The Economic Times reports a Flipkart survey concluding that every 4 out of 10 customers happen to break their mobile screens and most of them do not visit an authorised service centre to have it repaired. From such statistics, this conclusion can be drawn that customers find the replacement of mobile screen expensive. The concept of Mobile Insurance is recent and not many smartphone owners are aware of the Insurance of Mobile phones, or willing to purchase it.
Consequently, individuals prefer availing a mobile protection plan so that they have the much-needed financial protection should their smartphones face an unforeseen accident. Know about the different types of gadget insurance including phone insurance.
What is Mobile Insurance
Like any other insurance product, Mobile Phone Insurance provides risk cover. In cases like this, insurance provides you with risk cover for situations such as phone lost, theft, and loss. Such insurance can be purchased within a maximum period of five days from the day of purchase or billing of the gadget. The premium of insurance depends on the price of the gadget. This cover period is normally for one year, but there are some insurers in the market who also provide cover for two years.
Why Mobile Insurance?
- Phone Breaks
- Loss or theft
- Water Damage
- Coverage for Burglary and Robbery
- Damage from fire, lightning, and explosion results in personal negligence, such as lost, forgotten/forgotten/abandoned, disappearing or falling somewhere.
- Any loss occurred outside Indian territory
- Damage due to wrong installation and wrong set-up on cyber-attack, terrorist activities, and damage done during hate activities.
Further, insurance policy issuers have their terms specified according to which they provide financial coverage against the damage caused to the mobile.
What Covers Under Mobile Phone Insurance?
- Accidents due to fire – If your smartphone screen is damaged because of involvement in a fire incident, you can claim the benefits of policy and avail assured sum for repair or replacement of mobile screen.
- Coverage for Burglary and Robbery – Mobile phone Insurance policy issuer provides coverage for damaged mobile screens if it is because of an incident of burglary or robbery in the insured premises, which is usually the residential place of the policyholder.
- Mechanical or Electrical Breakdown – Pocket Insurance & Subscriptions like Mobile Screen Insurance policy offered by Bajaj Finserv provides coverage for the perils caused to mobile screens because of the electrical and mechanical breakdown of the mobile screen.
- Accidental Damage – Policy issuers of mobile insurance in India offer financial coverage for the scenarios when the screen damage is caused as a result of accidents. However, the mobile should be with an insured applicant only during the time of the applicant.
Policies like handheld tablet devices insurance also provide financial coverage against accidental damage to portable computers.
By availing Mobiles insurance policy, individuals can be assured to receive financial benefits should their smartphone meet an unfortunate event, as mentioned in the above points.
Considering the high price of the mobile screen these days, Smartphone insurance providers offer coverage of up to Rs.10,000 by paying a nominal yearly premium fee. Since the financial assistance provided to the policyholder can be substantial, the nominal premium fee isn’t a much contribution from the customers’ end.
Besides, insurance policy issuers also provide plans like mobile charger insurance. Customers can have a backup financial plan that can assist them in meeting the unexpected monetary loss caused because of the damage to a mobile charger.
How to Apply for a Mobile Insurance Policy?
Firstly, individuals should decide which insurance issuer or aggregator they are willing to approach to avail Mobile insurance online. Subsequently, the below-mentioned process is to be followed.
- Browse to the official website of insurance issuer or aggregator and fill up the online application form by providing basic details such as name, contact number, date of birth, etc.
- A one-time password is sent to the submitted mobile number, which is required for authentication purposes.
- Individuals then can choose from several payment options to pay for the annually-charged premium fee.
How to Claim Mobile Insurance?
In case your mobile screen experiences breakdown because of any of the reasons mentioned above, you can raise a claim and avail associated benefits. Individuals can do so either through email or by calling a toll-free number.
They will have to produce a few documents in support of their Mobile Phone Insurance claim which includes –
- Claim form with necessary information and signature of the insured beneficiary
- Bills or reports needed to prove the occurrence of damage
- FIR in case of burglary or robbery
Your mobile phone can be susceptible to risks even with protective coatings. Hence, acquiring a financial coverage plan is important as it will help you cope up with the monetary loss in case of mishaps.
Which Companies offer Mobile Insurance in India
Many insurance companies provide mobile/gadget insurance through third-party service providers. Bajaj Allianz, Bajaj Finance, National Insurance Company, Oriental Insurance Company, and New India Assurance Company are some of the prominent names offering this service. Apart from the third party, mobile Phone insurance can also be contacted on Cisco Gadgets, Biscott, Gadgetops, Infi Shield, Warranty Bazaar, Apps Daily, and online.