India’s first payments bank Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer a life term insurance plan through its extensive network of banking points across the country.
The product, Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana, is a pure life term insurance plan which is aimed at the under-insured and uninsured segments in India. Both the partners will leverage vast network to reach deep rural pockets and serve the under-insured.
Vikas Seth, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said: “As a responsible life insurer, we always try to understand the needs of customers and provide solutions that meet their financial requirements. As part of our partnership and strong synergies of customer-centricity, we are offering an affordable pure term insurance plan to the diverse customer base of Airtel Payments Bank across the country to extend protection cover to the uninsured segment of the society and improve their financial security and prosperity.”
All Airtel Payments Bank savings bank account customers can purchase the Bharti AXA Life POS Saral Jeevan Bima Yojana through a quick, simple, secure and paperless process at their banking points. While the policy is initially available at Airtel Payments Bank’s 25,000 retail outlets, this will soon be expanded to cover over 60,000 banking points.
“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 include PMJJBY and APY. This association is an important step in our journey towards building a comprehensive product portfolio for a financially inclusive society,” said Anubrata Biswas, MD and CEO, Airtel Payments Bank.
Any individual between the ages of 18 and 55 can enrol for this product without the need to undergo a medical examination. The consumers are offered the option to choose a policy cover of either 3 lakh or 5 lakh at affordable premiums. The consumers also get the flexibility of choosing their 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.
Both Airtel Payments Bank and Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and French insurance major AXA, would provide an end-to-end digital journey with zero documentation and instant confirmation of policy issuance. The life cover option for the customers will soon be extended up to Rs 25 lakh.
Last year, Airtel Payments Bank had also partnered with Bharti AXA Life Insurance 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 and boosting financial inclusion.
Seth said the company plans to bring more such insurance products which will improve insurance inclusion and penetration in the country.