Sprint expands 'iPhone for Life' plans with new 12-month lease option

Under the new terms, customers can upgrade their iPhone every 12 months, in line with Apple's usual annual product cycle. Sprint's new lease option is an update to the original 24-month "iPhone for life" program that debuted alongside the iPhone 6 in September.

Pricing is based on model and capacity, with a 16GB iPhone 6 coming in at $30 per month, while a 16GB iPhone 6 Plus costs $35 per month. This compares to $20 per month for a base model iPhone 6 and $25 per month for a 6 Plus on the 24-month iPhone for Life term.

"Consumers have told us they want the best value and the ability to upgrade their devices every year," said Sprint CEO Marcelo Claure. "Sprint delivers with its new 12-month lease offer, allowing customers to upgrade to the latest iPhone every year. The iPhone for Life Plan gives customers the lowest monthly cost in the industry for acquiring an iPhone. We are making it easy and affordable for consumers to get what they want."

Aside from freedom to upgrade, Sprint's plan also lets customers take home a new iPhone without putting down a lump sum payment. Following the lease period, subscribers can choose to purchase the device, continue to lease it on a month-to-month basis or return it.

Sprint intends to launch the new 12-month iPhone for Life plan on Nov. 14. The wireless carrier is also planning to make the iPhone 5s available for lease on that date, with prices starting at $18 per month for 24-months.