Airtel Payments Bank ties up with Bharti AXA General Insurance

Hyderabad/New Delhi, August 2020: Airtel Payments Bank today announced that it will offer Shop Insurance exclusively for its Retailers and Merchants. Offered in partnership with Bharti AXA General Insurance, the Smart Plan Shop Package policy provides financial protection in case of damage to assets inside the shop due to fire and allied perils, burglary, etc. as covered in the product

A large number of Bank's Retailers and Merchants are small and medium-size shop owners who are totally dependent on their shops for the livelihood. Any major accident due to fire, or burglary can lead to a big financial loss. The shop insurance policy would provide financial protection against these losses.

Airtel Payments Bank’s partners can easily purchase this policy within minutes through a fast, simple, and paperless process using the retailer and merchant app offered by the Bank. It also offers protection against personal accident to the policyholder. In the event of an accident leading to permanent disablement, partial disablement, or loss of life, this ensures financial protection for the family.

• Complete Protection: Covers assets inside the shop against burglary, fire and allied perils, like flood, earthquake, landslide, rockslide, riots, strike, malicious damage, etc. It also covers the loss of money in safe because of an accident.

• Flexible Sum Insured: Starting from Rs 2 Lakhs up to a maximum of Rs 25 lakhs.

Mr. Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “Our partners are key enablers for our business and protecting them is of the utmost importance for Airtel Payments Bank. Shops of our business partners are the primary source of their income. Any damage to assets inside the shop due to an accident or natural calamity can lead to a major financial setback in their lives. With the launch of this affordable and comprehensive shop insurance product, we aim to offer financial protection against such losses to our business partners.”

Mr. Sanjeev Srinivasan, Chief Executive Officer & Managing Director, Bharti AXA General Insurance, said “We recognize the retailers and shopkeepers of our country as the wheels that steer the nation’s cumulative success forward. We are very happy on this association with Airtel Payments Bank to secure its retailers and merchants with our Smart Plan Shop Package Policy. Amidst the pandemic, Indian retailers have already had to face many hardships and uncertainties. To avoid further problems of a different kind in future, it is vital to secure one’s assets inside the shop to stay alleviated from the dangers that they can be exposed to. We shall always be committed to securing the interests of many such retailers, who are unwaveringly committed to serving the nation.”

Airtel Payments Bank Ltd.

Airtel Payments Bank is India’s first Payments Bank that launched in January 2017, now boasts of over 40 million+ customers and over 500K banking points across the country. In addition to having a presence in all 29 states of India, Airtel Payments Bank also has an app for Android and iOS users to make banking easier for its rural and urban customers. Airtel Payments Bank aims to take digital banking services to the doorstep of every Indian, particularly in unbanked rural areas, and contribute to the Government’s vision of Digital India and Financial Inclusion.

Bharti AXA General Insurance Company Ltd.

Bharti AXA General Insurance is a joint venture between Bharti, one of India’s leading business groups with interests in telecom, agriculture business and retail, and AXA, one of the world’s leading organizations with interests in financial protection and wealth management. The joint venture company has a 51% stake from Bharti and 49% stake of AXA. The company has pan-India presence through its 153 branches and offers insurance solutions for motor and two- wheeler, health and critical illness, property and student, individual and family travel.