By spending on regular recharges with a small incremental value, Telenor consumers will get the benefit of a 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 a statement.
"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," said Telenor India CEO Vivek Sood.
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.
"It would help contribute meaningfully to the financial inclusion agenda of the government ensuring financial security for family members," the company said.
"Our deep understanding of mass-market consumers' behaviour, 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," Sood added.
Telenor 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 operates in six circles - UP (West), UP (East), Bihar (including Jharkhand), Andhra Pradesh, Maharashtra and Gujarat and plans to start commercial operations in Assam soon.