In a first of its kind initiative in the telecom industry, Telenor India today 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 its active customers 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. 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, as stated by the company in its press statement.
Customers can avail this service by calling customer call center or dial the self-help menu *121# or opt-in for it by approaching any of the 2100 Telenor stores. For every recharge done by the customer, a 100X insurance cover will be provided to him. For customers availing this offer, there is no separate documentation required, adds the statement of the company.
Telenor will work with Shriram Life Insurance and MicroEnsure to take the initiative to the masses. At each customer touch point, trained staff will be available to educate the customers and address their queries. In the unfortunate incident of death of a customer, the claim will be processed by submitting relevant documents like the death certificate, nominee id proof and the SIM card. The settlement will be done within seven days of submission of all relevant documents.
Unveiling this industry first initiative, Mr. 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. Our deep understanding of mass-market consumers’ behavior, a huge retail network and efforts to create awareness around services beyond basic voice will enable us to remove persistent financial risks faced by our customers. With the life insurance offer, Telenor will create a unique differentiation in financial services just like we have done with our affordable mobile service.”
