E-commerce marketplace Flipkart and Aegon Life Insurance on Monday joined hands to sell comprehensive insurance solutions for customers looking for instant digital policies with a sum assured of up to Rs 10 lakh.
With instant life insurance cover through a digital policy as its core value proposition, such policies do not require medical tests or paperwork.
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.
"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," Flipkart said in a statement.
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.