Airtel Payments Bank has announced its partnership with Bharti AXA Life Insurance to offer the “Bharti AXA Life POS Saral Jeevan Bima Yojana”. The scheme will bring a pure term insurance cover of up to Rs 5 lakh at affordable premium rates through Airtel Payments Bank’s 25,000 retail outlets.
The Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana will offer users pure life term insurance plans for any individual between the ages of 18 and 55. The scheme can be availed by all Airtel Payments Bank savings bank account customers without needing to undergo a medical examination.
Customers will be offered the option to choose a policy cover of either 3 lakh or 5 lakh at affordable premiums. Users will have 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.
Airtel Payments Bank and Bharti AXA Life Insurance are offering the insurance through zero documentation and instant confirmation of policy issuance. The life cover option for the customers will soon be extended up to Rs 25 lakh.
The Bharti AXA Life POS Saral Jeevan Bima Yojana can be availed at Airtel Payments Bank’s 25,000 retail outlets and will soon expand to over 60,000 banking points in India. Users can enrol into the scheme through a secure, quick and paperless process at any Airtel Payments Bank outlet.
Speaking about the announcement, Airtel Payments Bank MD and CEO, Anubrata Biswas said “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 includes PMJJBY and APY. This association is an important step in our journey towards building a comprehensive product portfolio for a financially inclusive society”.
Bharti AXA Life Insurance MD and CEO, Vikas Seth also commented saying “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”.