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Airtel Payments Bank, Bharti AXA Life tie up to offer govt's insurance plan

The process of purchasing the said policy is fully digital, ensuring convenience for consumers

Press Trust of India  |  New Delhi 

airtel, bharti airtel, airtel payments bank
Airtel Payments Bank

and on Thursday announced a pact to offer (PMJJBY), leveraging the payments bank's network in rural pockets.

The alliance will be supported by the payments bank's network "to reach deep rural pockets and serve the underinsured", a company statement said.

offers life insurance cover of Rs 200,000 at a premium of Rs 330 per annum, and will initially be available at 1,00,000 banking points of

The number of banking points will be scaled to over 5,00,000 over time.

aims to enhance penetration of life insurance among underinsured masses contributing to financial inclusion in the country.

"The product provided by Bharti AXA Life offers Rs 200,000 life insurance cover for a nominal premium of Rs 330 per annum and can be purchased by all existing or new savings bank account holders between the age of 18-50," said the statement by the payments bank.

The process of purchasing the said policy is fully digital, ensuring convenience for consumers, it added.

Interestingly, the alliance comes just days ahead of the long-awaited launch of (IPPB) that will have at least one branch in every district and focus on financial services in rural areas.

is scheduled for launch on August 21 by Prime Minister Two branches of are already operational, and the rest 648 are planned to be launched in every district of the country.

Meanwhile, Airtel Payments Bank's CEO said association with Bharti AXA Life is one important step in the company's journey towards building meaningful customer relationships.

Bharti AXA Life CEO and MD Vikas Seth said: "This is the first step towards our journey of Insure India' with a view to bringing affordable life insurance to every household through Airtel Payments Bank's vast and productive network".

The alliance will strengthen the insurer's strategy of multi-channel distribution and presence across India, he added.

First Published: Thu, August 16 2018. 15:53 IST