As mobile service provider Sprint attempts to regain its footing in the phone industry and win back consumers from Verizon, T-Mobile and other rivals, the company announced Monday that it would be offering subscribers an "iPhone For Life" plan, within which customers would receive the iPhone 6 and the bigger iPhone 6 Plus, without any upfront payments on the handset.

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The wireless carrier said on their website that it would only be charging $70 each month for the plan. Sprint also said that there would be no upfront or other tax payments required for Apple's newest smartphone as customers would only be renting the device. Every two years, a new iPhone would be rented out to the loyal subscriber.

Sprint is also offering two other plans where the subscriber would be purchasing the iPhone.

The Finance plan would require the consumer to pay $58 of sales tax upfront and $80 monthly, and the customer would officially own the iPhone after 24 months.

The Contract plan is a two-year contract where the consumer dishes out $199.99 for the phone, $16 for sales tax and $85 monthly. With the plan, subscribers would own the handset from day one.

Meanwhile, competitor Verizon is also stepping up its game by offering to give a free 16GB version of the iPhone 6 in exchange for a two-year contract with the wireless service provider and turning in an older iPhone model.

The company said interested individuals may trade-in working models of the iPhone 5s, 5c, 5, 4s or 4 for a gift card worth US$200 to pre-order the iPhone 6's 16 GB version. Apple's larger iPhone 6 Plus, however, is not supported by the offer.

Compared to its other competitors, Verizon has been more hesitant in diving into equipment financing. The new offer shows the company's reluctance to change older contract models that shackle subscribers to the provider for a fixed period of time.

"There is an inherent risk in the shift to installment billing that it creates more loyalty to the device than to the carrier," said Jan Dawson, an analyst at Jackdaw Research.

TagsiPhone 6 Plus, verizon, Sprint, iPhone, iOS 8, Apple Inc., PLAN