The Hindu : Business : BSNL offers insurance cover to subscribers

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Tuesday, Jan 15, 2008
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Business

BSNL offers insurance cover to subscribers

Special Correspondent

NEW DELHI: Union Communications and Information Technology Minister A. Raja on Monday launched a unique initiative of Bharat Sanchar Nigam Limited (BSNL), giving personal accidental insurance benefit free-of-cost to all its 3.4-crore fixed-line and mobile subscribers across India. Mr. Raja also said the Government was planning to come out with an IPO (initial public offer) of BSNL to fund its expansion plans.

Speaking on the occasion, Mr. Raja said the scheme that provided insurance cover of Rs.50,000 will benefit crores of BSNL subscribers (particularly those in rural and small towns) who constitute over 50 per cent of their subscriber base. The personal accidental insurance coverage (death and permanent total disability) scheme, valid to all fixed-line, mobile and WLL subscribers, has been launched in association with Bajaj Allianz and comes into effect immediately, he added.

“BSNL customers, irrespective of age, do not have to fill any form or undergo any medical examination for the scheme. This scheme would particularly benefit officers of defence services, police and para-military forces, who have been posted all over the country. Villagers who do not have insurance cover will also be among the beneficiaries,” Mr. Raja said.

Plans IPO

On the BSNL’s IPO issue, the Minister said talks were on to dilute about 10 per cent of the telecom major’s equity to fund pan-India expansion plans. BSNL’s revenue stood at Rs. 39,750 crore in 2006-07, with a net profit of Rs. 7,805 crore. The PSU has an immediate investment plan of Rs. 15,000 crore to expand its GSM mobile network across the country.

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