Golden Opportunity for Insurance Companies in India’s Demonetization Step

Bharti AXA, with the help of the government, has pushed the maximum number of Indian bank customers towards their accident insurance plans during the time span of three months. Keeping that in mind, other international insurance companies like Allianz and Future Generali are also gearing up to be benefited from demonetization, as it is cementing a strong foundation for digital India.

To promote this move, the government has given green signal to a dozen payment banks that accept small deposits as well and let customers transfer money and pay bills through a mobile phone. The license makes them a credible source to offer third-party financial instruments like insurance policies.

Bharti-AXA, a partnership between insurance companies Bharti and AXA, have signed a deal with telecom service provider Airtel in November 2016 and they have set up India’s first payment bank, Airtel Payment Bank. Every customer of the Airtel Payment Bank is receiving Bharti-AXA accident insurance of up to Rs. 100,000 for free