Sachin Bansal now competes with the company he founded – Flipkart in insurance space

• Flipkart has partnered with Aegon Life Insurance to offer life insurance to its users.
• It has premiums starting at ₹129 for ₹1 lakh sum insured.
• Interestingly, the development comes at a time when Flipkart’s founder and former CEO – Sachin Bansal too is toying with the financial services space.

Indian e-commerce giant Flipkart is now set to offer digital life insurance to its users. The retail platform has partnered with Aegon Life Insurance to offer the services.

This marks Flipkart’s foray into financial services. It has marked various options for life insurance policies – with sum assured ranging from ₹1 lakh to ₹10 lakhs and premiums starting from ₹129 for ₹1 lakh sum insured. The policies will be available to Flipkart’s existing customers between the ages of 18 and 65.

“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,” said Ranjith Boyanapalli, head - fintech and payments group at Flipkart.

Interestingly, the development comes at a time when Flipkart’s founder and former CEO – Sachin Bansal too is showing interest in the insurance space. Bansal’s Navi Technologies acquired DHFL General Insurance for ₹100 crore.

Meanwhile, Flipkart aims to reach out to India’s next 200 million customers with the digital insurance wave.

“This is one of our biggest strategic associations till 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 and principal officer, Aegon Life Insurance.

See Also:
Coronavirus pandemic: Here’s what Flipkart, Zomato, Swiggy, Ola, Uber are doing for delivery agents and cabbies, who can’t work from home