Airtel Payments Bank partners with Bharti AXA General for motor insurance

New Delhi: Airtel Payments Bank Monday announced its alliance with Bharti AXA General Insurance to offer comprehensive car insurance to its 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. It 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.

Bharti AXA General Insurance Managing Director and CEO Sanjeev Srinivasan said, "We always look for creating eco-systems that help us improve the reach of our insurance solutions. 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.''

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

"Motor insurance being mandatory in the country constitutes an important requirement for millions of car users. We endeavour to offer a bouquet of well-designed products to serve varied insurance requirements of our customers," said Ganesh Ananthanarayanan, COO, Airtel Payments Bank.

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 to the engine or gearbox, medical expenses if the policyholder is injured, ambulance expense to reach the hospital, and many more.

In August this year, Airtel Payments Bank tied up with Bharti AXA General Insurance to provide 'shop insurance' to its retailers and merchants. The 'Smart Plan Shop Package' policy provides financial protection in case of damage to assets inside the shop due to fire and allied perils and burglary among others as covered in the product.

Airtel Payments Bank's partners can easily purchase this policy within minutes through a fast, simple, and paperless process using the retailer and merchant app offered by the bank. It also offers protection against personal accidents to the policyholder. In the event of an accident leading to permanent disability, partial disability, or loss of life, this ensures financial protection for the family.

At present, India's first payments bank now has more than three crore active customers, with a network of over five lakh neighbourhood banking points, which aimed at taking services closer to the customer, and have reached rural pockets that did not have access to banking services earlier.