Bharti AXA Life ties up with Airtel Payments Bank for term insurance

Private insurer Bharti AXA Life Insurance Tuesday said it has tied up with Airtel Payments Bank for selling pure term insurance plan through the latter's network of banking points.

With this strategic association, Airtel Payments Bank would offer Bharti AXA Life POS Saral Jeevan Bima Yojana, a pure life term insurance plan which is aimed at the under-insured and uninsured segments in India, to its over 30 million customers, the insurer said in a statement.

Both the alliance partners will leverage vast network to reach deep rural pockets and serve the underinsured market, it said.

"As part of our partnership and strong synergies of customer-centricity, we are offering an affordable pure term insurance plan to the diverse customer base of Airtel Payments Bank across the country to extend protection cover to the uninsured segment of the society and improve their financial security and prosperity," Bharti AXA Life Insurance Managing Director Vikas Seth said.

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, it said adding that 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.

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.