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."
"We are delighted to offer insurance products designed to provide financial protection during the current outbreak of COVID-19. 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,'' said Mr. Anubrata Biswas, MD and CEO, Airtel Payments Bank.
With no pre-medical check-up required, according to their statement, both Bharti AXA Group Health Assure and Group Hospital Cash are currently available for Savings bank account customers of Airtel Payments Bank who are not suffering from COVID-19 or its symptoms.
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 Airtel Banking Point.
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 1,000 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.
The validity period of these policies is restricted to one year and will be issued on individual name basis only, they added.