NIRVOY - Free Life Insurance

NIRVOY - Free Life Insurance
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Grameenphone in partnership with MicroEnsure Bangladeh and Pragati Life has introduced ‘Nirvoy’ the life insurance product for its valued customers. Nirvoy was launched in June 2013. The purpose of Nirvoy is to provide GP customers with an opportunity to manage their life risk by simply committing to a nominal amount of spend on the GP network. Nirvoy is the Free life insurance offer from Grameenphone built on monthly Recharge of a customer.

Understanding of Life Insurance

Insurance means protection. Insurance is a means of protecting you and your family against risk or loss. Insurance is like an umbrella that you keep with you: it may not rain every day, but when it does rain, you will be very happy that you have an umbrella to stay dry. There are various risks we face every day: loss of life, health problems, loss of property, etc. that could put our families and loved ones in a very dire situation. Life Insurance protects the family/loved ones in the event of loss of life of the “insured” person by paying the cover amount, which is also known as the sum insured/assured.

Nirvoy Life Insurance, which is a Life Insurance program, offers protection against the risk of loss of life by providing monetary compensation in the event of the loss of life of the registered (covered) customer during the period in which he/she had cover. Now, to make Nirvoy more attractive & valuable to the customers, Grameenphone introduced following new features:

1. Introducing a lower slab (BDT 150-249) in current model:

Making Nirvoy more attractive to GP customer base & invite more customers (of the target segments) to join & get the Insurance benefit.

Nirvoy Slab-wise New Life Insurance proposition is as follows:

RECHARGE IN PREVIOUS CALENDAR MONTH (MONTH 1) [EXCLUDING VAT]

FREE LIFE INSURANCE COVER

(CALENDAR MONTH 2)

BDT <150

No coverage

BDT 150 – 249

BDT 10,000

BDT 250 – 349

BDT 20,000

BDT 350 – 499

BDT 30,000

BDT 500 & above

BDT 50,000

2. Developing recharge based model (against existing usage based model):

This will help Nirvoy to be even more simpler for the customers, thus will increase Nirvoy customer base.

3. Customer Engagement (using confirmation):

In order to increase customer involvement & to reduce churn, we are going to introduce the Customer confirmation (through SMS) during registration.

Registration Process: Nirvoy Registration Process is very simple & straight forward.

Any Grameenphone customer (All Prepaid and Postpaid, except for data only SIM users & GP Employee SIM users) are eligible to avail this offer.

A customer can register using following two ways:

i. Customers can do the ‘Self Registration’ through customer’s mobiles (via USSD).

OR

ii. Customers can also visit nearest Grameenphone center/selected Grameenphone service touch points and also the ‘Mobicash’ outlets to register for this offer. The agents can register the customer either using the Nirvoy Portal (Web) or using their Mobile (via USSD).

Once the customer registers for this based on his/her monthly recharge; s/he will be eligible for life insurance coverage.

Information Required to Complete Registration: 

Customers (users) need to provide the following information for registration:

  • User’s Grameenphone Mobile Number (when registering through GP channels, like GPC)
  • User’s Name
  • User’s Age (must be 18-60 years)
  • Relationship of Nominee to User
  • Nominee’s Name
  • Nominee’s Phone Number (Mobile & Land)
  • Registrations via the Nirvoy Web Portal, will require the following declarations to be confirmed by the agent from the user:
  • The user has read, understood and agreed to the detailed conditions related to Nirvoy free insurance offer.
  • The user is the owner or user of the SIM card.
  • The user authorizes Grameenphone to process relevant information for insurance purpose.

Data Entry Process for Registration (using a Grameenphone channel):

  • Nirvoy agent will brief the customer about the Life Insurance offer
  • If the customer is interested to take the offer then the respective agent will put the required information in the system for registration
  • After data entry, agent will recheck the information from customer
  • Agent will submit the information to complete the registration

Verification and Confirmation from Customers end via SMS

  • Customer will receive registration confirmation/cancellation SMS from 9100 (Free of charge)
  • During registration process, customer needs to agree on the terms and condition of Nirvoy life insurance offer and will authorize Grameenphone to process relevant information for this. Customer will also confirm whether s/he is the owner/user of the connection

Insurance Start Date and Validity:

  • If the Recharge amount is BDT 150 or higher then customer will be entitled for the insurance coverage
  • Usage will be calculated from the 1st day of customer’s registration calendar month to last date of that month and insurance coverage will valid for the next calendar month based on the usage. This rule is applicable for the following months also.
  • Customer will be notified through monthly SMS about his/her insurance validity
  • Registration is valid (for lifetime) until the customer cancels the registration but insurance coverage is based on monthly local voice usage.
  • If monthly Recharge is below BDT 150 in any month then for the next month customer will not receive any insurance coverage.
  • For postpaid customers, month usage will be calculated based on their monthly bill cycle.
  • If any customer has more than one Grameenphone connections and registered for Nirvoy then maximum BDT 1,00,000 will be paid (considering two SIMs) as insurance coverage based on the monthly usage of those connections.

Registration Information Modification and Cancellation Process:

  • For registration information modification or registration cancellation customer needs to call to 1200 (8AM-11PM)
  • Based on information verification agents will arrange for the necessary modification/cancellation
  • Customer will be notified about the modification/cancellation in the next month (Free of charge)
  • For modification or cancellation charge is not applicable
  • Only 1200 hotline call charge is applicable

Claim Settlement Process:

  • After the death of any insured customer, Nominee needs to submit all the required papers in the nearest Grameenphone center within 120 days of the death
  • During claim settlement, nominee needs to submit the following documents:
    • Death certificate of insured person
    • National ID Card of Insured
    • National ID Card of claimant
    • Mobile phone SIM under which the insured was registered
    • Government issued document confirming the relationship between claimant and insured e.g. birth certificate, marriage certificate
    • Claim Form (available in the Grameenphone center)
  • After verification of all the documents, claim settlement will be completed within 7 working days

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