Flipkart partners with Aegon Life to offer life insurance
India’s homegrown e-commerce marketplace FlipKart and Aegon Life have joined hands to offer instant life insurance that doesn’t require medical tests or paperwork with a coverage limit of up to 10 lakhs. Premiums start 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 the 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.
“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.” – Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart.
“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. We at Aegon Life Insurance strive to look out for ways to reach out to the always-online customer. With more and more Indians getting used to purchasing online, selling insurance services has a huge scope and an ecommerce platform such as Flipkart has a unique appeal with customers. This partnership will help us expand the reach for our term insurance solutions Pan India. Aegon Life and Flipkart’s complementary capabilities of being wholly data driven digital companies and prioritizing customer needs makes this win-win partnership for both parties and customers as well.” – Satishwar Balakrishnan, CFO & Principal Officer, Aegon Life.