Bharti Axa Life Insurance and Airtel Payments Bank on 16 August 2018 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 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.
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.