Airtel Payments Bank on Monday said it has partnered with Bharti AXA General Insurance to offer health insurance plans to provide cover and give financial protection against COVID-19.

Under the tie-up, the companies are offering two health insurance plans -- Bharti AXA Group Health Assure which offers lump sum benefit of Rs 25,000 and Group Hospital Cash which provides daily benefit starting Rs 500 per day -- to provide protection against COVID-19.

With no pre-medical check-up required, both the products are currently available for savings bank account customers of Airtel Payments Bank who are not suffering from COVID-19 or its symptoms.

"With our technology platform and deep distribution reach, we will be immediately able to offer this product to millions of customers at this hour of need," Airtel Payments Bank Managing Director and CEO Anubrata Biswas said in a statement.

Bharti AXA General Insurance Managing Director and CEO Sanjeev Srinivasan said, "We believe that ensuring a safety net against the financial repercussions of COVID-19 or any disease is just as important as exercising precautions against it."

Bharti AXA Group Health Assure comes with a fixed cover offering 100 per cent sum insured as a lump sum, if the policy holder is diagnosed positive or gets quarantined in a government hospital or military facility/establishment.

In case, the policy holder is diagnosed negative after being quarantined for at least 14 days in a government hospital or military facility/establishment, he or she will be entitled to 50 per cent of the sum insured. The policy offers protection for COVID-19 from day one of the purchase and can be purchased at a price of Rs 499 (including GST) for fixed sum insured of Rs 25,000.

Group Hospital Cash policy provides per day fixed allowance on hospitalisation with enhanced ICU cash. Under this policy, depending on the plan, a customer is entitled to a fixed per day benefit of Rs 500 or Rs 1,000 paid for each day of hospitalisation, up to maximum for 10 days. This benefit doubles, if the policy holder is treated in ICU, the release said.

The validity period of these policies is restricted to one year and will be issued on individual name basis only.