March 16, 2020

Flipkart partners with Aegon Life Insurance to sell e-policies on its platform

The insurance company brings policies under various ranges on the e-commerce platform. Life insurance policies with sums assured from Rs 1 lakh to Rs 10 lakhs and premiums under the range of Rs. 129 to Rs. 1 lakh sum insured will be available at the online shopping platform, the company said.

New Delhi: E-commerce company Flipkart will now sell paperless life insurance policies on its platform through a partnership with digital insurance company Aegon Life Insurance, the e-tailer said in a statement.

Existing Flipkart customers under the age group of 18 to 65 can buy the digital policies instant with a click, without the need for any medical tests or paperwork, the company said.

“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 insurance company brings policies under various ranges on the e-commerce platform. Life insurance policies with sums assured from Rs 1 lakh to Rs 10 lakhs and premiums under the range of Rs. 129 to Rs. 1 lakh sum insured will be available at the online shopping platform, the company said.

“We are one of the first insurers to sell through digital platforms and Flipkart is synonymous with a 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 to 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,” said Satishwar Balakrishnan, CFO & principal officer, Aegon Life Insurance.

With this expansion in its product portfolio, the e-tailer claims to make life insurance more accessible to Indians living in the metro and non-metro cities and solve key customer pain points in the sector, including trust, transparency, and reliability.