Flipkart has branched out into insurance services for life, health, motor and cyber, through tie-ups.
Flipkart, India's e-commerce marketplace, has partnered with ICICI Lombard to offer Group SafeGuard insurance, a group insurance policy to its consumers. Compared to the standard indemnity health insurance policies, Group SafeGuard is a benefit offering that allows consumers to avail a payout for each day of hospitalisation.
The fixed daily amount enables consumers to pay for incidental medical or emergency expenses. The insurance is inexpensive, paperless, and flexible; covering both accidental hospitalisations and planned surgeries/treatment.
Indians incur significant expenses during hospitalisation. According to a report by the Union Ministry of Statistics and Programme Implementation, the direct average out-of-pocket expenditure for hospitalisation in India ranges between Rs 4,452 to Rs 31,845 for a person, whereas the average loss of income due to hospitalisation is estimated to be around Rs 8,164 per day.