Robi launch Bima Life Insurance Packages Offers
cumulative life insurance cover, offered for free to Robi pre-paid
subscribers who register for the offer. Each registered Robi subscriber
earns insurance cover each calendar month depending on his/her airtime
usage; the more airtime used, the more insurance cover earned.
Limited where Robi is paying the Insurance Premium on behalf of our
valued registered subscribers.
What is Robi Bima life insurance?
Robi Bima Life Insurance is a life insurance policy, with cumulative life insurance cover, offered for FREE to Robi pre-paid subscribers who register for the offer. Each registered Robi subscriber earns insurance cover each calendar month depending on his/her airtime usage; the more airtime used, the more insurance cover earned.Robi Bima Life Insurance is underwritten by Pragati Life Insurance Limited
How does a subscriber register for Robi Bima Life Insurance?
A subscriber can register for Robi Bima Life Insurance by either visiting one of Robi’s WICs, or through self-service registration using the handset by dialing*1216*1#to access USSD menu.
What does Robi Bima Life Insurance cover?
Robi Bima Life Insurance covers the registered subscriber.Bima Life Insurance will pay out the insurance benefit in the event of death from all causes, accidental and natural (subject to the exclusions outlined in the policy contract electronically signed duringregistration), to a nominee of the subscriber’s choice who is a direct relative
How much does a subscriber need to pay for Bima Life Insurance?
The subscriber does not need to pay any fees to register for Bima Life Insurance. However, to be actively covered by Bima Life Insurance each month, the subscriber needs to first use at least BDT 250 of airtime in one calendar month to start earning insurance cover and must maintain an airtime usage of at least 150 each calendar month in order to maintain the insurance cover balance earned in previous months.
How does a registered subscriber earn insurance cover and how much insurance cover is being provided?
A registered subscriber earns and accumulates insurance cover by using airtime. Since the insurance cover provided is cumulative, the total amount of insurance cover provided depends on how much the subscriber has accumulated so far. The maximum amount of insurance cover that can be accumulated is BDT 50,000. The following table gives the insurance cover provided for different slabs of airtime used
Value of airtime used in previous calendarmonth | Incremental insurance cover earned for current calendar month |
BDT 150 – 249 | Policy stays active, but no additional insurance earned |
BDT 250 – 349 | BDT 4,000 |
BDT 350 – 499 | BDT 6,000 |
BDT 500 and above | BDT 8,000 |
Less than BDT 150 | No insurance coverage. The subscriber starts from zero. |
For example, if the subscriber registers for Bima Life Insurance and uses BDT 250 of airtime in Month 1, the subscriber earns BDT 4,000 worth of insurance cover in Month 2; the subscriber’s total insurance cover in Month 2 will be BDT 4,000.
In Month 2, if the subscriber uses BDT 350 of airtime, the subscriber earns BDT 6,000 worth of insurance cover in Month 3; the subscriber’s total insurance cover in Month 3 will be BDT 10,000.
In Month 3, if the subscriber uses only BDT 150 of airtime, the subscriber will not earn any incremental insurance cover in Month 4, so the subscriber’s total insurance cover in Month 4 will remain at BDT 10,000. As the maximum amount of insurance cover that can be accumulated is BDT 50,000, the subscriber’s total insurance cover will remain at BDT 50,000 after he/she has earned to that level, as long as the previous month’s airtime usage remains at least BDT 150
Robi Axiata
Background
- Robi Axiata wanted to create a new, innovative product that
contributed positive social value to its customers, while addressing
churn and ARPU issues in its prepaid subscriber base - Insurance was a new but valuable concept to the mass market in
Bangladesh – a country vulnerable to frequent natural disasters such as
earthquakes and floods
What happened:
- Bima partnered local insurance company Prime Islami Life Insurance to develop a cumulative life insurance product
- As Robi Axiata wanted to create stronger “stickiness”, Bima
developed a product model that allowed the customer to “save” up or
accumulate insurance cover, simply by staying loyal to Robi Axiata and
using airtime - The product allowed even very low-income customers to earn a size-able amount of insurance cover
- To cater to the predominantly Muslim population in Bangladesh, the
insurance product was offered in two versions: a regular life insurance
product, and a takaful life insurance product that was compliant with
Islamic laws - To enable distribution, Bima deployed a field force of 800 agents, as well as a outbound call centre team of 40-50 agents
Results:
- After 12 months, the BIMA Mobile insurance service reached more than
2 million Robi pre-paid and SME subscribers, and has continued to grow
rapidly in the subsequent year to double that figure - As a result, Robi Axiata has experienced stronger customer stickiness as well as increased ARPU from registered customers
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