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Airtel Payments Bank joined hands with Bharti AXA Life Insurance to offer the 'Pradhan Mantri Jeevan Jyoti Bima Yojana' (PMJJBY), a government-backed life insurance scheme aimed at increasing the penetration of life insurance among underinsured masses and contributing to financial inclusion.
The product 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 age of 18-50.
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."
Initially, PMJJBY will be initially available at 100,000 Airtel Payments Bank - Banking Points across the country. Airtel Payments Bank would steadily scale up the availability to over 500,000 banking points in order to enable the product to reach even the remotest corners.
Vikas Seth, Chief Executive Officer and Managing Director, Bharti AXA Life Insurance, said, "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.''
Through our association with Airtel Payments Bank, we plan to bring more insurance products which will improve insurance inclusion and penetration for the country,'' he added.