Reportedly Airtel Payments Bank and Bharti AXA Life Insurance have joined hands to offer a point of sale or POS life insurance policy called Bharti AXA Life POS Saral jeevan Bima Yojana. Meanwhile the move is aimed at trying to cover a vast section of the population that doesn’t enjoy insurance cover and Airtel might leverage its extensive reach to make this business a win-win proposition for all. Furthermore to start with, the companies will keep the policy terms simple with just two options for sum insured, Rs 3 lakh and Rs 5 lakh and this amount may be enhanced in the future to offer polices of up to Rs 25 lakh.
Apparently Airtel is the first payments bank started in india and this new tie up between Airtel Payments Bank and Bharti AXA Life Insurance will exploit the extensive network that it already has around the country. Further those desirous of insuring their lives need to be between 18 and 55 years of age and under the Bharti AXA Life POS Saral jeevan Bima Yojana, there will be no need to undergo a medical examination. Perhaps there will be other options as well, such as choosing the policy term, how the policy holder wishes to make the payment and even choose a double payout in the event of accident death.
Moreover Airtel Payments Bank already operates 25,000 retail outlets and this number may be lifted to 60,000 in a short period. The company says a ‘quick, simple, secure and paperless process’ will be used to ensure customers have a smooth experience in obtaining a policy under the Bharti AXA Life POS Saral jeevan Bima Yojana.
