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Flipkart, Aegon partner to offer paperless life insurance policy

With a digital policy as its core value proposition, such policies do not require medical tests or paperwork.

March 16, 2020 / 08:55 PM IST

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, the companies said. 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.

Life insurance has the second highest penetration amongst all types of insurance available in the country. One of the major problems that the insurance industry faces today is the notion that it is expensive and cumbersome to buy, followed by issues around long and rigid tenures and mis-selling. With this product, Flipkart and Aegon Life aim to solve for these issues and make life insurance available to customers at the click of a button in a convenient and transparent manner.

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 customers of Flipkart between the ages of 18 and 65.

With this offering, Flipkart aims to make life insurance more accessible to Indians living in metro and non-metro cities, servicing India and Bharat alike. Bringing together its technology and partnership prowess on the platform, this product will offer a more seamless procedure, lower premiums, and a flexible tenure for consumers. 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, “As a homegrown company, Flipkart’s core has always been building products for Indian consumer needs. We are committed to developing solutions that will help bridge the gap between India and Bharat, and we are confident that the easy-access insurance policy will be one of the catalysts to power this transition. 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, who have a similar strategic mindset of customer-first values coupled with being one of the few online-focused innovation companies, making them the best fit for this partnership.”
Moneycontrol News
first published: Mar 16, 2020 08:55 pm

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