Ecommerce marketplace Flipkart sells insurance with Aegon Life

India's leading ecommerce marketplace Flipkart has entered into a partnership with Aegon Life Insurance to sell insurance solutions to its customers.

According to a statement from Flipkart, instant digital insurance policies with sums assured of between INR100,000 ($1,350) and INR1m will be available starting this month, without any medical tests or paperwork.

The Walmart-owned e-commerce company announced that the digital policy, with annual validity, has premiums starting from INR129.

Flipkart’s foray into the insurance market comes around two weeks after the online payments company Paytm announced that it had secured an insurance brokerage licence for its subsidiary Paytm Insurance to sell life and non-life insurance products. Flipkart’s policies will be available to existing customers between the ages of 18 and 65.

On the partnership, 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. This is one of our biggest strategic associations till date and it is in line with our strategy of selling insurance direct-to-customer.”

Source: Asia Insurance Review