Bharti AXA Life Insurance has teamed up with Airtel Payments Bank to offer pure term insurance through the lender’s network of banking points across India.
Under the terms of the agreement, Airtel Payments Bank will sell Bharti AXA Life POS Saral Jeevan Bima Yojana, an insurance plan designed for under-insured and uninsured people residing in rural part of the country.
The insurance policy can be purchased by all Airtel Payments Bank savings bank account customers through a paperless process at their banking points.
At the outset, the insurance plan has been made available at Airtel Payments Bank’s 25,000 retail outlets. However, it will soon be extended to cover more than 60,000 banking points.
Airtel Payments Bank managing director and CEO Anubrata Biswas said: “We are delighted to partner with Bharti AXA Life Insurance to offer this simple and affordable pure term insurance product to millions of underinsured Indians through our unique and extensive distribution network.
“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.”
The insurance plan is available for any individual aged 18 to 55 without undergoing any medical test. Policyholders can select a policy cover of either INR300,000 ($4,350) or INR500,000 ($7,251) at affordable premiums.
Both the partners will provide an end-to-end digital journey with zero documentation and instant confirmation of policy issuance. The life cover option for the customers will soon be increased to up to INR2.5m ($36,255).