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 underinsured and uninsured 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.
The consumers are offered the option to choose a policy cover of either 3 lakh or 5 lakh at affordable premiums. The consumers also get the flexibility of choosing their preferred policy term, premium payment mode, and additional benefits such as pay-out of double the sum assured in case of death due to an accident.
All Airtel Payments Bank savings bank account customers can purchase Bharti AXA Life POS Saral Jeevan Bima Yojana through a quick, simple, secure and 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.
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 life cover option for the customers will soon be extended up to Rs 25 lakh.
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 underinsured masses and boosting financial inclusion.