Bharti Airtel and HDFC Life Insurance have tied up to offer life cover for customers who get a prepaid recharge done.
Airtel’s new ₹249-prepaid bundle — which will include 2 GB data, unlimited calls across networks, and 100 SMSes per day — will also offer a cover worth ₹4 lakh from HDFC Life.
“The recharge is valid for 28 days and and the policy cover till recharge is active. A customer needs to enrol for insurance after the first recharge through either an SMS, the My Airtel App, or the retailer,” HDFC Life Insurance said in a statement on Monday.
The insurance will renew automatically for subsequent recharges, the company added.
The policy will be available to all customers aged between 18-54, and requires no paperwork or medical examination, except for a declaration of good health from the customer.
The policy or Certificate of Insurance (CoI) will be instantaneously delivered digitally, and a physical copy can be provided on request.
Boost in insurance
The tie-up is expected to improve insurance penetration in the country, given Airtel’s large consumer base.
India has less than 4 per cent life insurance penetration, as on January 31.
Telecom penetration — or the number of telephones per 100 people — is estimated at 91.82 per cent.
“Airtel’s latest innovation offers the twin benefit of a life insurance cover along with calling and data allowance at less than ₹9 per day,” the release said.
The partnership leverages digital platforms and Airtel’s distribution reach, allowing people to get a life cover every time they recharge their phone, it added.
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