As for predictions for 2020, the country’s insurance industry is predicted to reach Rs.19 lakh crore. Following up with the growing demand and penetration of life insurance across the nation, there are approximately 33 non-life insurance companies.
Such insurers take into account the growing importance of mobile phones among the Indian population, and hence offer their covers for mobile insurance online in India.
Owing to increased new entrants and frequent launches of new models, the Indian smartphone industry is soon to cross the 300 million unit mark. Such increased demand is followed by rising cases of stolen phones, damages caused due to accidents, etc.
In regards to damages caused to a handset, the market for mobile accessories is expected to garner $3.54 billion by the close of 2024. With the raised the cost of accessories, is the simultaneous rise of expenses involved in repairing damaged phones. Catering to this requirement, multiple plans are now available on mobile insurance online in India.
Thanks to the growing competition amongst multiple insurers, potential and existing insured individuals now have a provision to choose their preferred insurer provider – one whose insurance policies cater to their requirements.
Features of the best mobile insurance provider in India online
Despite the presence of such diverse insurers, choosing one requires an individual to look out for aspects that ensure that they make the most of their availed cover.
Considering that one of the most vulnerable mobile accessories prone to damage in case of a dropped phone is its screen, it is imperative to avail a mobile screen insurance policy. Such plans ensure that you stay financially covered against screen damages, and taking into account the current mobile phone models, individuals are saved from high-end expenses to replace its screen.
With the best mobile insurance plans for screens, individuals can avail the following features –
- Comes with multiple lucrative features
Individuals opting to buy mobile insurance covers should look for policies that offer lucrative benefits, such as –
- Multiple payment options: Reputed insurers offer covers that ensure that an insured individual has the provision to pay off the premium from his/her home. It includes multiple ways of methods including – debit cards, net banking, credit cards, UPI, mobile wallets, etc.
- High-value sum insured: With leading insurance aggregator Bajaj Finserv, a Mobile Screen Insurance policy under its Pocket Insurance & Subscriptions, offers financial coverage of up to Rs.10,000 against nominal premium payment.
Additionally, an insured individual can also avail a purchase protection cover that offers financial coverage against any damage or loss to purchased merchandise.
- Offers widespread coverage
With the best phone insurance plan, individuals can gain financial coverage over diverse situations that include –
- Accidental damage – Coverage of repair and replacement in cases of accidental damage caused to a phone’s screen.
- Fire and special perils – Coverage in case of damages caused to a phone screen due to –
- Riot.
- Lightning or implosion.
- Earthquake.
- Fire.
- Strikes.
- Explosion.
- Cyclone, etc.
- Breakdown – Covered financially in case of replacement and repair due to unexpected mechanical or electrical breakdown of a phone’s display.
- Robbery and burglary – Covered in case of mobile screen damage due to burglary or theft within the insured premises.
- Ease to purchase such insurance policies
Taking into account the convenience of potential applicants, the process to buy such insurance policies have been streamlined –
Step 1: Visit the site of a preferred insurance aggregator.
Step 2: Fill in the application process by entering your necessary details –
- Name.
- Contact number.
- Date of birth.
Step 3: Authenticate your purchase by entering an OTP sent to the registered contact number.
Step 4: Pay the premium using multiple modes of payment.
Furthermore, in case you are looking ahead to purchase a new and updated phone model, availing a price protection cover is ideal. It ensures that an individual doesn’t end up overpaying for merchandise.
With such an array of insurance policies at your disposal to financially protect your electronic devices, availing mobile insurance online in India isn’t a choice anymore. Make sure to check on the pointers mentioned above before settling upon a policy cover.
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