This joint venture will leverage Airtel Payments Bank’s wide network to meet the demands of rural pockets and serve the under-insured. This alliance also makes Airtel Payments Bank as the first payments bank in India to offer the Government of India-supported life insurance scheme, said the company in its official communiqué.
Under PMJJBY, Bharti Axa Life Insurance offers Rs 2 lakh life insurance cover for a small premium of Rs 330 per annum. All existing or new Airtel Payments Bank savings bank account holders between the ages of 18-50 can purchase this insurance.
The purchasing process is secure, convenient and digital, said the company.
“Airtel Payments Bank’s unique distribution network allows financial inclusion to reach the 190 million under-insured Indians. This association with Bharti Axa Life Insurance is one important step of many, in our journey towards building meaningful customer relationships through core values of simplicity, transparency, and ease of use,” said Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank.
Under the alliance, Airtel Payments Bank would initially offer PMJJBY at one lakh banking points across the country. It would steadily escalate the availability to over five-lakh banking points to expand the reach of the product even at the remotest corners of the country.
“Through our association with Airtel Payments Bank, we plan to bring more insurance products, which will improve insurance inclusion and penetration for the country,” said Vikas Seth, Chief Executive Officer and Managing Director, Bharti Axa Life Insurance.