Bengaluru - March 16, 2020: Flipkart, India's homegrown e-commerce marketplace, and Aegon Life Insurance, pioneer of digital insurance in India, have joined hands to sell comprehensive insurance solutions to its customers. An instant digital policy with a sum assured of up to Rs 10 lakhs, will be available to consumers from March 2020.

Solving Customer Pain Points

Life insurance has the second highest penetration amongst all types of insurance available in the country. The industry faces the notion that insurance is expensive and cumbersome to buy, along with issues around long and rigid tenures and mis-selling. With this product, Flipkart and Aegon Life aim to solve 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 customers of Flipkart between the ages of 18 and 65.

Through this partnership, Flipkart aims to make life insurance more accessible to Indians living in metro and non-metro cities. This product will offer a more seamless procedure, lower premiums, and a flexible tenure , solving key customer pain points in the sector, including trust, transparency and reliability.

Ranjith Boyanapalli, Head Fintech and Payments Group at Flipkart, said the easy-access insurance policy will be one of the catalysts to power the transition to making innovative and trustworthy financial products available at the customer's fingertips.

Mr. Satishwar Balakrishnan, CFO & Principal Officer, Aegon Life Insurance, noted that the association is one of their biggest strategic associations to date and is in line with their strategy of selling insurance direct-to-customer (D2C).

About Aegon Life Insurance Company

AEGON Life is one of the leading digital insurance companies in India and is among the first companies to launch an Online Term Plan in India. With a vision to be the most recommended new age Life Insurance Company, their Direct to Customer focus establishes a direct dialogue with customers to make for greater clarity and transparency.

About the Flipkart Group

The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, and PhonePe. Started in 2007, Flipkart has a registered customer base of over 200 million, offering over 150 million products across 80+ categories. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns.

For more details contact: media@flipkart.com or mayur.kaku@aegonlife.com.