Aegon Life Insurance launches industry’s first Life Plus hospitalization cover for COVID-19 with Flipkart

This launch is aimed to help millions of people to financially protect themselves from the uncertainty of the COVID-19 pandemic in an affordable way.

In an industry-first move, Aegon Life, the pioneer of digital insurance in India, has announced the launch of ‘Life Insurance with COVID-19 Cover’ for hospitalization expenses up to Rs 1 lakh along with Flipkart, India’s homegrown e-commerce marketplace. This launch is aimed to provide Flipkart customers with a comprehensive insurance cover against COVID-19, that can be availed on the Flipkart app instantly along with the base life insurance plan. This innovative offering of ‘Life Insurance with COVID-19 Cover’ supports the policyholder by covering hospitalization costs of up to INR 1 Lakh on minimum 24 consecutive hours of hospitalization on the first-ever diagnosis of COVID-19 condition along with death benefit from the life cover. This product available on Flipkart first, is aimed to help millions of people to financially protect themselves from the uncertainty of the COVID-19 pandemic in an affordable way from the convenience and safety of their home.

On the launch of ‘Life Insurance with COVID-19 Cover’, Satishwar Balakrishnan, CFO, and Principal Officer, Aegon Life said, “The government across the nation has taken bold steps towards containing the outbreak. However, many Indians do not have health insurance. Our goal through Aegon Life’s ‘COVID -19 Hospitalization Cover’ is to provide financial aid bundled with life benefits at an affordable premium. The policy takes care of hospitalization costs, which will help curb the financial burden that may arise if a person is declared COVID-19 positive. In case of death, one can avail of the life benefit through the base plan, which will help in supporting the insured's family.”

He added, "At Aegon Life, we take pride in being a pioneer of digital insurance in India. The cover being available easily on the Flipkart app is a step in the direction of enhancing our digital offerings for our customers."

Ranjith Boyanapalli, Head– Fintech and Payments Group, Flipkart, said, "During these unprecedented times, businesses must come together, be agile and innovate for the hour. At Flipkart as we continue to cater to 200 million customers across the nation, we believe that a full cover product such as ‘COVID-19 Hospitalization Cover’ will provide our customers the much-needed option of having life and hospitalization cover rolled-up into one product. Our partnership with Aegon Life enables these innovations to reach consumers affordably and conveniently.” The technology and customer-first focus of Aegon Life and Flipkart has enabled this unique and powerful offering which is the need of the hour during this pandemic.

(We got this information from a press release.)