Airtel Payments Bank, India’s first payments bank, has partnered with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana.
Buying life insurance is the first step towards financial planning. And, getting life protection through a term insurance cover is the best way to get oneself insured if there are financial dependents in one’s family. Life insurance companies are constantly improving their reach and making potential buyers to purchase insurance in simple, safe and in a quick way.
Airtel Payments Bank, India’s first payments bank, has partnered with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana through its extensive network of banking points across the country.
Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana is a pure life term insurance plan which is aimed at the under- insured and un-insured segments in India. Any individual between the ages of 18 and 55 can enrol for this product without the need to undergo a medical examination.
One may opt to choose a policy cover of either Rs 3 lakh or Rs 5 lakh by paying the premium for the required policy term. One may also choose the premium payment mode and additional benefits such as pay-out of double the sum assured in case of death due to an accident. The life cover option may soon be extended up to Rs 25 lakh.
Purchase of Bharti AXA Life POS Saral Jeevan Bima Yojana is possible only for Airtel Payments Bank savings bank account customers through a paperless process at their banking points. While the policy is initially available at Airtel Payments Bank’s 25,000 retail outlets, this will soon be expanded to cover over 60,000 banking points.
Last year, Airtel Payments Bank had also partnered with Bharti AXA Life Insurance to offer Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a government-backed life insurance scheme aimed at increasing penetration of life insurance products among the under-insured masses and boosting financial inclusion. Airtel Payments Bank also offers APY on its platform. Both Airtel Payments Bank and Bharti AXA Life Insurance would provide an end-to-end digital journey with zero documentation and instant confirmation of policy issuance.
The sum assured offered may not be adequate for someone relying entirely on this product. Ideally, one should have a life cover of at least ten times of one’s annual take-home pay. Although aimed at underinsured, Bharti AXA Life POS Saral Jeevan Bima Yojana may help you enhance the overall coverage if you are falling short of adequate cover.