Airtel Payments Bank on Thursday announced that it will offer 'shop insurance' for its retailers and merchants 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 and burglary among others as covered in the product, said 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 the event of an accident leading to permanent disability, partial disability, or loss of life, this ensures financial protection for the family.
The sum that can be insured 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, noted that amid the coronavirus 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," he said.