According to a recent study, India boasted an estimated 1.1 billion mobile phone users in 2024, making it the 2nd largest market for phone users in the world, right after China.
To cater to various requirements of this somewhat new industry, the electronic marketplace has introduced a range of services and products for smartphone users. From several unique gadgets to boost the performance of these devices, to comprehensive smartphone insurance plans, users can enhance or safeguard their expensive gadgets as per their needs.
What is a Phone Insurance Policy?
A Smartphone or mobile insurance policy offers financial coverage for expenses made while repairing the device from any accidental damage. Such insurance policies are a must-have for modern smartphones; with the integration of complex technology, smartphones have become increasingly susceptible to damage such as accidental drops, liquid spillage, etc.
Smartphone owners, especially individuals who own expensive top-of-the-line models, should consider a mobile protection plan to financially safeguard their devices against any unforeseen incidents. Moreover, the long list of benefits offered by these policies can provide several advantages to a policyholder.
Why Should One Consider a Phone Insurance Plan?
Attractive Sum Insured
One of the most beneficial factors of such an insurance policy is the sum insured. Customers can benefit from a substantial amount, availed by paying only a nominal premium once a year.
A plan like the Mobile Screen Insurance policy, offered by Bajaj Finserv under their Pocket Insurance & Subscriptions, provides coverage of up to Rs.10,000, against a minimal premium. This makes a smartphone insurance policy exceptionally beneficial and within the reach of everyone.
Some of the best mobile insurance policies include a large number of handset manufacturers and different models manufactured by them, to offer maximum coverage for their customers. Moreover, one can insure their devices within 30 days of the date of purchase, ensuring that the product stays safeguarded against any type of unforeseen incidents.
Other than that, smartphone insurance policies reimburse the policyholder if the device’s component is damaged by manmade or natural incidents, such as fire, earthquakes, floods, riots, strikes, etc.
Insurance aggregators also provide coverage against damages incurred during attempted burglary or robbery, as well as electrical or mechanical breakdown of the component. Other than that, accidental damage, liquid spillage, etc. are covered by these plans.
More Benefits Than an Extended Warranty
There are several reasons why a mobile insurance policy is better than an extended warranty. Warranties are applicable only against manufacturing defects, which leave the device vulnerable to any type of external damage. A smartphone protection plan includes a long list of scenarios where the aggregator covers the expense of repair, even if the damage is caused by an external event.
Policyholders can also purchase additional plans, like a mobile charger insurance policy, to extend the coverage of the policy and include essential accessories.
Similarly, one can also avail of a plan for other gadgets, like a wireless headphones insurance policy, to cover such expensive electronics. Even though tempered glasses and back covers offer damage protection to smartphones, these are not fully competent.
In today’s world, where everyone is significantly invested in smartphones, purchasing a mobile protection plan will be an obvious preference, given the fragile nature of such devices. With the affordable premium and extensive coverage, such a plan offers complete financial protection, against a nominal annual payment.