Airtel Payments Bank, the first payments bank of India has partnered with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana through its extensive network of banking points across the country. This is not the first time Airtel Payments Bank had also partnered with Bharti AXA Life Insurance. Last year, a successful partnership was formed between Airtel Payments Bank and Bharti AXA to offer Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a government-backed life insurance scheme aimed at increasing penetration of life insurance products among the underinsured masses.
Commenting on this new move and partnership with Bharti AXA, Mr. Anubrata Biswas, MD and CEO, Airtel Payments Bank, said, “We are delighted to partner with Bharti AXA Life Insurance to offer this simple and affordable pure term insurance product to millions of underinsured Indians through our unique and extensive distribution network. Saral Jeevan Bima Yojana effectively complements the existing portfolio of financial inclusion products on our banking platform which includes PMJJBY and APY. This association is an important step in our journey towards building a comprehensive product portfolio for a financially inclusive society.”Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana is a pure life term insurance plan, aimed at the underinsured and uninsured segments in India to the group of people aged between 18 and 55. Consumers can choose a policy cover of either 3 lakh or 5 lakh at affordable premiums, along with the ability to choose preferred policy term, premium payment mode, and additional benefits such as pay-out of double the sum assured in case of death due to an accident. All Airtel Payments Bank savings bank account customers can purchase Bharti AXA Life POS Saral Jeevan Bima Yojana through a quick, simple, secure and paperless process at their banking points. As of now, the service is available across Airtel Payments Bank’s 25,000 retail outlets and Airtel claims that it will be expanded to cover over 60,000 banking points. Also, the life cover will be increased up to 25 lac, as Airtel says.