Insurance Policy for Mobile Phones

With the development of new technologically advanced devices like mobile phones, iphones etc the incidents of burglary has increased drastically. Hence, like life and home insurance, it becomes vital to take mobile phone insurance policies to safeguard your device against any unanticipated risks. Insurance Policy for Mobile Phones in India insures against any theft, fire and other unexpected damages.

Key features of Mobile Phones Insurance in India

Some of the salient features for insurance policies offered by Indian insurance firms are:

• Mobile cover in India is flexible and is wide-ranging in order to meet the requirements of the customers.
• Mobile coverage entails fire damages, theft & fortuitous external damages
• Variable surplus can be provided as per the requirements of the client
• The coverage has flexible rate of premiums as per the density of hazards and cost insured

Exclusions under Insurance Policy for Mobile Phones:

Like general coverage, there are certain omissions under mobile phone insurance also. Hence, it is important to keep a tab on the chief exclusions under mobile phone insurance before buying the plan. Some of them are:

• Loss or burglary acquired during the process of sharing mobile handset with friend or any other acquaintance cannot be claimed.
  
  
• Damage caused due to battle and nuclear threats, imprisonment or amputation by customs or any government authority is excluded under the authorized claims.
  
  
• If you have misplaced your handset while you kept it unattended inside your vehicle, the assertion would be denied. Although, if the handset is misplaced in a clogged car then is regarded as theft and the owner can assert it for burglary.
  
  
• If the retailer places his handset at the counter and it gets stolen the claim would be denied. Whereas, if the handset is being snatched from the grip of the person then it can be asserted by the owner. In short, negligence in usage of mobile phone is not included in the mobile phone coverage.
  
  
• Abuse of the mobile handset is also considered as exclusion.
  
  
• Damage caused to the handset due to overcharging or id used in strange circumstances
  
  
• Damages caused in the process of repairing, cleaning or preservation of the handset, and then the claim is liable to get denied.
  
  
• Damages caused due to automatic and electrical collapses
  
  
• Damages caused due to wear and tear or steady depreciation of the handset, no assertion is entertained by the insurance company.
  
  

The exclusions under Mobile Phones Insurance policies vary from firm to firm. The customer can avail for mobile insurance while purchasing the cell. It is important to consider the premium amount paid towards the insurance besides other chief characteristics.

Premium rates of the mobile phone insurance policies

The premium rates of the mobile phone insurance policies are allocated reimbursements equivalent to the value of replacement in case of purchase of a new handset with similar specifications and competence, inclusive of tariffs and other duties.

For instance, if a handset is wort` 8,500, the premium charged on it varies from ` 150 - ` 200. The current cost is ` 20 per cost of ` 1,000 of the amount indemnified. A surplus of ` 2,500 is deducted for every assertion declared.

With the gradual reduction in the mobile handset rates, the premium rates are falling as well. Hence, it is significant to purchase a policy for a year.

Companies offering Insurance Policy for Mobile Phones in India

The renowned insurance firms offering Insurance Policy for Mobile Phones in India are:

• National Insurance Company,
• Oriental Insurance Company,
• New India Assurance Company and
• United India Insurance Company

Apart from Insurance firms even mobile companies are offering Mobile Phones insurance in India. BPL, Nokia, BSNL and Reliance are some of the firms offering coverage for the cellular phones. BSNL provides coverage on Alcatel and Nokia handsets for ` 20 per month. Some private mobile firms even offer free coverage to their clients

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