A survey held by Flipkart resulted in showing that every 4 smartphones out of 10 are broken in India. Out of the total number of broken smartphones, around 43% of them reach the authorised service centre for repair. Over 19% customers don’t take their phones to any service centre and continue using them as it is. The major reason for this is the significant cost required for phone repair.
To evade paying this unwanted cost, individuals prefer to buy smartphone insurance policy that can be used to avail financial coverage should such a situation arise. However, the benefits and significance of such policies aren’t restricted to the monetary benefits only as insured customers can gain more than that.
Importance of smartphone insurance
- High sum insured to policyholders
Individuals can buy a smartphone protection plan beforehand to safeguard themselves from the financial loss that may accompany unfortunate incidents like damage to mobile screen.
Nowadays, repairing the mobile screen or replacement of mobile display can cost up to a few thousand. Hence, replacing or repairing it can cause users significant financial loss. With Pocket Insurance & Subscriptions like Mobile Screen Insurance offered by Bajaj Finserv, individuals can avail high sum insured amount up to Rs.10,000.
- Coverage for damage caused due to fire incident
Unlike warranty and extended warranty prospects, mobile insurance plans also provide coverage for the damage caused to the mobile screen as a consequence of fire incident or natural calamities (earthquake, cyclones, etc.), riots, strikes, etc.
- Accidental damage coverage
Phone insurance products are highly important as these can provide financial coverage to customers in case their smartphone meet accidental damage. Acquiring financial help for the same instantly can prove beneficial for them.
With costly mobile phones and accessories, it becomes important for individuals to plan and secure themselves from suffering any financial loss. Customers can also consider purchasing a mobile charger insurance plan so that they can receive financial coverage for any damage caused to the charger.
- Coverage for the breakdown of smartphone
Any unexpected mechanical or electrical breakdown of the screen is also covered as part of the mobile insurance policy. Smartphone users can claim coverage in such cases and have their display replaced. However, policyholders will be able to claim the policy in case the breakdown occurs while using the device.
- Ease of claim
Since such smart phone insurance policy is purchased by customers to avail instant financial assistance at the hour of need, the claim procedure is usually simpler. Policyholders can claim the coverage benefits conveniently and quickly by either calling the toll-free number of the insurance issuer or by sending them an email addressing their issue.
Policyholders may have to provide a few documents to initiate a claim for coverage. The documents to be produced are as following –
- Duly filled claims form that has a signature of the policyholder and describing the loss/damage, reason of occurrence, and an estimate of the claim amount.
- Documents needed to support the claim like invoices, valuation reports, etc.
- FIR or police report if the damage is caused because of theft or burglary.
Above mentioned are a few benefits of smart phone insurance policy that tempts individuals to purchase one. Also, the premium to be paid is nominal as compared to the sum insured making it significant for customers.
Individuals can also opt to purchase a handheld tablet devices insurance policy to secure themselves from unforeseen financial losses accompanying damaged tablet computers.