Airtel Payments Bank and Bharti AXA Life Insurance have entered a partnership to offer the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). PMJJBY is a government-backed life insurance scheme which aims to increase 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 gives Rs 2 lakh life insurance cover for an annual premium of Rs 330. It can also be purchased by all the existing or even the new Airtel Payments Bank savings bank account holders between the age of 18-50.
“Airtel Payments Bank’s distribution network allows financial inclusion to reach the 190 million underinsured Indians,” Anubrata Biswas, Managing Director, Airtel Payments Bank stated.
At the initial stage, PMJJBY will be offered at 1 lakh Airtel Payments Bank banking points all over India. Airtel Payments Bank will also boost up the availability to around 5 lakh banking points which will enable the product to reach even the smallest and remotest parts of the country.
“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 added.
The MD of Bharti AXA Life Insurance, Vikas Seth exclaimed that the association with Airtel Payments Bank would help Bharti AXA Life Insurance’s strategy of multi-channels distribution to get stronger and build its existence across India.