Airtel Payments Bank, Bharti Axa tie up to offer insurance under PMJJBY

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.

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