One of the popular brands in India, Apple brings its exclusive iPhones with cutting-edge technology and pioneering features. The models usually range from Rs.55,000, inching towards Rs.1 lakh.
- In Q2 of 2019, Apple shipped 36.9 million handsets in India, a 9.9% increase from 2018.
Any kind of damage to the device or its accessory leads to distress and a major financial loss. Hence, buying an iPhone insurance protects the smartphone against financial loss incurred due to various unforeseen incidents.
- As of 2018, India has 10 million iPhone users.
- Around 2% share of the Indian smartphone market is held by Apple.
However, there are 5 essential things to check out before purchasing an iPhone insurance policy in India –
- What the insurance plan covers
When buying an iPhone insurance plan in India, it is essential to check the things covered under the policy. For example, a mobile screen insurance plan provides financial coverage against iPhone display damage due to several incidents like strikes, riots, fire, lightning, explosion, etc.
- Customers can also claim coverage for losses incurred due to natural calamities like flood, earthquake, cyclones and more.
- If an iPhone damages due to robbery or burglary within the insured premises, an online mobile insurance plan covers the losses too.
- Make sure the insurance policy offers breakdown cover. Despite the high-end features and technology in an iPhone, an unexpected breakdown can happen anytime. When insured, the service provider reimburses the replacement and repair costs arising from such mechanical breakdown.
- The plan must also provide financial coverage against accidental damage. Some insurance policies come with conditions such as the device must be in your custody during the incident.
- Replacement or repair costs of an iPhone accessory are significant.
- A screen damage repair can cost between Rs.12,000 to Rs.20,000.
Your preferred insurance policy must cover the expenses required in the repair or replacement of your iPhone accessory.
For instance, financers like Bajaj Finserv offer various Pocket Insurance & Subscriptions such as the Mobile Screen Insurance plan.
They provide a high coverage amount up to Rs.10,000 against a nominal premium amount.
You can easily make the payment through your preferred mode – mobile wallets, UPI, net banking, credit/debit cards, etc.
- Affordability of the policy
Affordability is also a factor to consider before purchasing an insurance policy. You must assess your investment and the returns on it.
The best iPhone insurance plan comes at a nominal premium amount and with high sum assured. Avoid going for too expensive products which may not cover your requirements adequately.
When buying a mobile insurance plan, ensure to evaluate your requirements and check the things it covers. If you want to ensure the charger too, you can go for customised products like a mobile charger insurance policy.
- Exclusions from the insurance plan
While insurance plans cover various incidents, there are many things which they exclude. It is important to approach a provider who dictates the terms and conditions clearly.
Generally, iPhone protection plans exclude the following from their coverage –
- Phone screen damage caused due to pollution.
- Loss or damage that occurred due to an act of terrorism.
- Devices which are more than 30 days older are usually excluded
Knowing the exclusions beforehand keeps you informed and helps in availing the benefits whenever you need those.
If you want to ensure other devices too besides iPhone, avail a small gadgets insurance cover for your expensive electronic possessions.
- Claiming process of insurance benefits
When you buy a mobile protection plan, enquire about the process to raise a claim, details on claim fulfilment and the time taken for processing. Usually, the process may take up anywhere from a few hours to several days. Most financial service providers enable customers to claim online or via phone in a few steps.
The general method goes like –
- Contact the service provider through email, address or phone number. Make sure to report the damage within 24 hours of the incident.
- Visit their official website for the online claim form and fill up the application with accurate information.
- You may also have to authenticate your identity by providing an OTP sent to your registered mobile number.
- Submit the documents needed to process your request.
If your iPhone damages due to theft, loss, robbery or burglary, it is mandatory to lodge a police complaint first. Collect the FIR copy, which serves as a crucial document on claiming insurance policy benefits.
- Necessary documentation
As mentioned above, certain documents are essential to process the claim. Check the papers required by your financial service provider and submit those accordingly for quick processing.
Some of the documents commonly needed are:
- A copy of the FIR.
- The claim form.
- Documents supporting the claim amount such as valuation reports, bills or invoice.
If needed, provide additional documents which may deem essential to establish the damage.
Considering how expensive it is to maintain or repair Apple products, an insurance policy can prevent you from bleeding your pocket.
Whether you will buy or have recently bought the latest iPhone, safeguard it financially against unexpected and accidental damages.
Go for an iPhone insurance plan offering comprehensive coverage from the best financial service provider in India.
