buy, where users will be notified that the policy is already purchased.
14. Is there a grace period for renewing the wallet insurance policy after it expires?
No, there is no any grace period.
15. What happens if a user deletes their eSewa account? Will the wallet insurance policy be terminated as well?
Since the wallet insurance provides coverage to the specific eSewa wallet, the policy will not be active, and customers won’t get refund.
16. Does eSewa offer different tiers of wallet insurance with varying coverage amounts and premiums?
Currently, only one coverage is available.
17.Is there a customer support contact specifically for inquiries related to wallet insurance claims?
For inquiries related to wallet insurance claims, users can contact eSewa customer support or reach out to Himalayan Everest Insurance (HEI) directly.
18.The email emphasizes protection against hacking and unauthorized payments. Does wallet insurance offer any coverage for accidental deletion or loss of your eSewa account information?
No, wallet insurance does not cover accidental deletion or loss of eSewa account information.
19. Does eSewa publish data on the frequency of fraudulent transactions or wallet compromises? This information could help users decide if wallet insurance is a worthwhile investment.
eSewa doesn’t publish data on the frequency of fraudulent transactions or wallet compromises.
20. What is the claiming process for foreign eSewa users? Does he have to come to Nepal and make the police complaints?
Foreign users are not covered by the product.
21. If I am using the eSewa ID of my family, then can I process the claim or does the KYC-registered person have to go through the claiming-related steps?
Claims can be processed by family members as well.