Flipkart Aegon Life partnership: Get life insurance at just Rs 129

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. 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. With this partnership, 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 and new customers of Flipkart between the ages of 18 and 65.

Speaking on the Flipkart Aegon Life Insurance partnership 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. A similar strategic mindset of customer-first values coupled with being one of the few online-focused innovation companies made them the best fit for this partnership.”

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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 to date and it is in line with our strategy of selling insurance direct-to-customer (D2C).”

With this offering, Flipkart aims to make life insurance more accessible to Indians living in Tier 3+ cities, who may not have access to these financial services. Bringing together its technology and partnership prowess on the platform, this product will be enabled through a more seamless procedure, lower premiums, and flexible tenure. Through this product, Flipkart aims to solve key customer pain points in the sector, including trust, transparency and reliability.

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.