The partners have rolled out two health insurance plans - Bharti AXA Group Health Assure and Group Hospital Cash, which can be availed without any pre-medical check-ups
Airtel Payments, Bharti AXA team up to launch two COVID-19 insurance products in India. (Credit: mohamed Hassan from Pixabay)
Airtel Payments Bank and Bharti AXA General Insurance have entered into a partnership to launch new health insurance products in India for covering coronavirus and other health conditions.
Bharti AXA General Insurance is a joint venture between French insurance major AXA and Indian conglomerate Bharti Enterprises. Airtel Payments Bank, on the other hand, is a recently launched live payments bank in India, owned by Bharti Airtel and Kotak Mahindra Bank.
Airtel Payments Bank and Bharti AXA expect their new insurance products to provide financial protection against the prevailing COVID-19 outbreak.
As part of their partnership, two health insurance plans, namely Bharti AXA Group Health Assure and Group Hospital Cash have been rolled out which can be availed without any pre-medical check-ups.
Details of Bharti AXA Group Health Assure and Group Hospital Cash COVID-19 insurance policies
Bharti AXA Group Health Assure has a lump sum benefit of INR25,000 ($330.56) to offer, while Group Hospital Cash will offer daily benefit starting from INR500 ($6.61) per day for providing protection against coronavirus.
Bharti AXA Group Health Assure Policy has a fixed cover that offers 100% sum insured as a lump sum in the event of the policy holder becoming coronavirus positive or getting quarantined in a government hospital or military facility or establishment.
If the policy holder is negative to a coronavirus test after getting quarantined for at least 14 days in a government hospital or military facility or establishment, he or she will get 50% of the sum insured.
The policy can be purchased from Airtel Thanks App’s banking section or by visiting the nearest active banking point of Airtel Payments Bank.
The other policy – Group Hospital Cash offers fixed allowance per day on hospitalisation with enhanced intensive care unit (ICU) cash. Based on the plan, a policy holder can get a fixed per day benefit of INR500 ($6.61) or INR1,000 ($13.22) for each day of hospitalisation, up to maximum for 10 days.
In case of the policy holder getting treatment in an ICU for coronavirus symptoms, the benefits will double, said the partners. Policy holders can claim the benefit, if hospitalised for a minimum of 24 hours.
Furthermore, after the initial waiting period of 30 days from the first policy inception date, the Group Hospital Cash policy will cover pre-existing diseases and certain conditions. The policy can be bought from any active banking point of Airtel Payments Bank and will be shortly available under Airtel Thanks mobile app’s banking section.
The two coronavirus insurance products are currently available for Airtel Payments Bank’s savings bank account holders who are not suffering from COVID-19 or its symptoms.
Bharti AXA General Insurance MD and CEO Sanjeev Srinivasan 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.”