Telenor India on Wednesday announced free life insurance cover for its existing active customers as well as potential new ones across its six operating circles.
The company said it would work with Shriram Life Insurance and MicroEnsure, a UK-based mass-market insurance specialist, to take the initiative to the masses.
Telenor India CEO Vivek Sood told reporters here that by spending on regular recharges with a small incremental value, customers of the company would get the benefit of cover which would be a hundred times of the monthly recharge value and up to a maximum of Rs 50,000.
“This is an innovative product that will bridge the disparity in access to life insurance among the low and middle-income individuals”, he said at an event to announce the initiative, attended by chairman of Insurance Regulatory and Development Authority of India (IRDAI) TS Vijayan.
Company officials said in the unfortunate incident of death of a customer, the claim would be processed by submitting relevant documents including the SIM card.
“This is a win-win partnership to extend the benefits of insurance to the socially weaker segment especially in rural areas”, CEO of Shriram Life Insurance, Manoj Jain, said.
Customers can avail this service by calling customer call center or dial the self-help menu on their phone or opt-in for it by approaching any of the 2,100 Telenor stores. According to CEO of MicroEnsure, Richard Leftley, embedded insurance products cast a wider financial net, wide enough to catch the poor but without the limitations of traditional marketing and sales processes.
Meanwhile, Telenor said it is preparing to launch mobile banking services soon.