Axis Bank partners with Tata AIG General Insurance Company Ltd. (Tata AIG), to offer Group Medicare
Axis Bank partners with Tata AIG General Insurance Company Ltd. (Tata AIG), to offer Group Medicare products for its customers from the LGBTQIA+ Community
· #DilSeOpen: Embracing Diversity, Equity and Inclusion
· Same Sex Partners to be covered under the Group Medicare products of Tata AIG for sum insured of Rs. 15 lakhs, available at Rs. 1999* inclusive of GST, exclusively for Axis Bank Customers
Mumbai, December 14, 2022: Axis Bank, in line with its ‘DilSeOpen’ philosophy partners with Tata AIG, to offer Group Medicare products for its new customers from the LGBTQIA+ Community.
In 2021, the Bank announced its initiative ‘ComeAsYouAre’; a Charter of policies and practices for employees and customers from the LGBTQIA+ community. It listed several initiatives that the Bank undertook to embrace diversity, equity and inclusion. It invited same sex partners to open joint savings accounts and/or term deposits, list each other as nominees and gave the option of adding the honorific Mx for customers of varied genders.
This tie up with Tata AIG is a continuation of Axis Bank’s journey in walking the talk and implementing intiatives that embrace diversity, equity and inclusion within the organization and for its customers. With this offering, customers can secure the lives of their partners for medical exigencies regardless of their sexual orientation or marital status. Same Sex Partners can be covered under the Top Up option of their existing Group Medicare products for sum insured of Rs. 15 lakhs available at Rs. 1,999* inclusive of GST, exclusively for Axis Bank Customers.
Commenting on this initiative, Satheesh Krishnamurthy (he/him), EVP & Head - Private, Premium Banking & Third-Party Products, Axis Bank, said : “The ‘diversity & inclusion’ agenda, which is part of the Bank’s wider ESG aligned commitments, has been a strategic focus area. Our work internally focuses on creating equitable processes, products and policies that allow us to create space for everyone to thrive. In this effort, we are glad to have partnered with Tata AIG to offer our customers, a health insurance that covers same sex partners.”
“The Bank has embarked on a journey to expand its inclusive banking offerings, and will roll out many more of such initiatives in a phased manner. We welcome our customers as partners in our journey. ‘ComeAsYouAre’ as we are ‘DilSeOpen’”, he added.
Commenting on this tie-up, Parag Ved (he/him), President - Consumer Business, Tata AIG General Insurance Company Ltd., said : “We at Tata AIG believe that access to good health insurance is a necessity and right for all humans irrespective of their sexual orientation. Our step to extend medical insurance coverage to the LGBTQIA+ customers of Axis Bank will foster better engagement at the center of our business and help build a more welcoming environment for the community. With our belief in the power of diversity, equality, and inclusion, we are delighted to be associated with Axis Bank to insure a healthy future for the LGBTQIA+ community.”
Axis Bank is also celebrating ‘ComeAsYouAre’ Carnival with a host of offers for customers from the LGBTQIA+ community. The Carnival began on 13th December 2022 and will conclude on the 31st January 2023.
During this period, customers from the LGBTQIA+ community who open a Savings Account with Axis Bank, will get a Rs. 200 Grab Deals voucher redeemable at over 150+ Brands including Myntra, Shoppers Stop, Big Basket, Apollo Pharmacy, Book My Show and many more. Additionally, they will get a 3-month Amazon Prime subscription, if they choose to apply for a Forex card through Internet or Mobile banking and load a minimum of USD 2,500 or equivalent currency.
Inclusive Banking Initiatives for Axis Bank Customers are:
Joint Savings Accounts and Term deposits: Can open joint savings accounts and/or term deposits with their partners regardless of sex, gender, sexual orientation or marital status
Listing a loved one as a Nominee: Can list their partners as a nominee for their savings accounts and/or term deposits regardless of sex, gender, sexual orientation or marital status
Insurance: Same Sex Partners to be covered under the Group Medicare products of Tata AIG for sum insured of Rs. 15 lakhs, available at Rs. 1999* inclusive of GST, exclusively for Axis Bank Customers
Personalization: Can personalize their debit card by choosing a pride flag in accordance with their Sex, Gender or Sexuality by visiting www.axisbank.com/mydesign
Inclusive initiatives for Axis Bank employees are:
The Mediclaim policy: Covers costs for gender affirmation surgeries including costs for psychiatric interventions
Therapy: Employees could also avail services of Axis Bank’s queer affirmative counsellors from time to time
Leave Policy: It has been upgraded to be more inclusive. Maternity leave has been expanded as leave for birthing parents to include transgender men and other genders. Paternity leave is called leave for partner of birthing parents to include couples of all sexes and genders. The adoption leave is equal for all employees
Dress Code Policy: Employees can choose to dress in accordance with their self identified sex, gender or gender expression
Anti Bias Trainings: Employees go through regular Pause For Bias sessions that help create awareness on Sex, Gender and Sexuality
Besides the initiatives undertaken for employees and customers, Axis Bank aims to complete the triad by creating a more aware and inclusive business ecosystem with Axis VIBE (Varsity of Inclusive Business Enterprises). It aims at building a business ecosystem that fosters the spirit of inclusion for members of the LGBTQIA+ community and other under-represented groups.
Axis Bank has connected with over 10,000 college students through Axis Women In Motion, a student engagement program that aims to connect with diverse students, talking to them on the importance of being financially independent and about Diversity, Equity and Inclusion at large.
Speaking about the sensitization of its employees, Rajkamal Vempati (she/her), President & Head – Human Resources, Axis Bank, said: “At Axis Bank, we have put our focus on diversity, equity and inclusion that respects and recognizes the importance of distinctive life journeys and several identities that extend beyond the paradigms of gender. This for us, is as much about the invisible markers as it is about the visible ones. It is our belief that it fosters a culture of innovation and leverages the multiple talent pools that exist in a rich demography like ours.”
Further adding, ‘’We take cognizance of the fact that biases against the LGBTQIA+ community exist in society at large. Our ‘Pause For Bias’ sessions address the basics of Sex, Sexuality and Gender taken by colleagues from the LGBTQIA+ community themselves and queer affirmative allies. Our external facing Axis VIBE and Axis Women In Motion aims at creating an enabling ecosystem for all our differences to thrive ”
*(To avail of this policy, one of the two individuals would need to have an existing account with Axis Bank and based on the Good health declaration will be taken before policy issuance.These would be subject to the terms and conditions of Tata AIG.)