Sprint today announced new unlimited plans with lower pricing that come with a guarantee promising customers limitless talk, text and data for life.

For the Unlimited, My Way plan, customers choose the number of lines they want (starting at $50 for one) and pay $30 per line for unlimited data. By comparison, Sprint’s current Simply Everything unlimited plan for individuals starts at $109 in my area and doesn’t include mobile hotspot data.

Sprint is also offering a new All-in plan that adds 5GB of mobile hotspot service for a total cost of $110.

Here are the details on Sprint’s guarantee, which takes effect with the new plans on July 12:

  • All customers on an Unlimited, My Way plan or a My All-in plan will have unlimited talk and text guaranteed for the life of the line of service.
  • Customers who select unlimited data on an Unlimited, My Way plan or a My All-in plan will have unlimited data guaranteed for the life of the line of service.
  • The guarantee will apply to customers as long as they remain on the plan, meet the terms and conditions of the plan and pay their bill in full and on-time.
  • The guarantee is non-transferrable.

Existing Sprint customers can switch to the new plans without extending their contracts.

Comparing itself against competing wireless companies, Sprint boasted that customers will save as much as $240 per year from Verizon and $120 per year from AT&T and T-Mobile. T-Mobile, which bills itself as an “uncarrier,” announced a new Jump plan for upgrading smartphones more frequently just yesterday.

Japanese carrier Softbank completed its $21.6 billion acquisition of Sprint on Wednesday.

Photo credit: Jamie Squire/Getty Images