HDFC Ergo with Airtel Payments Bank Launches Mosquito Diseases Protection Policy
Published On 09 Oct 2019 By Chinansuka Agarwal
India’s leading general insurance company, HDFC Ergo partners with Airtel Payments Bank to offer Mosquito Diseases Protection Policy (MDPP). Airtel Payments Bank, the first payment bank, enters into this corporate agency tie-up with the insurance company to provide easily accessible and affordable insurance cover to the people.
This partnership is going to leverage the vast distribution network of Airtel Payments Bank along with the digitalisation and strong innovation build of HDFC Ergo to drive insurance adoption in India.
MDPP is a low-cost policy available to the remittance workers of Airtel Payments Bank at a nominal premium of Rs. 99 per year. The policy is going to offer cover for 9 common vector-borne diseases such as chikungunya, dengue, kala-azar, malaria, elephantiasis, zika virus and encephalitis. HDFC Ergo launched this policy as part of its “Wallet Insurance Portfolio.”
The policy offered to remittance workers of Airtel Payments Bank is designed keeping in mind the medical needs and financial condition of 4 million migrant workers. These workers are generally the sole breadwinners of their family, and even a single day loss of pay due to their health conditions impact them significantly.
This pocket-friendly product is going to offer financial stability to these workers in case they get hospitalised due to any of the above-mentioned 9 diseases. This is the only product available that provides sum insured benefit to the policyholder even in case the hospitalisation is for 24 hours.
Commenting on the launch, Anubrata Biswas, MD and CEO of Airtel Payments Bank said that it is an affordable, innovative product designed keeping in mind the customer’s requirement. The main aim of this product is to introduce easy accessible and affordable insurance products to millions of customers spread across the nation. The partnership is vital in building a comprehensive and customised product solution available to all possible sections of the society.
Anuj Tyagi, Executive Director and Chief Business Officer of HDFC Ergo General Insurance said HDFC Ergo is committed to bringing innovative and relevant insurance products for the customers. All the products developed under “Wallet Products Portfolio” are customised according to the customer needs and preferences. They are generally low-rated, extremely relevant products offering ease of purchase, simplicity of coverage, and hassle-free claim process, thus providing maximum value at low cost to the policyholder. He also added that these products are going to create awareness about the insurance and insurance products and thus help with greater penetration of insurance products, as these are simple to understand and the insured can easily relate with these products. Also, the combined strength of both the brands is going to draw great appreciation for the product amongst the wide customer base.
The distribution network of Airtel Payments Bank comprises of 5 lakh neighbourhood banking points and reaches even the remotest areas, thus prove vital in improving the penetration of banking and financial products to the far-flung regions.