Money & Banking

Airtel, Bharti AXA Life tie up to offer pre-paid plan with term cover

KR Srivats New Delhi | Updated on September 23, 2019 Published on September 23, 2019

Introduces term insurance to customers aged 18-54 years without paperwork or medical examination.

 

Bharti Airtel has tied up with Bharti AXA Life Insurance to offer pre-paid plan with insurance protection cover for its customers, as part of its strategy to leverage the deep penetration of mobile services to build a financially secure India.

Airtel has come up with an innovative ₹599 pre-paid bundle with 2GB data/day, unlimited calls to any network and 100 SMS/day, and also offers ₹4 lakh life insurance cover from Bharti AXA Life Insurance. The recharge comes with a validity of 84 days, and the insurance cover continues automatically for three months with every recharge.

This innovative product combines Airtel’s deep distribution reach, including presence in rural pockets, with Bharti AXA Life’s expertise in insurance to make it very simple for millions of uninsured and underinsured people get a sizeable life cover every time they recharge their phones.

It is currently available to customers across Tamil Nadu, and Pondicherry and to be extended pan-India in a few months.

“We believe our network is a great platform to digitally deliver a range of services and solve the problems of customers. We are delighted to partner with Bharti AXA Life Insurance to roll out this innovative offering and remove the barriers of price, access and payment inconveniences for the adoption of life insurance in India. We remain committed to building a digitally enabled and financially secure Tamil Nadu and Puducherry,” Manoj Murali, CEO – Kerala and Tamil Nadu, Bharti Airtel.said.

Insurance penetration

As per the IRDAI, the insurance penetration in India is less than 4 per cent (of the population) while mobile penetration is close to 90 per cent. It is estimated that India will have close to 830 million smartphone users by 2022.

“We have always been at the forefront of creating customer-centric protection products in the industry. The strategic association with Airtel as a Group master policyholder and Airtel’s pan-India vast distribution network will boost insurance penetration in the country. The introduction of term insurance with every pre-paid recharge provides protection benefits to consumers,’’ said Vikas Seth, Managing Director and CEO, Bharti AXA Life Insurance.

The life insurance cover, which is available to all customers aged 18-54 years, requires no paperwork or medical examination and the certificate of insurance will be instantaneously delivered digitally. A physical copy of the insurance will be delivered to the customer’s doorstep on request.

Airtel has engineered the entire process to be delivered digitally in a matter of a few minutes. A customer needs to enrol for the insurance after the first recharge through SMS, Airtel Thanks App or the Airtel Retailer.

The partnership is expected to boost insurance penetration in India on the back of Airtel's pan-India robust customer base.

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Published on September 23, 2019
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