Flipkart, e-commerce marketplace and Aegon Life Insurance, pioneer of digital insurance, have collaborated to sell comprehensive insurance solutions to its customers.

An instant digital policy with a sum assured starting from Rs 1 lakh to Rs 10 lakhs, will be available to consumers from March, 2020. The higher sum assured to be launched soon.

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.

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 aged between 18 to 65 years.

With this partnership, 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.”

Meanwhile, Satishwar Balakrishnan, CFO & Principal Officer, Aegon Life Insurance, said, “We are one of the first insurers to sell through digital platforms and Flipkart is synonymous with one-stop-shop and has a huge customer base in India. We saw great synergies in our partnership and are extremely delighted to join hands with Flipkart to sell our products. 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.”