We are in an era where we can finish a day without proper food and sleep but not without a mobile in our hands. And, Mobiles in India are getting smarter day by day. When homes can be insured, lives can be insured, health can be insured, why not our beloved mobiles? Yes, even mobiles can be insured.
How useful is mobile insurance in India? What are the various aspects and features of it? Let us try to discover some important facts about mobile insurance.
What is it?
There are many types of Insurance. Mobile or Cell phone insurance is one of them. The insured property is your mobile phone here. The insurance will protect you against possible loss or damages to your smart phone (and un-smart phones as well).
(Also see: My mobile smart phone – Is it worth the price?)
What does it cover?
A mobile insurance policy generally covers the following loss or damage:
1) Damage due to accident
2) Theft of mobile
3) Loss due to fire
(Also see: Free finance apps for smartphones)
What does it not cover?
Like any other insurance policy, mobile insurance policy too has exclusions. It is very important to know these exclusions before opting for the policy. Following are some of the general exclusions:
1) Intentional damage to the mobile
2) Damage due to war or natural calamities
3) Loss due to water
4) Theft from unattended vehicles, except from fully enclosed car that is securely locked.
5) Mechanical or Electronic breakdown
6) Loss due to negligence of owner
Premiums of mobile insurance policies range from Rs. 300 – Rs. 1,000 depending on the cost of the handset i.e. mobile or tablet. Higher the cost, higher is the premium.
Mobile insurance policies are valid for only one year. Only few policies give an option to extend beyond that. After 1 year, you would have to opt for a fresh policy.
Who are the Providers?
Following are the set of insurance providers in India:
1) New India Assurance
2) United India Assurance
3) National Insurance
Apart from these, mobile manufacturers such as Nokia, Samsung and Apple also provide insurance for their own handsets. Mobile insurance can also be bought at mobile shops such as Univercell, Big C and Sangeetha.
How about the Claim?
There is a certain process that needs to be followed to be eligible to claim the loss/damage to the mobile. You need to register FIR with the nearest police station, contact the network provider to block the SIM and keep the required documents such as bill, id and address proofs ready. You need to complete the claim process from your end within 48 hours.
Mobile insurance is gaining popularity in India. However, there have also been complaints registered against mobile insurance providers that claims have been denied even when they were genuine. If the claim in genuine but has been denied, you can definitely approach IRDA grievance cell or an ombudsman near you.