Pradhan Mantri Jeevan Jyoti Bima Yojana”- a government-backed life insurance scheme offers Rs 2 lakh life insurance cover for a nominal premium of Rs 330 per annum.
In order to contribute to financial inclusion in the country and increase penetration of life insurance among the underinsured masses, Bharti Axa Life insurance and Airtel Payments Bank have joined hands to offer the “Pradhan Mantri Jeevan Jyoti Bima Yojana”- a government-backed life insurance scheme. The scheme will be available at over 500,000 Airtel Payments Bank across India.
The move aims at leveraging Airtel Payments Bank’s vast network to reach rural areas and serve the underinsured. PMJJBY offers Rs 2 lakh life insurance cover for a nominal premium of Rs 330 per annum. It can be purchased by all the existing or new Airtel Payments Bank savings bank account holders between the age of 18 and 15 years. The scheme will be initially available at 100,000 Airtel Payments Bank banking points across the country. In the second phase, the scheme is going to be made available to over 500,000 banking points to make the scheme further accessible.
At the launch event, Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said, “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 many, in our journey towards building meaningful customer relationships through core values of simplicity, transparency and ease of use.”
Airtel Payments Bank is the first payment bank in India to offer the government-initiated insurance scheme.
“We are happy to join hands with Airtel Payments Bank and forge a relationship built on common values of service excellence and customer trust. 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,’’said Vikas Seth, CEO and managing director, Bharti AXA Life Insurance.
He added that “through our association with Airtel Payments Bank, we plan to bring more insurance products which will improve insurance inclusion and penetration for the country.’’
Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s leading business groups with 51% stake, and AXA, an organisation in financial protection and wealth management with 49% stake.