Wednesday, October 14, 2015
Telenor India is partnering with MicroEnsure and Shriram Life Insurance to offer free life insurance to its mobile consumers.
All active Telenor customers are eligible for the initiative, receiving life insurance cover up to 100 times the value of a monthly recharge, up to a maximum of INR 50,000. The new offer aims to contribute to the government´s financial inclusion agenda and ensure financial security for families of lower income.
Only 3.9% of the Indian population currently hold an insurance cover of any type, and CEO of Telenor India, Vivek Sood, believes that the new product will help boost insurance penetration, especially among the masses.
Lack of awareness, lengthy enrolment processes, cost and lack of consumer trust, as well as the lack of a viable distribution network are among the primary reasons for the low insurance penetration rate in India.
“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´ behaviour, 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,” said Sood.
The offer has been made available to customers through customer call centres and in Telenor retail outlets, where trained staff will also be educating the customers.
To read more on the initiative, click here.