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Flipkart to enter insurance market in India

Flipkart Online Services Pvt. Ltd., which is now majority owned by U.S. retail giant Walmart Inc., is planning to enter India's insurance sector after acquiring a corporate agent license, The Hindu reported Oct. 7.

The Indian e-commerce company has partnered with Bajaj Allianz General Insurance Co. Ltd. to offer tailored insurance solutions for all mobile phones being sold on its platform, the newspaper said.

According to the report, Flipkart plans to offer both cash payout option or free pick up, service and drop convenience to customers under the new mobile protection program. The buyers will also be able to buy the insurance plan, which starts at 99 Indian rupees, at the same time they buy the mobile phone.

The insurance will be rolled out beginning Oct. 10, which is also the start of Flipkart's festive season sale, the report added.

As of Oct. 5, US$1 was equivalent to 74.03 Indian rupees.