Walmart owned Flipkart has finally revealed its wild-card – And guess what? It’s insurance!
Flipkart has now launched industry’s first smartphone insurance, in association with Bajaj Allianz. Plans start at Rs 99.
Keep reading to find out interesting details.
Contents
Flipkart’s Smartphone Insurance
Flipkart has announced that in association with Bajaj Allianz General Insurance, they have now launched industry’s first smartphone insurance, for online buyers.
The insurance program has been designed to make super-affordable, as plans start as low as Rs 99.
Right at this moment, we don’t have exact details on the plans, but as per some reports, it will solely depend on the price of the smartphone, along with the features opted.
Every insurance plan for smartphones can be customized.
In a statement, Flipkart said, “We will offer customised insurance solutions to power our complete mobile protection programme for all leading mobile brands sold on our platform with Bajaj Allianz,”
What Will Be Covered Under This Insurance?
As per available information, there will be mainly two things covered under this insurance:
- Theft of the smartphone. A lump sum amount will be paid to the insurer.
- Accidental damage to the smartphone: Water related defects, and screen damage.
36% of all mobile phone users own a smartphone, and the market is indeed very lucrative for the insurance business. Screen damage is considered one of the most common problems which smartphone users deal with.
Free pick-up, drop of the smartphone, home delivery etc would be some of the features to lure customers.
After a claim is made, Flipkart can either deposit a cash amount to the users’ bank account, or deposit their smartphone for repair work, which will be given back once the repair is done.
When Will This Insurance Launch?
The launch of smartphone insurance has been planned on October 10th, the day Flipkart’s Big Billion Day Sales start.
Once activated, the insurance will be hold true from day #1, when the smartphone is delivered to the customer.
Interestingly, as per available reports, this new smartphone insurance will be only available for those online buyers, who have bought a smartphone from Flipkart.
Is This A Right Move For Flipkart?
Absolutely yes!
Insurance is one of the hottest niches within fintech, and this is the perfect move by Flipkart.
We had earlier reported that Flipkart has started giving credit line to their users, wherein shoppers can purchase products worth Rs 60,000 and then pay later.
EMI scheme was also launched by Flipkart few months back, another industry first.
Now, as insurance too is included in the bouquet of services, Flipkart has delved deep into the financial niche, thereby providing more options and more flexibility to their loyal users.
Very soon, they will apply for NBFC license as well, after which customers can apply for direct loan.
Flipkart’s arch-rival Amazon India has already entered the insurance business, by becoming an insurance agent. Paytm too is very much interested about this insurance business.
Online insurance market is about to cross Rs 20,000 crore market size by 2020.
We will keep you updated, as we receive more information.