Airtel Payments Bank partners with Bharti AXA Life to offer term insurance
All Airtel Payments Bank savings bank account customers can purchase Bharti AXA Life term insurance through a quick, secure and paperless process at their banking points.
Bharti AXA Life POS Saral Jeevan Bima Yojana is a pure life term insurance plan aimed at the underinsured and uninsured segments in India.
Airtel has introduced its Rs 599 prepaid bundle with 2GB data/day, unlimited calls to any network and 100 SMS/day, and also offers Rs 4 lakh life insurance cover from Bharti AXA Life Insurance. The recharge comes with a validity of 84 days and the insurance cover continues automatically for three months with every recharge.
Who can buy?
Any individual between the ages of 18 and 55 can enroll for this product without undergoing a medical examination. However, this prepaid bundle with life insurance cover is currently available to customers across Tamil Nadu and Pondicherry and its availability will be gradually extended to pan-India in the next few months.
What are the options available?
Consumers are offered the option to choose a policy cover of either Rs 3 lakh or Rs 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.
The life cover option for customers will soon be extended up to Rs 25 lakh. Vikas Seth, MD and CEO, Bharti AXA Life Insurance, said, "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."
How to purchase
All Airtel Payments Bank savings bank account customers can purchase Bharti AXA Life POS Saral Jeevan Bima Yojana through a quick, simple, secure and paperless process at their banking points. While the policy is initially available at Airtel Payments Bank’s 25,000 retail outlets, this will soon be expanded to cover over 60,000 banking points, stated a press release issued by the company.
Anubrata Biswas, MD and CEO, Airtel Payments Bank, said, “Saral Jeevan Bima Yojana effectively complements the existing portfolio of financial inclusion products on our banking platform which include PMJJBY and APY. This association is an important step in our journey towards building a comprehensive product portfolio for a financially inclusive society.”
Last year, Airtel Payments Bank had also 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 among the underinsured masses and boosting financial inclusion.