Desperate to differentiate itself from Reliance Jio in its offerings and to maintain its stance in the telecom industry, Airtel Payments Bank and HDFC ERGO General Insurance Company under the corporate agency have partnered to launch a Mosquito Diseases Protection Policy (MDPP). This partnership among the 2 companies is 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.
The policy offers financial security for loss of pay or loss of savings in case of hospitalization due to any of the above-mentioned diseases. This product offers the sum assured benefit to the insured even if he/she is hospitalized for 24 hours for treatment.
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 a 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.”
According to Tyagi, Airtel Payments Bank provides the insurance company ways to offer innovative products through its enormous distribution platform. Since the Mosquito Disease Protection cover is a wallet product, the officials of the company believe that 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.