Telenor India has announced that it will offer free life insurance cover to all its existing as well as potential new consumers across its six operating circles. The operator has partnered with Shriram Life Insurance and MicroEnsure for the initiative. As per the scheme, for every recharge done by the customer, insurance cover of 100 times the recharge value (up to a maximum of Rs 50,000) will be provided to the consumer. Consumers are not required to submit any separate documents for the availing the offer.

Commenting on the development, Vivek Sood, CEO, Telenor India said, “This is an innovative product that will bridge the disparity in access to life insurance among the low and middle-income individuals. 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.”

Meanwhile, Telenor is preparing to launch mobile banking services soon. In August 2015, it had received Reserve Bank of India’s in-principle approval to jointly set up a payment bank with Dilip Shanghvi Family & Associates and IDFC Limited.