The mobile phone insurance segment in India is currently witnessing robust growth. By the end of 2022, this segment is estimated to reach USD1.85 bn and is expected to touch USD3.12 bn by 2027, growing at a CAGR of 11.05%. A few major factors driving this growth are an increase in the adoption of high-end handsets, a rapidly increasing number of mobile theft and accidental damages, device malfunctions, and virus infections. To keep pace with the changes in the industry, the players in this space launch new mobile insurance plans periodically.
iPhone Insurance
iPhones are the most expensive handsets available in the market these days. Hence, it’s evident that repairing and replacing its parts will also be costly. Mobile Protection Plan for iPhone insurrance india from Bajaj Finserv is available in two variants – a comprehensive plan that covers damages, loss, etc. and a screen protection plan.
The benefits and features of the Bajaj Finserv Mobile Protection Plan for iPhone are the same as that of its Samsung insurance. And you can buy it online.
Samsung Mobile Insurance
Samsung devices are known for their high-tech features. At the same time, their repair and maintenance are also expensive. Hence a comprehensive protection plan for your Samsung mobile is a must. A comprehensive plan provides coverage to your handset against accidental damage to the screen and handset, liquid damage and fraud protection.
Bajaj Finserv Mobile Protection Plan for Samsung covers an extensive range of Galaxy models, and their premium varies with the device’s price. This plan is valid for a period of one year, and during a plan period, you can make two claims. The maximum coverage of the Bajaj Finserv Mobile Protection Plan for Samsung is the same as the invoice value of the handset.
Along with Bajaj Finserv Mobile Protection Plan for Samsung, you’ll get access to the F-Secure SAFE Mobile App. Some of the advantages of the F-Secure SAFE Mobile App are:
- Protects your device from viruses and malware
- Blocks harmful websites
- Baking protection feature that automatically guards your online banking and payments.
- While gaming or streaming, your device will switch into Gaming mode, ensuring your data security.
- Parental control
- Data wipe and remote lock
- SIM card blocking
- Scream alarm
- IMEI registration
Another feature of the Bajaj Finserv Mobile Protection Plan for Samsung is the temporary smartphone replacement service. If you lose your Samsung device or it has been stolen, inform your insurer. Your insurer will provide you with a temporary smartphone within 24 hours that you can keep for a week.
In addition to these benefits, you can enjoy several free subscriptions along with Bajaj Finserv Mobile Protection Plan for Samsung. To take advantage of this mobile phone cover from Bajaj Finserv, you need to purchase it within 60 days of buying the new device.
Bajaj Finserv has a hassle-free claim process, and you should inform the damage or loss of your insured device within 24 hours of the incident either through a phone call to the designated number or by email. Usually, your claim will be settled within 30 days of raising it.
Besides the comprehensive plan, Bajaj Finserv offers a screen protection plan for Samsung devices that covers both accidental damages and electrical/mechanical breakdown of the screen. The maximum claim amount per claim is 50% of the invoice value of the device.
To take advantage of this market opportunity, many manufacturers have introduced insurance plans for their smartphones, such as AppleCare+, the iPhone insurance from Apple and Samsung Care+, the Samsung mobile insurance for Galaxy models from its manufacturer. But buying a mobile phone insurance cover from the manufacturer is optional. Many insurers have launched mobile phone insurance plans exclusively for popular brands such as Samsung, OnePlus, and iPhone. Mobile Protection Plan for Samsung is one such plan that offers more benefits than the plans offered by manufacturers.
Now you may like to know the difference between Samsung Care+ and Samsung Insurance from Bajaj Finserv. First, Samsung Care+ comes for a plan period of 2 years, but you can make only two claims within 24 months. On the other hand, in Bajaj Finserv Mobile Protection Plan for Samsung, you can make two claims in 12 months. While raising a claim, you need to pay a deductible to the insurer; usually, it depends upon the device’s price. In Samsung Care+, the range of the deductible is between Rs.299 to Rs.4,999. In contrast, in Bajaj Finserv, it ranges between Rs.700 and Rs.3500. You can’t buy a Samsung Care+ plan for devices older than 30 days, while you can buy Samsung Insurance from Bajaj Finserv up to 60 days of the purchase of the device. You can take the Samsung Care+ plan only for devices purchased in India; at the same time, Bajaj Finserv offers global coverage.
