Valid for 28 days, the bundle gets renewed whenever a customer recharges their Airtel prepaid under this plan
Available to customers across the country, the in-built life insurance cover (term plan) comes as a bundle with 2GB data, unlimited calls to any network and 100 SMS per day. The recharge and policy cover is valid for 28 days and renews automatically for subsequent recharges.
A customer needs to enrol for the insurance after the first recharge through SMS, My Airtel App or the retailer. The policy, which is available digitally to all customer aged 18-54 years, requires no paperwork or medical examination (the customer is only required to give a declaration of good health). A physical copy of the insurance can be provided on request.
Adarsh Nair, Chief Product Officer, Bharti Airtel said, ''This is first among many powerful use-cases that leverages the power of a telco to build a digitally enabled and financially inclusive India.''
Pointing out price, access and convenience of payments as barriers to insurance adoption in India, Nair said, ''this innovation is removing these barriers for providing basic insurance to a very large set of India’s population and making the process extremely simple – just recharge your phone and you are insured.''
As of December 31, 2018, Airtel’s mobile services customer base in India was approximately 284 million.
Swiss Re's sigma report has said insurance penetration (insurance premiums as a percentage of GDP) in India was at 3.69 percent in FY18.Suresh Badami, Executive Director – HDFC Life said, ''I am confident that this tie-up is a great opportunity to make insurance accessible to every Indian. We will continue to create more awareness and bring solutions that help reduce the protection gap in India.''Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.