As of Q1 2020, Samsung was the 3rd largest smartphone brand in India, with a market share of 16%.
However, Samsung leads the premium segment (above Rs.30,000) with a market share of 34%. The company’s new flagship models, as well as those in the affordable range, have become quite popular among the masses in 2020.
- Samsung shipped 6.3 million smartphones during Q1 2020.
The increasing popularity has also led to more individuals availing a Samsung mobile insurance in India. Mobile screen insurance plans are specifically more sought-after for those purchasing high-end products.
Why should you buy mobile insurance?
Mobile insurance policies financially protect an individual against several hazards and mishaps that are not covered by warranties or even extended warranties. One example of this mishap can be theft.
- On an average, 66 mobile phones are stolen every day in the local trains of Mumbai in 2019.
- The recovery rate is trivial at below 10%.
Coverage with warranties on these gadgets is only limited to defects and hardware malfunctioning. One of the primary drawbacks of warranties is that these are only available for 12 months, while extended warranties can go up to 3 years.
Samsung mobile insurance online is also available for 12 months. However, the plan can be renewed as per convenience, unlike warranties.
What are the coverage benefits offered by mobile insurance policies?
- Theft and robbery
Loss of smartphone in case of theft or robbery is covered by a Samsung mobile protection plan. Policyholders will be reimbursed the sum insured against a claim. They will have to file an FIR to make a successful claim.
It should be noted that some plans have a specific percentage of deductibles. A particular amount will be deducted from the sum insured before reimbursing the claimant.
- Damage to the display
Individuals will also receive financial protection against damages to the screen or display. Smartphone owners can also purchase a dedicated Samsung screen protection plan to avail such coverage. These policies are considerably cheaper than traditional smartphone insurance plans and also more beneficial.
- As per a recent report, screen damages account for 71% of all mobile phone repairs.
Moreover, the cost of replacing a damaged display of a premium Samsung smartphone can be quite substantial. For instance, a Galaxy Note 10+ or Galaxy S9+ screen can come with a price tag of Rs.13,000+ as per the company’s official website. That of mid-range phones like the Galaxy M40 is Rs.4,000.
Hence, investing in a Samsung mobile insurance in India can be exceptionally useful, more so when opting for OE from authorised service centres.
Bajaj Finserv provides Pocket Insurance & Subscriptions like Mobile Screen Insurance plan against affordable premiums. It can be availed from the company’s official website without any hassle.
- Mechanical or electrical breakdown
Any malfunction caused by mechanical or electrical breakdown is also covered with Samsung phone insurance in India.
Customers can also avail this type of financial protection with a mobile charger insurance plan.
- Accidental damage
Damages caused accidentally, like dropping the phone, are also covered under smartphone insurance policies. In such cases, the cost of replacing or repairing is reimbursed by the insurance provider after making a claim.
Other coverage plans like handheld tablet device insurance policy also provide protection against accidental damages.
- Damages caused due to fire or other hazards
Samsung mobile insurance in India also provides coverage in case damages are caused due to fire, riots, strikes, lightning, explosion, natural calamities (flood, earthquake, cyclone, etc.) and such other unfortunate incidents.
It should be noted that smartphone display insurance policies must be purchased within 30 days of device purchase. Few companies also provide standard mobile insurance plans for old phones at higher premiums.