09 October 2018 Current Affairs: Insurance Regulatory and Development Authority (IRDAI) gave Flipkart the license to go on a pact with Bajaj Allianz General Insurance for the scheme.
According to the scheme, Customers who buy the plan will be offered either a cash payout or a free pickup, service, and drop facility if their devices get damaged or stolen.
The minimum insurance price for the scheme is Rs. 99 for a year which will be operational the day the device is delivered to a customer.
The insurance offering will be available from October 10, 2018.