HYDERABAD: Airtel Payments Bank and HDFC ERGO General Insurance Company under the corporate agency tie-up launched an innovative Mosquito Diseases Protection Policy (MDPP) as a part of their objective to drive insurance adoption in the country through affordable and easily accessible products, company said.
The partnership aims to bring together the deep distribution network of Airtel Payments Bank and the strong innovation pipeline of HDFC ERGO to contribute to financial inclusion in the country, it said.
Mosquito Disease Protection Policy offers cover against seven common mosquito-borne diseases – Dengue, Malaria, Chikungunya, Japanese Encephalitis, Kala-azar, Lymphatic Filariasis (Elephantiasis) and Zika virus.
The product, which is a part of the ‘Wallet Insurance Portfolio’ of HDFC ERGO, will be offered to the remittance customers of Airtel Payments Bank at a nominal cost of Rs 99 per annum.
Designed after extensive consumer research, the policy is currently available to the over 4 million remittance customers of Airtel Payments Bank. This segment of customers mostly comprises of migrant workers, who usually are the lone breadwinners of the family, and even a single day’s pay or wage loss impacts them in a big way.
The policy offers financial security for loss of pay or loss of savings in case of hospitalisation due to any of the above mentioned diseases.
This pocket friendly product stands apart in the industry by being the only policy offering the sum assured benefit to the insured even if he/she is hospitalised for 24 hours for treatment.
Airtel Payments Bank’s distribution network comprises of 500,000 neighbourhood banking points that reach even the remotest rural pockets and improve access to formal banking and financial products.
