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Airtel Payment Bank To Offer Life Insurance In Collaboration With Bharti AXA Life
After receiving a fresh capital infusion of Rs. 325 crore, Airtel Payments Bank has announced its partnership with Bharti AXA Life Insurance to offer its Saral Jeevan Bima Yojana.
Any individual between the age of 18 and 55 can enroll for this product without having to undergo any medical examination.
Options To Choose
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.
In addition, both Airtel Payments Bank and Bharti AXA Life Insurance will provide an end-to-end digital journey with zero documentation and instant confirmation of policy issurance. Besides, the life cover option for the customers will soon be extended up to Rs 25 lakh.
How To Purchase
All Airtel Payments Bank savings account customers can purchase Bharti AXA Life POS Saral Jeevan Bima Yojana through a 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 over 60,000 banking points, the company informed.
Ranked As India's Number One Bank
Airtel Payments Bank has been ranked as the No 1 bank in India in terms of digital transactions target achievement in FY 18-19, as per the recent report released by the Ministry of Electronics and Information Technology (MeitY) on digital transactions.
For the unaware, Airtel Payments Bank has surpassed its digital transactions targets with over 211 percent achievement and topped all banks on this parameter.
The overall digital transactions of 211.6 percent done through Airtel Payments Bank include transactions made via UPI, Debit Card, Mobile Banking, Net Banking, Prepaid Card, PPI, NEFT among other methods.
What Are Payment Banks
Payment Banks or PBs are similar to deposit accounts. These banks can facilitate money deposit up to Rs. 1 lakh and it is largely dominated by both Paytm and Airtel. However, we still believe that Pbs should do good marketing to tap the rural market.