Airtel Payments Bank to offer Atal Pension Yojana to its subscribers

The Telecom giant Airtel has introduced government-backed pension scheme Atal Pension Yojana (APY) to its Indian subscribers. Customers aged between 18 and 40 will get the benefits of this scheme, said Mr. Anubrata Biswas, Director & Chief Executive Officer, Airtel Payments Bank.

The Indian payment banks have not offered this scheme before. Bharti Airtel becomes the first bank that offers APY to workers in the unorganised sector in the country. To make India a financially strong country, the company offers this scheme to all savings account holders of airtel payment bank.

Airtel is going to offer this scheme as lowest as Rs 1,000 to Rs 5,000 on the basis of a minimum guaranteed monthly pension, according to Telecom Talk. Customers registered under APY will receive benefits according to their contribution starting at Rs. 42 per month.

Interested customers will need to subscribe to a specific insurance plan through airtel payment bank, which is also available via the web interface. At the moment, Atal Pension Yojana will be available for saving account holders at 50,000 points of Airtel Digital Payments and the rest 100,000 banking points will be added to this network later, Airtel informed.

Now moving around benefits - Just like Jeevan Pragati plan, Jeevan Labh, iTERM plan, etc. offered by LIC and other Insurance companies, subscriber's spouse will receive the same benefits in case, subscriber face demise. However, if both the spouse and the subscriber die, the registered nominee will receive Rs. 8.5 lakhs from the Airtel insurance scheme.

Airtel will also offer Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) plan to its subscribers. The said payment bank tied up with a government-led insurance scheme Bharti AXA General Insurance, widely known as Bharti AXA.

Source  Via

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