Airtel Payments Bank and Bharti Axa tie up to offer PMJJBY scheme

Bharti Axa Life Insurance and Airtel Payments Bank, entered into an agreement to offer Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

The alliance will help to reachout Airtel Payments Bank’s vast network in rural pockets and serve the underinsured.

Airtel Payments Bank also becomes the first payments bank in India to offer this scheme.

The product provided by Bharti Axa Life Insurance offers a life insurance cover of Rs.2 lakh for a nominal premium of Rs.330 per annum, and can be purchased by existing or new Airtel Payments Bank savings bank account holders in the age group of 18-50. The process of purchasing this policy is secure, paperless and completely digital, ensuring convenience for consumers, said the company.

“Airtel Payments Bank’s unique distribution network allows financial inclusion to reach the 190 million underinsured Indians. This association with Bharti Axa Life Insurance is one important step of the many in our journey towards building meaningful customer relationships through core values of simplicity, transparency and ease of use,” said Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank.