Flipkart to offer insurance soon, partners with Bajaj Allianz

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Flipkart, one of the most popular e-commerce websites in India, has partnered with the general insurance company, Bajaj Allianz to provide insurance solutions for the millions of customers on its platform. The website will start off with insurance for smartphones and gradually provide insurance for other product categories too.

Flipkart will launch the smartphone insurance feature on October 10 along with its sale period called The Big Billion Days. Customers who buy phones through the website will be able to purchase an insurance cover too. The cost of insurance plans start from Rs.99 and offer protection for the screen, damage caused by accidents, or damage caused by liquids. The insurance cover will commence from the day the phone is delivered to the customer and will be valid for a period of one year.

At the time of claim, customers can reach out to Flipkart’s executives through phone, e-mail, or the application. Flipkart, at the time of claim settlement, will offer a choice between receiving a cash payout or a free pick up-service-drop facility. The cash payout will be credited to the bank account registered with Flipkart or to the one requested by the customer.

The idea of providing micro-insurance to its customers is a thoughtful step taken by Flipkart in providing better after-sales services. According to an estimate, 36 per cent of all mobile phone users in India own smartphones and issues such as screen damage and phone theft are faced by many. Flipkart, hence, availed a corporate agency license from the Insurance Regulatory and Development Authority of India (IRDAI) to provide insurance solutions.

Micro-insurance is the second step towards better customer service by the company in terms of finance. Last month, the company had started a credit facility for its customers that did not require a debit/credit card to purchase a product. The limit for such credit was mentioned as Rs.60,000.

India, being the second largest smartphone market in the world, as per a study conducted by a research firm named Canalys, will definitely benefit the customers as they will not have to go looking for insurance solutions and can purchase a plan with a just a few clicks.

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