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What is mobile insurance, and why do you need it?

 

A mobile insurance plan offers coverage to your smartphone against theft, accidental damages, liquid damages, and various other types of damages. A mobile insurance plan is different from the one-year limited warranty that the manufacturer offers for new and refurbished products. A warranty covers only hardware malfunctions and manufacturing defects such as overheating, slow interface, etc.

Why do you need mobile insurance?

A mobile insurance plan gives you financial assistance in the below circumstances:

  • Accidental damage to the device: A mobile insurance plan covers sudden and unintentional physical damage to your handset. These damages can be due to liquid spilling, dropping down your device, fire, terrorist activities, strikes, etc.
  • Accidental damage to the screen: Screen damages like touchscreen malfunctions and broken/cracked/shattered screens due to unintentional dropping are also covered in a mobile insurance plan.
  • Loss or theft: Financial losses from your handset's theft, loss, and robbery are also covered under mobile insurance.
  • Breakdown of the device: Several mobile insurances cover repair and replacement costs due to the device's unexpected electrical or mechanical breakdown.
  • Technical problems: Mobile insurance covers technical issues in your headphone jack, charging part failure, battery failures, and camera failure.

With a mobile insurance plan in place, you can enjoy the following benefits as well:

  • Certain insurers offer no claim bonus for each year that went without any claim.
  • Usually, insurers offer a free extended warranty to your handset with the mobile insurance plan.
  • Cashless protection against accidental damages.
  • Hassle-free claims and global coverage.

Bajaj Finserv offers two types of protection plans for smartphones. Mobile Device Protection Plan is an all-round protection plan for your handset. At the same time, Fonesafe Lite is the screen protection plan that covers unintentional damages to your mobile screens and unexpected electrical as well as mechanical breakdown of your mobile screen. Apart from this, you can enjoy many other benefits along with these plans. The maximum claim amount for a plan period is 100% of the invoice value of the device in the case of the Mobile Device Protection Plan, and for Fonesafe Lite, it's 50% of the invoice value of the device.

 

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