In a first-of-its kind initiative in the telecom industry, Telenor India announced free life insurance cover for its existing 47.55 million as well as potential new customers across its six operating circles.
Telenor will offer life insurance for free to all active customers of the company. “By spending on regular recharges with a small incremental value, Telenor consumers will get the benefit of an life insurance cover, which will be a hundred times of the monthly recharge value and up to a maximum of Rs 50,000,” the company said in an official release.
“This is Telenor’s innovative customer-centric scheme to be able to offer greater value. It would help contribute meaningfully to the financial inclusion agenda of the government ensuring financial security for family members.”
Vivek Sood, CEO, Telenor India said, “This is an innovative product that will bridge the disparity in access to life insurance among the low and middle-income individuals. With insurance penetration being very low in the country, our scheme has the potential to empower society through financial security. With the life insurance offer, Telenor will create a unique differentiation in financial services just like we have done with our affordable mobile service.”
Telenor India has taken a promise to offer additional value, and make its propositions simple and fair for all customers. “To ensure more value for money to our mass market customers, we have tied up with our partners to offer Insurance which is easy to get and simple to understand,” the company said.
Telenor will work with Shriram Life Insurance and MicroEnsure to take the initiative to the masses.