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Walmart-backed e-commerce marketplace Flipkart is foraying into insurance to offer Complete Mobile Protection program for all leading mobile brands being sold on its platform.
The company has also joined hands with Bajaj Allianz for the new scheme.
Under this partnership customer who buys the plan will get both cash payout option or free pick up, service and drop convenience.
"Insurance felt like the logical next step in providing consumers with excellent after-sales care for their phones. The plan, from purchase to claim, will be completely integrated into our online platform, which customers are already familiar with and trust. We want to put this choice in their hands and give them the chance to soothe their worries by protecting their valued purchase, if they so desire, "Ravi Garikipati, Sr. VP and head of Fintech, Flipkart said.
The insurance will be available from October 10th, the start of Flipkart's The Big Billion Days (TBBD).
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Co. Ltd. said, "This partnership with Flipkart is a step in that direction. We together are starting with the CMP plan, i.e. complete protection plan for mobile phones, in a category that Flipkart leads, adding value for millions of its customers.
Estimates suggest about 36 percent of mobile phone users in India own smartphones. A major worry for customers is damaging their screens or having their phone stolen - challenges that the offering aims to address.
According to the Flipkart, this insurance will be valid for a year and will cover accidental, screen, and liquid damage along with theft.
Moreover, customers will be able to purchase the insurance-powered CMP plan at the same time as they buy the mobile phone for Rs 99 onwards. Once the customer shares the required details at checkout, the policy will be activated from the day of delivery.
For claims, the customer can reach out to Flipkart via the app, email, or phone call and will have a choice between returning the phone for fixing or opting for a cash payout which will then be deposited in their Flipkart-registered bank account or any other account owned by the customer.