Telenor to insure life now

NEW DELHI: Telecom firm Telenor India has come out with its 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.

"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," a statement said.

Vivek Sood, CEO, Telenor India, said, “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.”

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 2,100 Telenor stores.

Telenor will work with Shriram Life Insurance and MicroEnsure to take the initiative to the masses.

Manoj Jain, CEO, Shriram Life Insurance said, “This is a win win partnership to extend the benefits of insurance to the socially weaker segment especially in rural areas. The reach of Telenor India and the expertise of MicroEnsure in micro-insurance, together with Shriram Life “ Aam Aadmi” approach will play the role of a catalyst in making available affordable life insurance and mitigate the risks of a common man.”

Richard Leftley, CEO, MicroEnsure said, “Embedded insurance products cast a wider financial net, wide enough to catch the poor but without the limitations of traditional marketing and sales processes. With this venture we look forward to creating a powerful driver of core business for our partners and whilst mitigating risks for millions of consumers in India. With this initiative we hope to set new benchmarks.”