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