The government sponsored term life insurance of Rs 2 lakh will be available for an annual premium of Rs 330
Private life insurer Bharti AXA Life Insurance and Airtel Payments Bank have entered a tie-up to offer Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to the latter's customers. This government-sponsored term insurance scheme offers Rs 2 lakh insurance cover at an annual premium of Rs 330.
Through this partnership, existing or new Airtel Payments Bank savings bank account holders between the age of 18-50 years can buy the . The process of purchasing this policy is secure, paperless and completely digital, ensuring convenience for consumers.
Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said that their distribution network will allow financial inclusion to reach 190 million under-insured Indians.
As per the tie-up, PMJJBY will be initially available at 100,000 Airtel Payments Bank - Banking Points across the country. According to a press statement, Airtel Payments Bank would steadily scale up the availability to over 500,000 banking points.
Vikas Seth, Chief Executive Officer and Managing Director, Bharti AXA Life Insurance said their alliance with Airtel Payments Bank will help strengthen the insurer's strategy of multi-channels distribution and presence across India.