Airtel Payments Bank partners with Bharti AXA General to offer coronavirus insurance policy

Airtel Payments Bank has tied up with Bharati AXA General Insurance to launch a coronavirus insurance policy. According to the press release, the Bharti AXA Group Health Assure Policy comes with a fixed cover offering 100 per cent sum insured as a lump sum, if the policy holder is diagnosed positive or gets quarantined in a government hospital or military facility/establishment. The policy can be purchased at a price of Rs 499 (including GST) for fixed sum insured of Rs 25,000.

The insurance policy can be purchased directly from the banking section of the 'Airtel Thanks App' or by visiting the nearest active banking point-of-sales (POS) of Airtel Payments Bank.

Here is a closer look at the insurance policy.

What is covered under the policy?
This is a fixed benefit individual health insurance product. According to the press release, "In case, the policy holder is diagnosed negative after being quarantined for at least 14 days in a government hospital or military facility/establishment, he or she will be entitled to 50 per cent of the sum insured. The policy offers protection for COVID-19 from day one of the purchase and can be purchased at a price of Rs 499 (including GST) for fixed sum insured of Rs 25,000." The validity period of the policy is restricted to one year and will be issued on individual name basis only.

Airtel Payments Bank and Bharati AXA General have also launched a group health cover for COVID-19. Group Hospital Cash Policy provides per day fixed allowance on hospitalization with Enhanced ICU Cash. "Under this policy, depending on the plan, a customer is entitled to a fixed per day benefit of Rs 500 or Rs 1000 paid for each day of hospitalization, up to maximum for 10 days," as per the press release.

With no pre-medical check-up required, both the products are currently available for savings bank account customers of Airtel Payments Bank who are not suffering from COVID-19 or its symptoms. However, the release does not mention the minimum and maximum age limit to avail this policy.

It is to be noted that the press release issued by Airtel Payments Bank and Bharati AXA General have not provided all the details of the policies. For instance, the release doesn't give clarity as to who can avail such policy (the age limit), what documents are required at the time of claim settlement, are pre-existing disease covered under the policy and the other limitations of the policy. Hence, customers should read the complete terms and conditions before buying this COVID policy.