Marking growing competition in the wireless space, telecommunications giant Verizon Inc. on Sunday announced an unlimited LTE data plan called "Verizon Unlimited," which will take effect on Feb. 13, 2017.

Verizon Unlimited will start at $80 per month for a single/individual line with unlimited data, talking and texting. Users will have to agree to AutoPay and paper-free billing. For families, the new unlimited plan is available for $45 per line for a total of four lines ($180 in total).

Verizon executives have downplayed the need for launching unlimited plans on several occasions in recent past. However, the company started allowing its customers to pay for unlimited data usage in 30-minute and 60-minute increments in the fall last year.

The company's new unlimited plan follows similar aggressive pushes into the field from rival companies, most notably T-Mobile that swapped all of its existing mobile plans with an unlimited offering in August last year.

Just a few days back, Sprint announced the launch of a new 5-line unlimited plan for $90 per month. T-Mobile charges $70 per customer per month for the first line and addition $50 for the second line. T-Mobile's 4-line data plan costs $160.

Verizon will keep its other tiered data plans running alongside its new unlimited plan, including a 5GB per month plan as well as the "S," "M" and "L" plans, which cost at $35 a month for 2GB of LTE data.