Aegon Life Insurance on Wednesday announced a tie-up with Walmart-backed e-commerce major Flipkart for offering a life insurance plan known as ‘Life Insurance with COVID-19 Cover’.

The plan would provide Flipkart customers with a comprehensive insurance cover against COVID-19 including hospitalization expenses of up to Rs 1 lakh.

It can be availed on the Flipkart app instantly along with the base life insurance plan, Aegon Life Insurance said in a release on Wednesday.

On the launch of ‘Life Insurance with COVID-19 Cover’, Satishwar Balakrishnan, CFO, and Principal Officer, Aegon Life said, “Our goal through Aegon Life’s ‘COVID -19 Hospitalisation Cover’ is to provide financial aid bundled with life benefits at an affordable premium.”

“The policy takes care of hospitalisation 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,” Balakrishnan said.

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 Hospitalisation Cover’ will provide our customers with the much-needed option of having life and hospitalisation cover rolled-up into one product.”

Aegon said the insurance cover is the first in the industry that will provide life and hospitalization cover for COVID-19.