It is quite a big step in the telecom industry where Telenor India announced free life insurance cover for its existing customer as well as potential new customers. Telenor already possess around 47.55 million customers in its six operating circles.
So how it will work? The customers who pay an amount for their recharge will have to pay an incremental value on the recharge amount that will guard them with the insurance cover. The consumers will retrieve a lifetime insurance cover which will be hundred times of the amount of their monthly recharge and up to a 50,000 as maximum.
The collaboration of Telenor will be with Hiram Life Insurance and MicroEnsure and thereby the initiative will be carried on further to reach to the masses. At each customer touch point, trained staff will be available to educate the customers and address their queries.
As reported by Telenor India CEO Vivek Sood – “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.”
It is also added by Sood “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.”
As far as the financial security of the family members are concerned this initiative may bring a boon for the life of many. Telenor is currently operating in six circles – UP (West), UP (East), Bihar (including Jharkhand), and Andhra Pradesh, Maharashtra and Gujarat and plans to start commercial operations in Assam soon.
This service can easily be availed by customers simply by calling up to customer-care and dialing *121# or simply by rushing to the nearest Telenor store as there are over 2100 Telenor states operating in the country.
