Telecom operator Telenor India said it has issued 15 lakh free life insurance policies in October under a life cover scheme for which over 50 lakh customers have registered themselves.
The company in September announced a free life insurance scheme for its customers in partnership with Shriram Life Insurance and MicroEnsure.
“We have combined technology with financial security to market a product through our distribution channels. Over 50 lakh customers have opted for life insurance and we have issued life insurance policy to 15 lakh in October,” Telenor India Chief Marketing Officer Upanga Dutta told PTI.
The scheme is Telenor’s precursor to its mobile banking business which it plans to roll out soon. In August this year, Telenor Group received in-principle’ approval from Reserve Bank of India to the joint application of Dilip Shanghvi Family & Associates (DSA) and IDFC to set up a payments bank in India.
With this, Telenor will be able to offer mobile banking solutions. Telenor has operations in six telecom circles and has over 4.7 crore customers. By spending on regular recharges with a small incremental value, its subscribers can get the benefit of a life insurance cover.
The cover will be a hundred times of the monthly recharge value and up to a maximum of Rs 50,000. In the unfortunate incident of death of a customer, the claim will be processed by submitting relevant documents like the death certificate, nominee’s id proof and the SIM card.
“For customers availing this offer, there is no separate documentation required. The settlement will be done within seven days of submission of all relevant documents,” Dutta said.