World largest Microinsurance

GSM telecom operator Telenor said it has become the largest 'single' micro insurance policy provider in India, offering free life insurance scheme, Telenor Suraksha, through partner Shriram Life. Over 17 million customers of the Norway-based telco's unit have enrolled themselves under this scheme, while around 7.8 million customers have been insured across Telenor's circles till January.

GSM have a 50.7 million subscriber base and got a fairly good opportunity to get more customers subscribed to the life insurance scheme. By spending on regular recharges with a small incremental value, Telenor subscribers can get the benefit of a life insurance cover, which will be a hundred times the monthly recharge value and up to a maximum of Rs 50,000.
The insurance products are not widely penetrated in the market with limited easy access, even as the last mile cost is pretty high. Telenor has a very strong retail system as we are in the mass market distribution model, which helps to reach GSM customers very fast and in a robust way.

Claim amount ranging from Rs 10,000 to Rs 50,000 - these settlements were done within 72 hours of submission of all relevant documents.