The Times Of India, a daily news portal of India, has launched a product that offers electronic item coverage through e-commerce portals.
The product, called e-insurance, is available on Amazon India, Flipki and Snapdeal, along with several other vendors.
This means that the product will not only cover you against loss of life, but also a premium, as it is covered by your insurance company.
It offers coverage of up to $10,000 against death, loss of limbs and property.
However, it is not cheap, as the insurance company charges a premium of $25,000 for the premium of the product.
“It is a product for the rich and the well off, and will not take a chunk out of their income, especially when their total liability is over $10 lakh,” a senior analyst said.
How it works?
There are three steps in buying e-inurance, the analyst said, adding that the customer needs to select the company from a list of eligible sellers.
He said the company will then provide the details on the product, which is then sent to the insurer for verification.
For example, if the product has an injury coverage, the company would need to confirm it with the customer, as that is the responsibility of the insurer.
Then, the customer has to go to the website, which will confirm the product is the correct product.
This is how the insurance will be used.
The customer will have to submit their personal details.
The company will check their details and, if they are verified, it will send the details to the insurance agent.
Once the details are confirmed, the insurance is sent to a central office to pay out the premium.
Once the premium is paid, the insurer will deposit the money into a bank account and the product should be activated within 48 hours.
The user will be billed by the insurance companies as well as the consumer.
There is a catch.
The company needs to provide a link to the product on the website and the buyer needs to click on the link.
The insurer then needs to send the product to the company to activate it, and the insurance policy will be activated.
The process can take a couple of days, the consultant added.
Where to buy it?
The company has been operating for a few months and the company has about 15,000 customers in India, according to a representative.
The premium varies by product and the coverage covers up to up to 100,000 rupees ($14,000) per life-time, according.