Big Billion Days: You Can Now Buy Insurance For Smartphones on Flipkart

Republic of india's leading e-commerce company Flipkart has appear a new tie-up with Bajaj Allianz General Insurance to offer insurance on products similar mobiles bought on its online shopping platform from Oct 10.

"We will offering customised insurance solutions to power our complete mobile protection plan for all leading mobile brands sold on our platform with Bajaj Allianz," said the Bangalore-based visitor, which volition exist boot off The Big Billion Days sale on the aforementioned date.

The insurance plan, valid for a year, covers accidental, screen, liquid damage and theft. For claims, a customer will take a choice to return the telephone for fixing or opting for a cash payout that will be deposited in his/her bank business relationship.

Bajaj Allianz Chief Executive Tapan Singhel said partnership with Flipkart to requite complete protection plan would add together value to the eastward-tailer'southward customers. "Customers will be able to buy the insurance when buying the mobile phone at a nominal price starting from Rs 99. The policy will activate from the twenty-four hour period of delivery," added the statement.

Touted to exist the kickoff, the insurance will be in greenbacks payout option or free choice-up, service and drop convenience to customers. "The insurance will exist available from October 10, congruent with our 'The Large Billion Days' festival offer to serve customers who store during the event," said a statement from Flipkart.

Global market intelligence house IDC estimated that the smartphone market in Republic of india would proceed to grow in double digit in 2018, with Flipkart's share of online telephone sales at 65 percent.

The decade-old company, in which world retail behemothic Walmart acquired majority stake in May, secured a corporate agent license from Bajaj Allianz. Walmart completed acquisition of 77 percentage equity pale in Flipkart for $16 billion on August eighteen.

"Insurance is our logical next move in providing consumers with after-sales treat their phones. The plan, from purchase to claim, volition exist integrated into our online platform," said Flipkart Senior Vice-President Ravi Garikipati in the statement.

Consumer data insights and tech will enable insurance partners to underwrite better and assist in improving operating efficiencies for new-age products.

According to a written report, 36 percent of mobile phone users across the state ain smartphones. The worry for customers is damaging their screens or having their phone stolen. "Other than the warranties offered by manufacturers, there are no micro-insurance offerings for customers," asserted the statement.

As the state's largest eastward-commerce thespian, the 11-yr-one-time Flipkart group includes Myntra, Jabon and PhonePe. It offers fourscore million products in eighty categories.

In fiscal 2017-18, Flipkart recorded Gross Merchandise Value (GMV) of $vii.v billion and net sales of $4.half-dozen billion, representing 50 percentage twelvemonth-on-year growth.

With over one lakh sellers, Flipkart offers near lxxx million products beyond 80 categories, including smartphones, books, media, consumer electronics, furniture, fashion and lifestyle.

With inputs from IANS