Indian telecommunications provider Bharti Airtel and Bharti Axa Life Insurance have partnered to offer policies via mobile services contracts across the country.
The life insurance cover worth INR400,000 (£4,500, $5,600, €5,100) will be offered via an Airtel INR599 pre-paid bundle with 2GB data/day, unlimited calls to any network and 100 text messages/day.
The recharge comes with a validity of 84 days and the insurance cover continues automatically for three months with every recharge.
Customers need to enrol for the insurance after first recharge via text message, Airtel Thanks App or the Airtel Retailer.
The life insurance cover, which is available to all customers aged 18-54 years, requires no paperwork or medical examination and the certificate of insurance will be instantaneously delivered digitally.
A physical copy of the insurance will be delivered to customer’s doorstep on request.
Vast network
Bharti Axa Life Insurance is looking to tap into a big mobile communications market.
According to India-based Insurance Regulatory and Development Authority, the insurance penetration in India is less than 4% of the population, while mobile phone market is close to 90%.
“We have always been at the forefront of creating customer-centric protection products in the industry,” said Vikas Seth, managing director and chief executive of Bharti Axa Life Insurance.
“The strategic association with Airtel as a group master policyholder and Airtel’s pan-India vast distribution network will boost insurance penetration in the country.
“The introduction of term insurance with every pre-paid recharge provides protection benefits to consumers.”
The product is currently available to customers across Tamil Nadu and Pondicherry and will be gradually extended to pan-India over the next few months.
