Top Mobile Insurance Company in India [2018]

Smartphones have become an integral part of our daily life. India is a young country where more than 50% of the population is below 40 years. In the last one decade, the mobile industry in India has grown many folds. People are using smartphones from banking to online shopping. There are various brands of mobile phones available in the market. Consumers are now spending more than ever on the smartphones. To safeguard you from the loss due to theft or damage, there is a mobile insurance which covers the loss from such damage.

These phones are ranging from 4k to 80k based on the features they provide. There is a trend of having a latest mobile phone in the hand. They have changed the face of the society and In such a situation, there are chances that your mobile phone gets stolen or damaged.

Apart from theft, these device being electronic gadget are prone to hardware or software damage due to the accident, drop, water spillage and any other reason. Looking at all these possibilities, it is wise to buy a mobile insurance to help protect you in case of any damage or loss.

In this article, we will discuss the top mobile insurance companies in India, their benefits and exclusion from the policy.

As it is known that the necessity is the mother of invention. There is a need for protection against such loss of the mobile phone. Theft of smartphones have become very common, In fact, there is a whole black market of second-hand mobile phones where one can buy the phones at half price. Making it all more important for the mobile phone owners to protect their costly phones.

India is the fastest growing smartphone market in the world. As per the report, nearly 30 million purchases of smartphone happened every quarter. And the trend is increasing quarter by quarter. India is the huge market for the smartphone so as for the mobile insurance. With the Jio’s revolutionary data plan, the 4G handsets sell has increased multifold.

smartphone market share in india

The growth in the online market like Flipkart and Amazon has changed the way we buy mobile phones. These online giants are even providing some additional benefits when you buy online from them. Mobile insurance is one of them.

What is Mobile Insurance?

As the name says insurance, means protection against any damage or loss. The mobile insurance is covering the risk of the theft or damage of the costly mobile phones. Considering the dependability on the smartphones, mobile insurance is a good idea to save you from the huge loss.

Benefits of Mobile Insurance.

  • Safeguard your costly phone against theft or damage.
  • Get a replacement of the phone in case of the software or hardware damage as per the policy.
  • Get easy and fast repair/replacement.
  • If you have a history of a broken phone, this policy can help you save your money.

Mobile Insurance Coverage.

Below are the risk and damages usually covered under the mobile insurance policy.

  • Damage due to water spillage
  • Damage due to software or hardware malfunction.
  • Screen Crack
  • Theft of the device
  • Damage due to fire
  • Faulty earphone jack
  • Faulty battery
  • Touch screen not working properly

Top Mobile Insurance Company in India

Most of the so-called mobile insurance companies are riding on the third party service providers who are actually a registered insurance company with IRDIA. These companies are Bajaj Allianz, National Insurance company, Oriental Insurance Company, New India Insurance company etc.

So it is advisable to check their terms and conditions and fine print related to the policy before purchasing it.

We will cover below mobile insurance company in India

  • Syska Gadget Secure
  • One Assist
  • Onsite Go
  • Times Global Insurance

When it comes to choosing the best mobile insurance plan, most of the people are fumbling. Most of the people are relying on the shopkeeper from where they buy the handset. We will discuss these company’s plan, it’s feature and benefits in detailed.

Syska Gadget Secure ∗∗∗

The company is a master in mobile insurance services. They have a plan called “Gadget Secure” which covers all type of risk from water spillage, theft, damage due to fire etc. Syska also provides the antivirus solution and free pick up and drop facility for repairs. When you buy this insurance, you will be given a coupon code which you need to register on their website within 48 hours of purchase.

Plans:

PlanMobile ValueHandset
7994000 to 10000Android /Windows
119910001 to 15000Android /Windows
179915001 to 20000Android /Windows
239920001 to 100000Android /Windows
29994000 to 10000Apple

What is not covered

  • Insurance will be invalid if a coupon is registered after 48 hours of mobile purchase.
  • Illegal purchase of the mobile phone (black market purchase)
  • Data stored in the phone like your contacts, photos, videos
  • In transit from the seller to you who is not the authorized seller
  • Accessories are not covered under this insurance
  • If you raise a claim and do not submit the documents within 30 days
  • The first copy of the mobile phone (counter band)
  • If you get the phone repaired by yourself from the unauthorized service center the claim will be rejected

One Assist ∗∗∗∗

One Assist provides assistance and protection for your device in case of an accident, breakage, liquid damage, and theft. You just have to call them and inform that your mobile is broken and they will come to your doorstep for pick up and take it to the service center for repair. Once the phone is repaired they will deliver it back to your home. They provide 100% cashless service, so you don’t have to pay a dime for the entire process.

Plan: Their plans are starting from as low as Rs. 67/month. The cost varies handset to handset and the date of your purchase.

