Coronavirus Outbreak: Airtel Payments Bank ties up with Bharti AXA to offer insurance products covering pandemic

Airtel Payments Bank has partnered with Bharti AXA General Insurance, a joint venture between Bharti Enterprises, and AXA, to offer focused health insurance plans for providing financial protection against COVID-19.

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.

Under the partnership, they have rolled out two different 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. The validity period of these policies is restricted to one year and will be issued on individual name basis only.

Bharti AXA Group Health Assure Policy covering COVID-19 comes with a fixed cover offering 100 percent 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 percent 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 hospitalisation 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 1,000 paid for each day of hospitalisation, 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.

Anubrata Biswas, MD and CEO, Airtel Payments Bank, said, “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.”

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.”