According to international surveys, 28% of phone users end up dropping their smartphone in some liquid or the other while around 8% spill on their devices. With the average duration of a phone lasting from the date of purchase standing at 10 weeks, it is important that smartphone owners protect their device adequately. Consequently, purchasing an insurance policy for the protection of a mobile phone is vital to keep the device safe.
While a mobile insurance policy offered by several financial institutions is an ideal option for owners to protect their device, it is important to understand what makes them so convenient. Before moving into the features offered under these policies, it is also important that owners understand the necessity of comparing the offers from different financial institutions.
The features which are usually offered under such insurance policies are discussed below in detail. While most of them are offered by different financial institutions, few features are exclusive to specific insurance aggregators.
- Protection against breakdown: Smartphones always carry the risk of breakdowns like any other electronic device. This can happen due to an accident where the phone slips out of the owner’s hand, due to electrical faults while charging it, etc.
The Mobile Screen Insurance policy offered by reputed insurance aggregator Bajaj Finserv under Pocket Insurance & Subscriptions can even provide financial protection of the phone in case of mechanical breakdown.
- High insured amount: The insurance amount offered by different financial institutions might vary, though it generally goes up to Rs.10,000. This high figure ensures that all repair and replacement costs are covered under this policy. Additionally, the rate of premium on best mobile insurance policies begins quite low at Rs.499.
- Covers damage due to natural causes: Natural causes like earthquake, lightning, etc. can lead to a smartphone being damaged. While most plans offer the necessary financial burden to repair the screen of a phone, it is important to check the availability of this feature before an owner goes on to buy mobile insurance.
- Protection against theft and burglary: Phones, like wallets, watches, etc. are one of the most commonly stolen products. As a result, it is important for these insurance policies which cover phones to also extend protection against threats of burglary and theft.
While most policies financially cover the phone in case it is stolen, they should also consider protecting other commonly stolen gadgets or portable electronic devices as well. Subsequently, it is advisable to check out insurance products like a laptop charger insurance plan, small gadget insurance policy, etc.
- Ease of payment: Insurance providers offer multiple payment options like UPI, net banking, credit/debit card, etc. Online payment options which are offered make it easy for phone users to buy mobile insurance in India.
- Prompt application process: Online application process is offered by different financial institutions which make it quite convenient for phone users to apply. These applications can be completed within a few minutes, and once an applicant completes the payment, policy activation is confirmed via email.
Evident from the features mentioned above, a mobile insurance policy is one of the ideal options to protect the screen of a smartphone. With the price of phones on the rise, their repairing costs are also quite high.
While having an insurance policy that covers the phone can effectively save a lot of money, it is important for customers to also consider other policies which protect the accessories.
A mobile charger insurance policy is another policy since the fast chargers that are available these days are quite costly and may not be repairable. Owners about to purchase mobile insurance should also consider these related options for enhanced safety of their phone.