New Delhi, August 16

Bharti Axa Life Insurance and Airtel Payments Bank on Thursday entered into an alliance to offer the ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY), a government-backed life insurance scheme.

The alliance will leverage Airtel Payments Bank’s vast network to reach deep rural pockets and serve the under-insured. With this, Airtel Payments Bank also becomes the first payments bank in India to offer the Government of India-backed life insurance scheme, the company said in a statement.

The product (PMJJBY) provided by Bharti Axa Life Insurance offers Rs 2 lakh life insurance cover for a nominal premium of Rs 330 per annum and can be purchased by all existing or new Airtel Payments Bank savings bank account holders between the ages 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 under-insured Indians. This association with Bharti Axa Life Insurance is one important step of many, in our journey towards building meaningful customer relationships through core values of simplicity, transparency and ease of use," Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said.

Under the tie-up, PMJJBY will be initially available at one lakh Airtel Payments Bank banking points across the country. Airtel Payments Bank would steadily scale up the availability to over five-lakh banking points in order to enable the product to reach even the remotest corners of the country, it said.

"Through our association with Airtel Payments Bank, we plan to bring more insurance products, which will improve insurance inclusion and penetration for the country," Vikas Seth, Chief Executive Officer and Managing Director, Bharti Axa Life Insurance, said.

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