Airtel Payments Bank users are now allowed to purchase a smartphone from ICICI Lombard Insurance. The insurance can be purchased via the Airtel Thanks application. With this partnership, the company is providing smartphone insurance through a fast, secure digital medium, and paperless process.
“There are over 750 million smartphone users currently in India and this number is likely to reach 1 billion by 2026, representing a burgeoning opportunity and huge potential for a product like a smartphone insurance,” Sanjeev Mantri, Executive Director, ICICI Lombard said.
Here’s The Airtel Payment Bank And ICICI Lombard Deal
Under this deal, the customers will get insurance on the purchase of smartphones between Rs. 10,000 to Rs. 1,00,000. However, customers have to pay a monthly premium of Rs. 1,299 within 10 days of buying the device. After the submission of the smartphone details, the insurance will be issued without check.
“In today’s digital age, a smartphone is our lifeline. From connectivity to photography to banking, smartphones today help us with virtually anything. Its repair cost is typically very high, and thus we need to protect it right from the beginning,” said Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank.
