New Delhi, April 19: Airtel Payments Bank on Friday launched a two-wheeler insurance product in association with Bharti AXA General Insurance.

This two-wheeler insurance product offers up to 70 per cent savings on annual premium, personal accident cover, protection against third-party liabilities and inspection free renewal through a fast, simple and paperless process, a company statement said here.

Customers can also avail towing services at no extra cost on claim intimation, in the event the insured vehicle breaks down.

The insurance is currently available on MyAirtel app and at over 40,000 Airtel Payments Bank - banking points, with presence even in rural India.

Customers without an Airtel Payments Bank account may also avail this policy. Anyone may renew their two-wheeler insurance within minutes at their nearest Airtel Payments Bank - banking point.

Anubrata Biswas, MD and CEO, Airtel Payments Bank, said, “Our unique distribution network and digital assets allow us to reach millions of under-insured Indians. This partnership is one important step of many, in our journey towards offering a full suite of accessible, simple and easy to use financial solutions for an inclusive India."

Notably, in India, approximately 75 per cent two-wheelers are uninsured, despite being mandatory by law. This is because of the lack of reach and distributor interest in pursuing small-ticket premiums, even more so in rural India.

Sanjeev Srinivasan, MD and CEO, Bharti AXA General Insurance, said, “We see immense opportunity in this association with Airtel Payments Bank and firmly believe that consumers will gain a great deal from our vehicle insurance schemes. The partnership shall provide us a humongous reach and help us expand our bandwidth by offering the cost-effective two-wheeler insurance to a wider audience across the country.”