E-commerce major Flipkart on Monday said that it has entered into partnership with Aegon Life Insurance to sell paperless life insurance policies on its platform. Now, Flipkart customers, aged between 18 and 65 years, can buy an instant digital policy with a sum assured of upto 10 lakh.
"An instant digital policy with a sum assured of up to 10 lakh will be available to consumers from March 2020," Flipkart said in a statement on Monday.
With instant life insurance cover through a digital policy as its core value proposition, such policies do not require medical tests or paperwork, Flipkart said.
"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 e-tailer said.
The life insurance policies have varied offerings with sums assured ranging from Rs 1 lakh to Rs 10 lakh 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 years.
"As a homegrown company, Flipkart's core has always been building products for Indian consumer needs. 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," said Ranjith Boyanapalli, Head - fintech and payments group at Flipkart.
The company said that life insurance has the second-highest penetration among 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, it added.
By Chitranjan Kumar