Telenor India Communication, a mobile network operator, has tied up with Shriram Life Insurance and MicroEnsure to provide free life insurance to its customers. Insurance coverage will be currently available across Telenor’s six operating cycles — UP (East & West), Bihar (including Jharkhand), Gujarat, Andhra Pradesh and Maharashtra.
Telenor customers will get life insurance coverage which will be 100 times the monthly recharge value and up to a maximum of Rs 50,000. The company’s existing customers can enroll in the scheme either by calling up the customer care number or visiting a customer care center. New customers can also enroll in the scheme with little documentation. They will automatically get a cover of Rs 10,000 for two months but will have to opt-in to continue with the service.
In the unfortunate demise of a customer, their nominee can make a claim by submitting relevant documents, such as death certificate, nominee identity proof and SIM card. The claim would be settled within seven days of verification of documents.
As reported by The Economic Times, Mr. Vivek Sood, CEO, Telenor India, said, “As we changed to Telenor, we need to bring more value to customers which we believe must be interesting for our mass market consumers. So, we decided to come out with free insurance. With the life insurance offer, Telenor will create a unique differentiation in financial services just like we have done with our affordable mobile service.”
Commenting on the joint venture, Mr. 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.”