Bharti Airtel announced a tie-up between its mobile payments bank and a joint venture with insurance company AXA to cross-sell services into its savings customer base.
In a statement Airtel said payment bank users would be able to buy policies from Bharti AXA, a company it owns 51 per cent of, at 25,000 retail outlets across India initially. A further 60,000 banking points are set to come on board at a later date.
The policies are aimed at the uninsured and underinsured segments of the population, providing cover at an affordable price point, it added.
Airtel Payments Bank CEO Anubrata Biswas added: “This association is an important step in our journey towards building a comprehensive product portfolio for a financially inclusive society.”
Bharti Airtel was the first company to offer payments bank services in the country, launching in January 2017. It was part of a scheme by authorities in India to encourage the unbanked population to open mobile-based savings accounts.