Bengaluru:
Flipkart, and Aegon Life Insurance have joined hands to sell comprehensive insurance solutions to its customers.
An instant digital policy with a sum assured of up to 10 lakhs, will be available to consumers from March 2020. With instant life insurance cover through a digital policy as its core value proposition, such policies do not require medical tests or paperwork making it completely hassle free.
With this offering, Flipkart aims to make life insurance more accessible to Indians living in Tier 3+ cities, who may not have access to these financial services. Bringing together its technology and partnership prowess on the platform, this product will be enabled through a more seamless procedure, lower premiums, and a flexible tenure. Through this product, Flipkart aims to solve key customer pain points in the sector, including trust, transparency and reliability.
'Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart, said,“With this product, we want to make innovative and trustworthy financial products available at the customer’s fingertips and provide them a hassle-free experience. To achieve this goal, we look forward to a fruitful partnership with Aegon Life. A similar strategic mindset of customer-first values coupled with being one of the few online-focused innovation companies made them the best fit for this partnership.”
Speaking on the partnership, Satishwar Balakrishnan, CFO & Principal Officer, Aegon Life Insurance said, “This is one of our biggest strategic associations till date and it is in line with our strategy of selling insurance direct-to-customer (D2C). We will offer customized products at special prices, instant issuance and top-notch service through the platform.”
The life Insurance policies on Flipkart have varied offerings, with sums assured ranging from Rs 1 lakh to Rs 10 lakhs and premiums starting from Rs. 129 for Rs. 1 lakh sum insured. The policies will be available to the existing and new customers of Flipkart between the ages of 18 and 65.