Mumbai – April 13, 2020: Digit Insurance, a new age general insurance which aims at making insurance simple has joined hands with Flipkart, India’s homegrown e-commerce marketplace by extending Digit Illness Group Insurance Policy which distinctly covers hospitalization due to COVID-19. Enabling health cover for consumers combating the global pandemic, this comes as a pertinent offering and does not require any medical tests at the time of enrolling.
According to industry estimates, about 56% of Indian population is not covered under any health insurance policy. Understanding this need of the hour, this group insurance policy with Flipkart offers users health insurance with benefits from hospitalization cover to easy claim.
‘Digit Illness Group Insurance’ offered by Digit Insurance allows consumers to avail a hospitalization cover up to a sum assured of Rs.1 lakh with an annual premium of Rs.511. Further, there is no limit on room rent or ICU. The policy covers 30 day pre and 60 days post hospitalization expenses. Additionally, policyholders can also avail 1% of the sum assured for ambulance services.
Jasleen Kohli, Chief Distribution Officer, Digit Insurance, said, “Our mission at Digit is to simplify insurance & to create products that customers really need. Given, the current global situation, offering a cover for COVID-19 was the need of the hour and we are glad that Flipkart shares this vision with us. The product covers not just hospitalization expenses including ICU Rent & Room Rent but also Pre/Post Hospitalization & Ambulance Charges for a positively tested COVID-19 patient. The idea is to handle these unpredictable times in the best way possible, through simplified insurance as an instrument.”
Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart said, “It is a testing time for Indian consumers as we come together in the fight against COVID-19. Healthcare needs and benefits during this period further become essential needs as preventive measures take centre stage. With India witnessing low penetration of health insurance, it becomes the onus and responsibility of organisations in this space to come together and provide more access. At Flipkart, our purpose is to enable essential needs for consumers during these testing times. Health insurance services are paramount to this effort. Partnering with one of India’s leading insurance providers will not only enable the availability of much needed health plans but will also ensure they meet the needs at affordable costs.”
The group insurance policy offered by Digit Insurance is now available on the Flipkart platform for enrolment.
Digit is a new-age general insurance company started by Kamesh Goyal and backed by the Fairfax Group, one of the largest financial services groups in the world. The company has raised three rounds of funding amounting to $140 million from Canadian billionaire Prem Watsa’s Fairfax Financial Holdings and $84 million from three growth equity investors – A91 Partners, Faering Capital and TVS Capital. This combined investment would bring Digit’s total funding to $224 million, one of the largest funding rounds in the Indian General Insurance space.
Headquartered in Bengaluru, Digit has partnered with some of the leading companies like Cleartrip, Sterling Holidays, SOTC and Policy Bazaar. Digit Insurance has recently won, ‘General Insurance Company of the Year 2019’ award at Asia Insurance Review Awards, Singapore. It has also featured in the Top 25 Indian Startups Lists by Linkedin in 2018 and 2019 and was in CB Insights’ top 250 fastest-growing fintech companies globally list in 2018.
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About the Flipkart Group
The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, and PhonePe. Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants and small businesses to be a part of India’s e-commerce revolution. With a registered customer base of over 200 million, offering over 150 million products across 80+ categories. Our efforts to democratize e-commerce in India, driving access and affordability, delight customers, create lakhs of jobs in the ecosystem and empower generations of entrepreneurs and MSMEs has driven us to innovate on many industry firsts. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns – customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians. Together with Myntra, which holds a prominent position in the online fashion market, and PhonePe, India’s fastest growing digital payments platform, the Flipkart Group is steering the transformation of commerce in India through technology.
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