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Bharti AXA, Airtel Payments Bank team up to offer Pradhan Mantri Jeevan Jyoti Bima Yojana

Initially, PMJJBY will be available at 1 lakh Airtel Payments Bank banking points across India.

ET Bureau|
Aug 16, 2018, 01.04 PM IST
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Bharti AXA Life Insurance and Airtel Payments Bank have teamed up to offer the 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.

The product, ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY) provided by Bharti AXA Life Insurance offers Rs 2 lakh life insurance cover for an annual premium of Rs 330 and can be purchased by all existing or new Airtel Payments Bank savings bank account holders between ages 18-50.

Initially, PMJJBY will be available at 1 lakh Airtel Payments Bank banking points across India. Airtel Payments Bank will scale up availability to over 5 lakh banking points to enable the product to reach the country's remotest corners.

“Airtel Payments Bank’s distribution network allows financial inclusion to reach the 190 million underinsured Indians,”Anubrata Biswas, Managing Director, Airtel Payments Bank , said in a media statement Thursday.

Vikas Seth, MD of Bharti AXA Life Insurance, in turn, said, the alliance with Airtel Payments Bank would help strengthen Bharti AXA Life Insurance’s strategy of multi-channels distribution and presence across India.

“Through our association with Airtel Payments Bank, we plan to bring more insurance products which will improve insurance inclusion and penetration for the country,’’ he said.

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