Mobile insurance: Why should you buy a mobile insurance policy?

While smartphones form an integral part of our everyday lives, they are one of the most fragile electronic gadgets. For instance, any damage to the screen can prevent it from functioning smoothly. The cost of repairs and replacement of a smartphone is quite substantial too, especially for premium brand phones.

Hence, opting for mobile screen insurance policy can enable users to avoid straining their budget. 

Here are some of the reasons why one should opt for a mobile insurance policy – 

  • Ample coverage amount – 

Individuals can avail substantial coverage with mobile insurance in India for costs of repairs or replacement of their device’s screen in case of any damage. The coverage amount can go up to 100% of the original invoice value before any deductions or discounts. 

Additionally, the Mobile Screen Insurance policy offered by Bajaj Finserv under its Pocket Insurance & Subscriptions also provides coverage for replacement or repairs for multiple instances of damage.

  • Accidental breakage cover 

Besides electrical or mechanical breakdown, one can also avail compensation in case of accidental damage to his/her phone screen under mobile protection plan owing to specified  incidents. They can include theft, burglary, fire, accidental dropping, and the likes. 

Additionally, tablet users can also consider opting for a handheld tablet devices insurance policy for overall coverage against various unforeseen circumstances as mentioned above. 

  • Security features – 

Individuals are becoming increasingly dependent on their smartphones for monetary transactions, business meets, sending emails, surfing on social media, and the like. Besides these features, most of us also use our smartphones to play games, download and watch movies, listen to music, etc. 

However, since most of these activities require the internet, the chances of smartphones being exposed to malware and such other cyber threats are high. It can lead to identity theft, monetary loss and other repercussions. Additionally, loss of phone due to robbery or burglary can also create unnecessary hassles. 

Consequently, some mobile insurance plans also provide device security features such as – 

  1. SIM blocking and IMEI registration.
  2. Scream Alarm application.
  3. Remote detection of phone via GPS.
  4. Anti-virus and malware protection.
  5. Protection against fraudulent websites.
  6. Remote phone lock and data wipe.

Additionally, one can opt for plans like identity assure for enhanced protection against fraudulent online activities such as identity theft. Under this policy, they can avail considerable financial support for legal, financial, and other miscellaneous expenses incurred due to fraudulent, unauthorised transactions.

  • Online premium payment

Mobile insurance online payment methods allow individuals to pay premium in an efficient and hassle-free manner. The feature also enables them to make payments from anywhere and at any time.

Furthermore, they can also choose to pay premium of mobile insurance policy via any online payment mode of their convenience such as credit card, debit card, mobile wallets, UPI etc.

  • Application procedure

Besides online premium payment, one can also apply for a mobile insurance plan online by visiting the official website of the mobile insurance company or NBFC. You can go through the steps listed below to buy mobile insurance online –  

  1. Select the online insurance application form and enter all required details such as name, address, contact details, IMEI number and the like.
  2. Complete the verification procedure by entering the OTP sent to your registered mobile phone number.
  3. After verification, one can choose an online payment according to their convenience and pay the premium.

One should also look for a mobile insurance company that comes with a hassle-free claim procedure. For instance, some financial companies allow beneficiaries to raise a claim via mail or by placing a call. You can avail this for oneplus protection plan, for iphone, for samsung and more. 

However, while raising a claim under mobile phone insurance plan, one must submit all the essential documents to avoid complications.

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