Airtel Payments Bank is now collaborating with Bharti AXA Life Insurance in order to offer the government-backed life insurance scheme to its customers. The scheme is none other than the Pradhan Mantri Jeevan Jyoti Bima Yojana, which wants to enhance the standard of living of people at large and make them more aware of the benefits of life insurance.
Airtel and Bharti AXA Life Insurance in this regard, are hoping to make inroads into the sector where life insurance is not a top priority for people and convert them into believers.
Bharti AXA Life Insurance & Airtel’s Scheme:
Under the scheme, existing Airtel Payments Bank saving bank account holders can purchase the Bharti AXA Life Insurance for a very small premium of just Rs.330 and it will offer them an insurance cover of Rs. two lakhs. Though it ought to be mentioned that this scheme will not be available for everyone. The first hitch is of course that they need to have an account with Airtel Payments Bank and the second constraint is that the customer needs to be within the age bracket of 18 to 50 years.
In this regard, Anubrata Biswas, who is Managing Director, and also the Chief Executive Officer, of Airtel Payments Bank, said that “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.”
Pradhan Mantri Jeevan Jyoti Bima Yojana: Locations
Currently, the Pradhan Mantri Jeevan Jyoti Bima Yojana will be available at Airtel Payments Banking points all over the country. At the moment there are 100,000 Airtel Payments Banking points and anyone who wants to open an account or is already an account holder and also falls within the previously mentioned age bracket can avail the life insurance scheme. In the unfortunate event of their death, their nominees will be presented with a sum of Rs. two lakhs.
Apart from that, Airtel also plans to open more Banking points across the length and breadth of India and in the near future, they expect to launch more than 500,000 banking points. Their strategy is quite simple. They want people who reside even in the remote corners of India to have access to life insurance and to also avail the various life-enhancing services of Airtel Payments Bank.
And that is why Vikas Seth, who is the Chief Executive Officer and also the Managing Director, Bharti AXA Life Insurance, said that “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.
Airtel’s Initiative for Kerala Flood Victims:
Other than the savvy insurance scheme for the uninsured masses, Airtel is quite a socially conscious company as they have launched people-friendly initiatives in the flood-affected Kerala state as well. They are offering free talk-time, 1GB data and extended bill payment options for their prepaid and postpaid customers.