Telecom service provider – Telenor (UP East), under its insurance scheme – Telenor Suraksha has covered 4.16 million customers since the launch of the scheme in October 2015.
Telenor in collaboration with Shriram Life offers life insurance cover of upto Rs 50,000-per-connection to all of its active customers. Under the scheme, the customers get the benefit of life insurance by spending on regular recharges with a small incremental value.
“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. 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,” said Vivek Sood, CEO, Telenor India.
Telenor customers can avail the service by dialing the calling up helpline or dialing *121# on the self-help menu. The service can also be availed through any of the Telenor’s over 2000 stores and outlets. There is no seperate documentation for availing this insurance.
Only 3.9 percent of the population in India is covered by insurance microinsurance schemes such as the one being run by Telenor – which covers semi-urban and rural parts of the country, hold potential for increasing the insurance penetration in the country.
