Airtel Payments Bank has launched a Mosquito Diseases Protection Policy (MDPP) in partnership with HDFC ERGO General Insurance Company.
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,” company officials said.
The policy covers against seven common mosquito-borne diseases – Dengue, Malaria, Chikungunya, Japanese Encephalitis, Kala-azar, Lymphatic Filariasis (Elephantiasis) and Zika virus.
Products like MDPP also reveal the possibilities that telcos can explore in association with like-minded industry partners to improve ARPU while also supporting the digital inclusion initiatives.
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.
Airtel says the policy will especially benefit the migrant workers, a major user segment of Airtel Payments Bank.
The paperless insurance policy offers financial security for loss of pay or loss of savings in case of hospitalization due to any of the above mentioned diseases. It is one of the kind offering the sum assured benefit to the insured even if he/she is hospitalized for 24 hours for treatment.
Anubrata Biswas, MD and CEO, Airtel Payments Bank said, “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.”
The product is part of the PING group (Providing Insurance for Next Generation) developed by HDFC ERGO General Insurance
Anuj Tyagi, executive director & chief business officer, said that 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.”
According to Tyagi, 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.