Benefits of One Assist mobile insurance plan

  • 24 X 7 call center support
  • Liquid damage protection cover
  • Get your SIM block by just giving a call from anywhere
  • Theft protection
  • Free pick up and drop service for repairs
  • Temporary courtesy handset
  • Cashless repair service
  • Online locker to save your important documents
  • Transfer your policy from the old device to new device (if you have recently purchased a new one)
  • Raise the 2nd claim – The claim amount for the second claim would be the balance amount left after your first claim

What is not covered

  • Mobile phones purchased more than 15 days back
  • Device bought from outside India
  • No more than 2 claims are entertained under the policy

Times Global Insurance ∗∗∗∗∗

Times Global Insurance is the leading mobile insurance company in India. They are providing the insurance cover for Rs. 125/month for phone price up to Rs. 15000. It covers the water spillage, theft and accidental damage of the phone. Unlike other insurance company, Times global does not have any exceptions in its policy or terms and conditions. So it is a very user-friendly policy. The company has a separate insurance plan for iPhone and other high-end phones.

Onsite GO ∗∗∗

As the name suggests, it is one of the best company which provides onsite repair service. They also provider pick up and drop services. Their policy covers the water spillage, software or hardware malfunctioning, port issue etc. It is one of the best mobile insurance service providers in India. Onsite Go is known for its cheap plans for repairs and insurance.

Plans:

PlanMobile ValueHandset
5990 to 5000Android /Apple/Windows
8995001 to 10000Android /Apple/Windows
149910001 to 15000Android /Apple/Windows
199915001 to 20000Android /Apple/Windows
249920001 to 25000Android /Apple/Windows
319925001 to 30000Android /Apple/Windows
399930001 to 40000Android /Apple/Windows
519940001 to 50000Android /Apple/Windows
639950001 to 60000Android /Apple/Windows

Benefits of Onsite Go

  • Covers any repairs due to physical damage
  • Cashless repair procedure
  • Repair or replacement guarantee
  • 30 Days easy refund policy
  • Free pick up and drop at your doorstep
  • Genuine spare parts
  • Onsite Go certificate of protection

What is not covered

  • The plan covers one claim per policy, means second-time claim will not be entertained
  • Phone purchased from the authorized dealer or distributors are only covered
  • Repairs at authorized service center are only covered
  • Malfunctioning due to the manufacturing defect
  • Device bought from outside of India
  • Software issue ( virus etc.)
  • Accessories like batteries, charger, and headphones are not covered under this policy

Most Common Reasons for mobile phone damage

Every year thousands of phones are getting damaged due to dropping by the user, sit on it, water damage etc. Some of them are repairable while others need complete replacements

Dropping Your Phone

Many times we drop our phone accidentally. If you are a regular user of the phone, this might have happened to you once on a life. The reason for dropping the phone may vary but that happens to all of us.

If you are lucky, your phone will not be damaged by the drop. Else you will soon have to rush to the nearest service center for repair. In such a situation, if you have mobile insurance, you can save a lot of money on repair or replacements.

The most common damage is a crack screen as it dropped on the hard surfaces. Most of the time the phone is repairable but comes at a huge cost if you don’t have mobile insurance.

Water Damage

This one the main reason for mobile phone damage. There are several causes of water damage like a dropped mobile in the toilet, water spillage, damage due to rainwater clocking etc.

Tip: Never try to use the phone if it’s water damage, cause it can worsen if you continue to use the phone. It may damage the motherboard which is irreparable and you need to change the entire motherboard which will cost you half the price of your phone.

Sitting on a Phone

Many times we put the phone in the back pocket of our trousers or jeans. We forgot that we have kept it in the back pocket. We sit on it and it gets broken. It can result in screen crack, broken internal parts, and deep scratch. The amount of damage depends on the quality of the parts used in the phone. If it’s a good sturdy phone like the iPhone, the chances of damage are low. Still, why should we take risk of putting a phone in the back pocket?

Miscellaneous reason

Sometimes it simply the randomness of the life that cause the damage. Like, dropping the phone while taking the selfie, dirt getting into charging or headphone jack.

What is my take

Here is a quick recap.

One Assist and Syska has the variety of plans and benefits as compared to other companies. Times Global is best as there are no exceptions in the policy. They believe in “No questions asked” philosophy. It is one of the most trusted brands when it comes to mobile insurance.

Most of the high-end smartphone manufacturers are providing their own warranty for the first year. The same can be extended to next year for a premium. It is highly recommended to go for the extended warranty from direct manufactures rather than rely on the third party insurance company. But there are some limitations too.

The main reason for damage is due to screen brack or water damage which are not covered by extended warranty by manufacturers. So you have to go for external third-party mobile insurance.

There is a middle way as well. Many of the manufacturers have started to have a tie-up with insurance companies. So all the handsets from that manufacturers will come with the insurance plan from the insurance company.

I suggest you evaluate your needs and find the best suitable plan for your mobile device. If you are using an expensive gadget, it is advisable to have a protection against any unforeseen event.

Please give your thoughts on which mobile insurance plan you would go for.

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