Airtel Payments Bank partners with Bharti AXA General Insurance to offer insurance products covering COVID-19 and other Health conditions
Partnership unveils Bharti AXA Group Health Assure and Group Hospital Cash to provide financial protection against COVID-19
New Delhi, April 6, 2020: Airtel Payments Bank, India’s first Payments Bank, has partnered with Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, to offer simple and focused health insurance plans for providing financial protection against COVID-19 in these challenging times.
Under the partnership, the companies have rolled out two health insurance plans - Bharti AXA Group Health Assure which offers lump sum benefit of Rs 25,000 and Group Hospital Cash which provides daily benefit starting Rs 500 per day - to provide protection against COVID-19.
- Bharti AXA Group Health Assure Policy covering COVID-19 comes with a fixed cover offering 100 per cent sum insured as a lump sum, if the policy holder is diagnosed positive or gets quarantined in a government hospital or military facility/establishment. In case, the policy holder is diagnosed negative after being quarantined for at least 14 days in a government hospital or military facility/establishment, he or she will be entitled to 50 per cent of the sum insured. The policy offers protection for COVID-19 from day one of the purchase and can be purchased at a price of Rs. 499 (including GST) for fixed sum insured of Rs. 25,000. It can be availed from the Banking Section of the Airtel Thanks App or by visiting the nearest active Banking Point of Airtel Payments Bank.
- Group Hospital Cash Policy provides per day fixed allowance on hospitalization with Enhanced ICU Cash. Under this policy, depending on the plan, a customer is entitled to a fixed per day benefit of Rs 500 or Rs 1000 paid for each day of hospitalization, up to maximum for 10 days. This benefit doubles, if the policy holder is treated in Intensive Care Unit (ICU). A customer can claim the benefit, if hospitalised for minimum 24 hours. After the initial waiting period of 30 days from the first policy inception date, Group Hospital Cash covers pre-existing diseases and specified conditions. The product also provides coverage for a policy holder who is hospitalised for treatment of COVID-19. It can be purchased from any active Banking Point of Airtel Payments Bank. The product will be soon available under the banking section of Airtel Thanks mobile app.
With no pre-medical check-up required, both the products are currently available for Savings bank account customers of Airtel Payments Bank who are not suffering from COVID-19 or its symptoms.
Mr. Anubrata Biswas, MD and CEO, Airtel Payments Bank, said, “We are delighted to offer insurance products designed to provide financial protection during the current outbreak of COVID-19. With our technology platform and deep distribution reach, we will be immediately able to offer this product to millions of customers at this hour of need. We wanted to ensure health protection for our customers in the challenging times and, therefore, partnered with Bharti AXA General Insurance to offer health products which are easily available. These products affirm our commitment to empower every Indian with digital, contextual and timely solutions.”
Mr. Sanjeev Srinivasan, MD and CEO, Bharti AXA General Insurance, said, “We are happy to join hands with Airtel Payments Bank with our two need-based health insurance plans and leverage the power of digital to maximize the penetration of health insurance in India. We believe that ensuring a safety net against the financial repercussions of COVID-19 or any disease is just as important as exercising precautions against it. As an organization, we have always been responsive to every need of the hour and it is among our foremost endeavors to support our customers in such times of distress. This alliance further strengthens our commitment as a responsible protection partner.”
The validity period of these policies is restricted to one year and will be issued on individual name basis only.
Airtel Payments Bank Ltd.
Airtel Payments Bank is India’s first Payments Bank that launched in January 2017, now boasts of over 40 million+ customers and over 500K banking points across the country. In addition to having a presence in all 29 states of India, Airtel Payments Bank also has an app for Android and iOS users to make banking easier for its rural and urban customers. Airtel Payments Bank aims to take digital banking services to the doorstep of every Indian, particularly in unbanked rural areas, and contribute to the Government’s vision of Digital India and Financial Inclusion.
Bharti AXA General Insurance
Bharti AXA General Insurance is a joint venture between Bharti, one of India’s leading business groups with interests in telecom, agriculture business and retail, and AXA, one of the world’s leading organizations with interests in financial protection and wealth management. The joint venture company has a 51% stake from Bharti Enterprises and 49% stake of AXA. The company has pan-India presence through its 135 branches, and offers insurance solutions for motor and two-wheeler, health and critical illness, property and student, individual and family travel.