Airtel Payments Bank 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.
The yojana is a pure life term insurance plan, which is aimed at the underinsured and uninsured segments in India. Any individual between the age 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. They 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.
All the savings bank account customers can purchase the yojana through a quick, secure and paperless process at their banking points. While the policy is initially available at the bank’s 25,000 retail outlets, this will soon be expanded to cover over 60,000 banking points.
Anubrata Biswas, MD and CEO, Airtel Payments Bank, said, “We are delighted to partner with Bharti AXA Life Insurance. Saral Jeevan Bima Yojana effectively complements the existing portfolio of financial inclusion products on our banking platform, which include Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY). This association is a crucial step in our journey towards building a comprehensive product portfolio for a financially inclusive society.”
Vikas Seth, MD and CEO, 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.’’
Both Airtel Payments Bank and Bharti AXA Life Insurance would provide an end-to-end digital journey with zero documentation and instant confirmation of policy issuance. The life cover option will soon be extended up to Rs 25 lakh.