Airtel Payments Bank, Bharti Axa team up for two-wheeler insurance
19 April 2019
Airtel Payments Bank has teamed up with Bharti AXA General Insurance to offer two-wheeler insurance to its customers across India.
Airtel Payments Bank claims the new two-wheeler insurance product to be 70 per cent cheaper in terms of annual premium, personal accident cover and protection against third-party liabilities while also offering inspection-free renewal.
Customers can also avail of towing services at no extra cost on claim intimation, in the event the insured vehicle breaks down.
This insurance will be available on My Airtel app and at over 40,000 Airtel Payments Bank banking points, with presence even in rural India.
“We are delighted to partner with Bharti AXA General Insurance to launch an affordable and convenient two-wheeler insurance product. This partnership is one important step of many, in our journey towards offering a full suite of accessible, simple and easy-to-use financial solutions for an inclusive India," Anubrata Biswas, managing director and chief executive officer, Airtel Payments Bank, said.
With almost 75 per cent of two-wheelers on Indian roads shunning insurance cover because of the lack of reach and distributor interest as also due to high costs of insurance, more people, especially in the rural side, shun insurance.
Since vehicle insurance is mandatory by law, people, especially in rural areas, look for small-ticket premiums.
Sanjeev Srinivasan, managing director and chief executive officer, Bharti AXA General Insurance said this association with Airtel Payments Bank would open up immense opportunity for the general insurance business.
"We firmly believe that consumers will gain a great deal from our vehicle insurance schemes. The partnership shall provide us a humongous reach and help us expand our bandwidth by offering the cost-effective two-wheeler insurance to a wider audience across the country", he said.