KOLKATA, Sept 27:Airtel Payments Bank, India’s first Payments Bank, and HDFC
ERGO General Insurance Company, India’s leading private sector general insurance
company, under the corporate agency tie-up launched an innovative Mosquito
Diseases Protection Policy (MDPP) as a part of their objective to drive insurance
adoption in the country through affordable and easily accessible products.
The partnership aims to bring together the deep distribution network of Airtel
Payments Bank and the strong innovation pipeline of HDFC ERGO to contribute to
financial inclusion in the country.
Mosquito Disease Protection Policy offers cover against seven common
mosquito-borne diseases – Dengue, Malaria, Chikungunya, Japanese Encephalitis,
Kala-azar, Lymphatic Filariasis (Elephantiasis) and Zika virus.
The product, which is a part of the ‘Wallet Insurance Portfolio’ of HDFC ERGO,
will be offered to the remittance customers of Airtel Payments Bank at a nominal
cost of Rs 99 per annum.
Designed after extensive consumer research, the policy is currently available to
the over 4 million remittance customers of Airtel Payments Bank.
This segment of customers mostly comprises of migrant workers, who usually are
the lone breadwinners of the family, and even a single day’s pay or wage loss impacts
them in a big way.
The policy offers financial security for loss of pay or loss of savings in case of
hospitalisation due to any of the above mentioned diseases.
This pocket friendly product stands apart in the industry by being the only policy
offering the sum assured benefit to the insured even if he/she is hospitalised for 24
hours for treatment.
Anubrata Biswas, MD and CEO, Airtel Payments Bank said, “We are delighted to
offer an affordable innovative insurance product, customizing it to the end customer’s
requirements. Through this product construct we aim to introduce easy and sachet
size paperless insurance solutions to millions of customers spread across the nation.
This association is an important step in our journey towards building a comprehensive
product portfolio customized to each segment for a financially inclusive society.”
Commenting on the partnership with Airtel Payments Bank, Anuj Tyagi, Executive
Director & Chief Business Officer, HDFC ERGO General Insurance said, “HDFC
ERGO is committed to bring innovative and relevant products to the insurance buyers.
Our PING group (Providing Insurance for Next Generation) has been developing
products under the umbrella of ‘Wallet Products Portfolio’. In our assessment, wallet
products will change the way customer perceive or buying insurance products. “
“These are low ticket, extremely relevant products which provide ease of buying,
simplicity of coverages and simplest claim procedures, thereby providing maximum
value to the insured. In our opinion, these products would also prove to be very
efficient in creating awareness about the insurance products, since these are simple
and insured can connect with these products, immediately. “
“ Airtel Payments Bank provides us in-roads to offer innovative products through
their enormous and spirited distribution platform. Since, the Mosquito Disease
Protection cover is a wallet product, it will ride on the strength of a digital sales channel
for a seamless and smooth buying experience to the customer and in Airtel Payment
Bank, we have a partner whose core distribution and service model is based on digital
platform, thereby it makes it a special partnership of like-minded corporates. We are
confident that the combined strength of our brands will draw great appreciation amongst
their wide and rich contactable customer base. “
“ Through this partnership HDFC ERGO is yet again enforcing our commitment of
reaching out to customers’ and making our products available to all possible sections
of the society.”
Airtel Payments Bank’s distribution network comprises of 500,000 neighbourhood
banking points that reach even the remotest rural pockets and improve access to
formal banking and financial products.
(UNI)
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