Bharti AXA Life, Airtel Payments Bank team up to offer PM Jeevan Jyoti Bima Yojana

Private life insurer Bharti AXA Life Insurance and Airtel Payments Bank have entered a tie-up to offer the government sponsored term life insurance of Rs2 lakh for an annual premium of Rs330.

Under the partnership, existing or new Airtel Payments Bank savings bank account holders between the age of 18 and 50 years can buy the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The process of purchasing this policy is secure, paperless and completely digital, ensuring convenience for consumers, Anubrata Biswas, managing director and chief executive officer, Airtel Payments Bank, said. He said their distribution network will allow financial inclusion to reach 190 million under-insured Indians.
As per the tie-up, PMJJBY will be initially available at 100,000 Airtel Payments Bank - banking points across the country. According to a press statement, Airtel Payments Bank would steadily scale up the availability to over 500,000 banking points.
Vikas Seth, chief executive officer and managing director of Bharti AXA Life Insurance, said their alliance with Airtel Payments Bank will help strengthen the insurer's strategy of multi-channels distribution and presence across India.