Sprint seeks to attract new customers and announced its new "iPhone for Life" plan with a 12-month lease option, which is officially set to launch beginning Nov. 14.

Last month, Sprint had initially announced the iPhone for Life Plan to allow customers to pay only $20 per month to essentially rent a new iPhone 6. After two years of use, the iPhone could then be swapped for a new model.

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However, Sprint has announced a new plan that allows customers to upgrade their iPhone after only a 12-month period. The old $20, 24-month plan will reportedly be available for the iPhone 5s. Availability for both options will begin Nov. 14. 

The plan for annual upgrades will cost $30 per month for the 16GB iPhone 6, $35 for the 64GB model, and $40 for the 128 GB model. It's also required for customers to pay an additional $50 for unlimited talk, text and data usage.

Sprint customers can expect to pay between $80 and $90 each month for an iPhone 6 with the ability to upgrade annually. Customers will also have the option for a complete out of pocket cost of $960 per year.

According to the chart below, Sprint's prices seem somewhat of a bargain:

At the end of the 12-month period of the iPhone for Life plan, customers can simply upgrade to a new device without having to put any money down and continue to pay the same payments each month. Customers would need to return the phone to sprint if decided to end the service.

According to Sprint, the new plan "beats Verizon Wireless' upgrade policy, which was recently changed to make customers pay off 75 percent of the balance which is 18 months of device payments to get a new iPhone."

TagsSprint, iPhone 5S, iphone for life plan, Verizon wireless