Mobile Insurance: Damage, Theft and Screen Protection in India

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As per the Associated Chambers of Commerce and Industry of India, the number of smartphone users of our country is estimated to grow at a rate of 12.9% annually with a potential to reach 424 million devices in the market by 2023. It goes without saying that India is one of the largest smartphone devices in the market.

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Compared to other electronic devices that you are required to use daily, you usually carry your smartphone all the time, just what makes it relatively more prone to damage and theft. Having a mobile insurance cover can help you to be financially prepared for dealing with the above issues to your smartphone.

Why purchase a mobile insurance policy for your smartphone?

With the advent of digital payment methods and mobile-banking, using your mobile to deal with finances is quite common amongst several individuals in India. You can make several online payments such as paying bills, shopping, book tickets, etc. through this device and avail numerous other services, all via mobile apps.

This emphasises the evolution of smartphones from being luxury items to essential gadgets. Smartphones make our day-to-day lives simpler in more ways than one. So a misplaced/lost, stolen or damaged smartphone can force an individual to substantially deviate from his/her routine. Further, a smartphone can be utilised for unauthorised actions and financial transactions leading to severe repercussions.

 

You can mitigate such financial repercussions, for repair or replacement of your smartphone and against fraudulent activities with it with a mobile protection plan from a leading financier.

Even though the idea of mobile cover policies is fairly new, various financial institutions offer some of the best mobile protection plans possible for consumers.

With time, mobile companies are releasing new features on their smartphone variants with advanced software literature and easier accessibility. These devices are becoming more expensive on average and even more susceptible to damage.

Smartphones are easily vulnerable to hardware damage, similar to any other electronic gadget. Any potential injury, such as a hard fall, spillage of fluid, etc. to a mobile phone can lead to temporary or permanent damage. Users can utilise funds availed from a mobile protection plan to lower their financial worries in regards to the above issues.

Customers can opt from various types of mobile insurance plans

Financial institutions offer several types of smartphone insurance policies which can primarily be classified into two categories, which are –

  • Device coverage schemes

In case your smartphone is lost due to theft or damaged after any kind of accident, respective insurance policies can help you financially. Being the most vulnerable part of the device, the display screen of a smartphone is generally the most common part to be damaged other than the touch-sensors. You can consider having a mobile screen insurance plan from reputed financial institutions in place such as the Mobile Screen Insurance policy offered by Bajaj Finserv under its Pocket Insurance & Subscriptions.

  • Accessories coverage schemes

The smartphone charger is arguably the most important accessory for a mobile device. Hence, any harm dealt to your smartphone charger can also leave the device unusable. Customers can also opt for a mobile charger insurance plan for financial coverage of the repairs or a replacement respective to the charger.

Top financiers even provide insurance coverage for other mobile phone accessories including headphones. Users can also purchase a wireless headphone insurance plan and other small gadget covers to be financially secured against any unforeseen accidents in the near future.

Where a mobile insurance policy can provide coverage only if the device is stolen or any damage occurred to it, you can go for a specific screen protection insurance cover instead.

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