Airtel Payments Bank has joined hands with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana through its network of banking points across the country.
Airtel Payments Bank has a network of 500,000 banking points in all 29 states of India. Over 60,000 of these banking points are focused on offering insurance and pension products easily.
Airtel Payments Bank’s services can also be accessed using iOS and Android apps. Airtel Payments Bank, launched in January 2017, has over 30 million customers across India.
Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana is a life term insurance plan aimed at the underinsured and uninsured segments in India. Individuals between the ages of 18 and 55 can enrol for this product without undergoing 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 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.
All Airtel Payments Bank savings bank account customers can purchase Bharti AXA Life POS Saral Jeevan Bima Yojana through a paperless process at their banking points. While the policy is initially available at Airtel Payments Bank’s 25,000 retail outlets, this will be expanded to cover over 60,000 banking points.
“Saral Jeevan Bima Yojana effectively complements the existing portfolio of financial inclusion products on our banking platform which include PMJJBY and APY,” Anubrata Biswas, MD and CEO of Airtel Payments Bank, said.
Airtel Payments Bank and Bharti AXA Life Insurance would provide zero documentation and instant confirmation of policy issuance. The life cover option for the customers will be extended up to Rs 25 lakh.
Last year, Airtel Payments Bank 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.