Verizon Communications Inc. (NYSE:VZ) has introduced a new prepaid plan to attract the feature phone buyers. The plan named ‘new no-contract plan’ was launched yesterday, and costs $35 a month. The plan offers users 500 anytime minutes of talk along with unlimited text and Internet. After the allotted 500 monthly minutes, the extra will be billed at 25 cents per minute.

After reading the first paragraph, by now all the Verizon Communications Inc. (NYSE:VZ) subscribers will be itching to avail the new plan. But wait, not all devices qualify for the generous plan.

The plan is strictly for feature phones (not for smartphones). And among the feature phones also, only four types can enjoy the plan, the LG Cosmos 2, the Samsung Gusto 2, the Samsung Intensity 3, and the LG Extravert. The carrier also allows a heavy discount on these four devices when purchased as part of the plan.

It’s not over, there are other T&C’s also. Mobile-to-mobile calling is not included, so calling another Verizon subscriber will be counted against the monthly minutes. The company has another similar plan that costs $50 per month and offers unlimited talk time, text, and data.

Prepaid Basic Monthly Plans Chart

Verizon when compared to other rivals like Sprint Nextel Corporation (NYSE:S) and T-Mobile, hasn’t focused much on the prepaid segment. The carrier had only 5.7 million prepaid subscribers out of 98.2 million retail accounts, by the end of 2012. Verizon Communications Inc. (NYSE:VZ), like others, have been focusing more on the upper tier of the prepaid market, which includes tablets and data modems as well as no-contract smartphone plans.

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