Telenor India Offers Life Insurance To All Its Customers

telenor-india-life-insuranceIn a truly unique initiative and and a step towards adding real value to customer service, Telenor India, the erstwhile Uninor, today announced to offer life insurance to all of its customers. The telco will offer an insurance cover of 100 times of the recharge value of the prepaid voucher. Means, being solely a prepaid service provider, the insurance cover has been linked to the amount a customer recharges his phone everytime. However, the maximum insurance cover one can avail is Rs 50,000.

Telenor India, which was rebranded from Uninor recently has partnered with Shriram Life Insurance and MicroEnsure for offering insurance benefits.

While Shriram Life Insurance offers the insurance product, MicroEnsure’s job will be to design and develop these insurance products.

As per the company the claim procedure is very simple. In an unfortunate incident of death, the customer’s designated nominee can reach out to Telenor’s customer care or the insurance company for the claim by furnishing documents like death certificate, nominee details and the SIM card.

Telenor India claimed the settlement will be done in seven days.

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

With this step, Telenor is inching towards offering services beyond just telecom services. In August this year Telenor Group had got an “in-principle” approval from Reserve Bank of India to the joint application of Dilip Shanghvi Family & Associates (DSA) and IDFC to set up a payment bank in India. With this Telenor will be able to offer mobile banking solutions and extend the benefits of banking to the unbanked. Telenor India is preparing to launch mobile banking services soon.

 

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