Money & Banking

Airtel Payments Bank ties up with Bharti AXA General for car insurance

K.R.Srivats New Delhi | Updated on November 09, 2020

Airtel Payments Bank has partnered with Bharti AXA General Insurance to offer comprehensive car insurance to the payments bank’s customers.

The Smart Drive Private Car Insurance offers financial protection against damage to the vehicle due to accident, theft, and natural and man-made disasters.

Airtel Payments Bank’s customers can purchase the Bharti AXA’s car insurance policy within five minutes using a paperless, secure, and quick process through the Airtel Thanks app.

Currently, the country’s first payments bank has over 3 crore customers.

Financial protection

The car insurance offered through Airtel Payments Bank also compensates for injury or damages to another person or property caused due to a car accident.

The insurance comes with a personal accident cover for the policyholder. In the event of an accident leading to permanent disablement or loss of life, the policy ensures financial protection for the family.

“Motor insurance being mandatory in the country constitutes an important requirement for millions of car users. We are delighted to partner with Bharti AXA General Insurance to offer this comprehensive car insurance,” said Ganesh Ananthanarayanan, COO, Airtel Payments Bank.

Bharti AXA General Insurance Managing Director and CEO Sanjeev Srinivasan said, “As part of our partnership with Airtel Payments Bank and strong synergies of customer-centricity, we are offering innovative motor insurance products to its customers through a seamless journey from the purchase to the claim process. The strategic alliance will also help us reach out to the growing customer base of the bank and secure them.”

No pre-inspection

With no pre-inspection required, a customer only needs to fill in the details about the vehicle, and the insurance is immediately issued on their registered email id and mobile number.

At the time of the renewal, customers can choose from a wide range of add on covers. This includes depreciation cover, small consumable items, loss or replacement of car key, roadside assistance in the event of car breakdown, damage of the engine or gearbox, medical expenses if the policyholder is injured, ambulance expense to reach the hospital, and many more.

Recently, Airtel Payments Bank tied up with Bharti AXA General Insurance to provide Shop Insurance exclusively for its retailers and merchants. Earlier, this payments bank had tied up with Bharti AXA General Insurance for offering health and two wheeler insurance on the bank’s platform.

Fuelled by rise in digital payments in the country, Airtel Payments Bank closed financial year 2019-20 with revenues of ₹ 474 crore, up 87 per cent over the previous year.

Published on November 09, 2020

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