Airtel Payments Bank has teamed-up with Bharti AXA General Insurance in a bid to offer ‘shop insurance’ for its retailers and merchants.
As a part of the partnership, the ‘Smart Plan Shop Package’ policy will be offering financial protection in case of damage to assets inside the shop caused due to fire and allied perils and burglary among others as covered in the product, mentioned a joint statement.
“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,” it said.
In case of an accident leading to permanent disability, partial disability, or loss of life, the plan ensures financial protection for the family.
The sum of insurance under the plan would be flexible, starting from Rs 2 lakh up to a maximum of Rs 25 lakh.
Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said: “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.”
Sanjeev Srinivasan, Chief Executive Officer and Managing Director, Bharti AXA General Insurance, said that amid the spread of coronavirus pandemic, Indian retailers already had to undergo a lot 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,” he said.