Telecom Italia has teamed up with BNP Paribas Cardif to offer loyal customers free home insurance.

The Italy-based operator said subscribers who had been with the company for over 10 years would receive a free "TIM Protezione Casa" home protection insurance policy package.

The package provides insurance cover for home contents, including the cost of any damage caused by fire, water or lightning, for one year.

Telecom Italia customers whose landline contract dates back to before 1 January 2006 will receive the policy information with their next bill. Around six million customers are eligible for the offer.

The policy will come into effect without any need to sign a contract or to cancel it at the end of the period of cover, the operator added.

Telecom Italia said it wanted “to come even closer to customers who have shown their loyalty to the company”.

The announcement marks the first joint initiative between the insurance and telecoms markets in Italy.

BNP Paribas Cardif is the insurance arm of the France-based financial institution BNP Paribas.

It has offices in 37 countries and has existing links with the telecoms space in the form of device insurance policies.

Telecom Italia saw revenue decline slow to 2.6 percent in the first three months of the year.

[Read more: Telecom Italia, Sky unveil quad-play deal for Italian customers]

The company returned to profit in 2014 and is spending €10 billion on upgrading its network and boosting innovation as it looks to complete its turnaround.

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