10 lakh Telenor customers get free insurance in AP, TS

Hyderabad: Telecom operator Telenor has so far offered free insurance to over 10 lakh customers across Andhra Pradesh and Telangana. “We have a customer base of 50 lakh in AP and Telangana Circle.

Of them, 20 lakh people have enrolled for Telenor Suraksha, our free life insurance scheme, and as many as 10 lakh people are under the insurance coverage now,” Shrinath Kotian, Circle Business Head AP, Telenor India, told media here on Monday.

Under the initiative, the telecom operator has been offering free insurance to its customers and the insurance amount is equal to the 100 times of the recharge amount a customer spends in the preceding month with a minimum recharge limit of Rs 40.

The maximum insurance limit per customer is Rs 50,000. However, new customers get an insurance coverage of Rs 10,000 for first two months. “Free Life Insurance is a testimony to our customer centric approach.

Through this simple and hassle free offer, we are empowering society and increasing financial security,” said Kotian maintained. Industry estimates show that currently less than four per cent of India’s population has an insurance cover of any type.

The primary reasons for the low penetration is said to be issues like lack of awareness, cumbersome enrolment process, cost of insurance and lack of trust. Lack of distribution network has also restricted insurance products becoming popular and pervasive.

“Telenor’s insurance scheme has been designed to remove the barriers to insurance adoption. We have simplified the enrolment process and smoothened the process of settling claims in less than seven days,” he added.