Airtel partners with HDFC Life to launch prepaid plan with insurance cover
Bharti Airtel and HDFC Life Insurance today announced the launch of a Rs 249 prepaid bundle plan which will come up with a Rs 4-lakh life cover (a term plan). The plan will come with 2GB data, unlimited calls to any network and 100 SMSs a day. According to press release by airtel, the recharge is valid for 28 days and and the policy cover till recharge is active.
Adarsh Nair, Chief Product Officer, Bharti Airtel said this isthe first among many use cases that leverages the power of a telco to build a digitally enabled and financially inclusive India. “Insurance adoption is abysmally low in India, including in urban areas. Price, access and convenience of payments are barriers to adoption. With this innovation, Airtel is removing those 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,” Nair added. How to enroll?
A customer needs to enroll for the insurance after first recharge through SMS, My Airtel App or Retailer. The insurance renews automatically for subsequent recharges.
Who can buy?
It is an in-built life insurance term plan cover from HDFC Life Insurance. The policy, which is available 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) and the policy or CoI will be instantaneously delivered digitally. A physical copy of the insurance can be provided on request.
According to press release by airtel, it offers seamless and hassle free process – no paperwork, no medical test. Policy gets issued and renewed every time a customer makes a recharge.
The Airtel – HDFC Life partnership leverages their respective digital platforms and Airtel’s distribution reach, including a “phygital” experience in rural pockets, to make it very simple for millions of uninsured and under insured Indians with a mobile phone to get a life cover every time they recharge their mobile phones.
Airtel’s innovative prepaid bundle gives convenience to mobile customers with significant amount of data and a sizeable insurance protection at under Rs 9 per day.
The entire process is digitally delivered in a matter of few minutes at any Airtel retail store or on MyAirtel app.