All You Need to Know About Mobile Phone Insurance in India

Mobiles have become an essential part of our lives. In fact, they have become an extension of our physical self. Not only are they used for effective communication but can also be used for productivity purposes. Mobile technology, which was developed for communication purposes, now serves more than that. A few years back, feature-phones that came with features like music, cameras and radio have now evolved to have more advanced features like artificial intelligence computing, machine learning capabilities, and hence, are called smartphones. With an increasing number of features available at your fingertips, the prices of these phones are also steadily growing. Your entire personal and professional life can be managed at your fingertips from a smartphone. It is no longer a luxury in today’s day and age, but a necessity, and it can be seen that more and more people are opting for these smartphones, despite their steep price tags. Similar to any other article, these smartphones can be stolen. But with a mobile insurance cover, you need not worry about it. Apart from theft, a mobile insurance plan also covers events of software damages or other hardware issues to these expensive gadgets, in addition to accidental drops, liquid damage, screen damage, and many other scenarios that you might encounter. Knowing these different perils can cause a financial loss for your expensive smartphone. A phone insurance policy helps safeguard against internal as well external damages to the device. Here are some pointers that you need to know about buying a phone insurance policy:

What are the advantages of buying mobile phone insurance?

Knowing that a smartphone in your palm is the next best thing to a computer, the modern generation places heavy emphasis on its technological capabilities. These are the advantages of buying a mobile insurance policy:

1. Insurance for mobile phone helps avoid financial loss in case of theft or damage to your phone.
2. It is a smart investment if you have a history of being clumsy with technology or have lost a phone in the past.
3. Based on the type of insurance cover that you opt for, you can avail of replacement of the phone in case of theft or damage.
4. A mobile insurance cover also helps to provide an immediate replacement for specified events depending on your policy terms.

* Standard T&C Apply

What is covered under a mobile insurance cover?

Insurance for mobile phones covers the following events:

1. Cover for new as well as used phones

Mobile phone insurance policy is not only available for new phones but also for those models owned by you up to one year in the past. While the manufacturer’s warranty is generally limited from six months to one year, insurance coverage can be opted for ensuring its safety after such a warranty period ends. Read more about our extended warranty insurance plan.

2. Accidental screen damage

Mobile insurance policies cover screen damage, which is a vital part of using your smartphones. Generally, the repairs to the screen are approximately half the original cost of the phone and hence, buying an insurance cover that compensates for screen damages is a prudent choice. *

3. IMEI-linked insurance cover

The coverage for the smartphone is not linked to a person, but in fact, linked to your mobile phone’s IMEI number. It is a unique number representing your specific phone. So, even if it is not your fault due to which the phone has been damaged, the insurance policy still covers it. * Also Read: My Home Insurance All Risk Policy

What is the claim process for mobile insurance policies?

Every general insurance company has a different claim process, considering the policy specifics. However, the overall process is outlined as follows:

1. Any damage to the phone must be immediately reported to the insurance company. This can be done either using the insurance company’s customer support number, email, or any other channel the insurer provides.
2. The claim form must be submitted when reporting the damage. This can be done either via the internet for online mobile insurance plans or by visiting the insurance company’s office.
3. In case of theft, an FIR must be submitted along with the claim application form.
4. Based on your insurance company’s terms, photographs or videos, evidencing the damage may also be required.
5. If the claims assessor is satisfied with the above submissions, the claim is either settled by way of replacement or reimbursement of the repair costs, depending on the policy’s terms and conditions.
6. Some insurance companies make direct payments to the authorised service shops based on their affiliation.
7. The process can be tracked with a unique tracking number issued when the insurance claim is accepted.

Also Read: Home Insurance Add-On Covers: Benefits and Types * Standard T&C Apply For a nominal payment of premium, you can ensure that the damages to your phone are covered by an insurance company. This way, you need not worry about the damages to your phone or its replacement. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.