Airtel Payments Bank has partnered with Bharati AXA General Insurance to introduce a coronavirus (Covid-19) insurance policy.

The new policy is a fixed cover offering 100% sum insured as a lump sum, if the policyholder is tested positive or gets quarantined in a government hospital or military establishment.

In case where the policyholder is tested negative after being quarantined for a minimum of 14 days,  50% of the sum insured will be offered to them.

Bharti AXA Group is offering this new Health Assure Policy at a price of Rs 499 for fixed sum insured of Rs 25,000.

In addition, Airtel Payments Bank and Bharati AXA General have also launched a group health cover for Covid-19.

Group Hospital Cash Policy offers per day fixed allowance on hospitalisation with enhanced ICU Cash.

Under the policy, customers are entitled to a fixed per day benefit of either Rs. 500 or Rs. 1000 for each day of hospitalisation, depending on the plan. This is applicable up to maximum of 10 days.

Both the policies are available for purchase directly from the banking section of the Airtel Thanks App.

Meanwhile, these policies are Need-Based Insurance covers filed with the Insurance Regulatory and Development Authority of India under its Sandbox Regulation, which enable insurers to sell innovative products for a short period.

The validity period for such policies is one year.