Do You Have Electronic Gadgets? Is It Worth Buying Gadget Insurance?

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Once considered as a luxury for the affluent class, electronic gadgets have become a lifestyle need today. The driving factors here include the young population’s increasing keenness to adopt cutting-edge technology and growing purchasing power of the Indian middle class. 

Additionally, technology transitions like IoT, 4G/LTE, etc. are great contributors to the rising demand for electronic devices. With this increased dependency, a small gadget insurance plan also becomes a necessity.  

  • India’s Consumer Electronics and Appliances Industry is likely to be the 5th largest internationally by 2025.
  • India expects its consumer demand for electronic devices to attain $400 billion by 2020. 

Small electronic gadgets are not only expensive but also prone to damage or loss. Any incident like theft, breakdown, water damage, etc. can be heart-wrenching. The cost of repair or replacement also requires you to expend significantly. Hence, a gadget insurance policy proves worthy during such situations. 

What is a small gadgets coverage plan?

A small gadget insurance plan is similar to other insurance policies but with additional and customised benefits. It provides coverage against the financial loss incurred due to damage, theft or loss of a small gadget. You can insure devices including portable Bluetooth speakers, power banks, humidifiers, smartphones, digital clocks, and more under this policy.     

  • By 2020, India is expected to comprise around 12.5% of the global smartphone market. 

Financial service providers offer various types of insurance plans, addressing the diverse needs of customers. Go for a comprehensive or customised insurance plan depending on the devices you use. For example, you can safeguard your tablet with a tailored tablet insurance plan. A handheld tablet device insurance policy can financially cover for repair or replacement costs damage from breakdown, accidents, burglary, etc.   

Why is a gadget insurance policy beneficial?

While availing an electronic device insured is not mandatory, it is essential for several features and advantages, like – 

  1. In case the device damages accidentally, a gadget insurance plan provides financial coverage against the cost of repair or replacement. Only ensure that the device was in your custody during the incident. 
  2. Financial coverage is offered either up to the sum insured amount or according to the gadget’s invoice value. 
  3. Individuals can also claim replacement or repair charges if the device suffers a mechanical breakdown. 
  4. Whether you avail a device or accessory specific or an all-inclusive policy, be assured of receiving coverage against lightning, fire, earthquake, implosion/explosion, cyclones, flood etc. For instance, a laptop charger insurance policy can provide the necessary financial coverage against such instances. 
  5. Customers can also claim coverage against the damage caused due to strikes and riots.  
  6. Considering customer’s convenience, companies accept premium payments through any preferred mode such as UPI, mobile wallets, credit cards, debit cards, net banking, etc. 

If you have several gadgets, an insurance product for each item can save you from unplanned and considerable losses. Again, those having a history of damaging or losing their gadgets or are accident-prone should consider purchasing a tablet or laptop insurance plan as per needs. 

  • Of all the imports in FY2019, around 11% is comprised of electronic products. 

Most people do consider home insurance plans, which include coverage for electronic devices too, but those usually have limitations. Comparatively, a customised policy is hassle-free and quick to avail.  

How to choose an insurance plan for your gadget?

With various options to choose, it is essential to buy the most appropriate insurance plan as per your requirement. Start with comparing the features and benefits coming with different policies. Base your analysis on factors like premium amount, maximum sum insured, things covered, exclusions, and additional benefits.   

One of the prominent NBFCs in India, Bajaj Finserv, offers various Pocket Insurance & Subscriptions like the Small Gadgets Insurance. This plan offers a nominal one-time premium for coverage of up to Rs.10,000.

Process to apply for a gadget insurance plan

Nowadays, the procedure to buy a plan has become quite easier –

Step 1: Visit the official website of your chosen financial company and collect an application form. 

Step 2: Fill up the details on the application form with accurate information like date of birth, contact number, name, etc. 

Step 3: You will receive an OTP on your registered phone number. Verify your identity by providing the one-time password as required. 

Step 4: Complete the payment of premium via a convenient mode such as mobile wallet, payment cards, etc.

How can you file a claim?

When your gadget experiences damage, breakdown or is lost, get in touch with the customer care team within 24 hours of the incident. You can contact via phone or email ID as provided by the financial service provider. Additionally, make sure to carry all the necessary documents to raise a claim, like duly filled claim form, bill or invoice, etc. 

Note that in case of theft or burglary, you must report the same to your nearest police station and collect the FIR copy. It is also a vital document required to claim the benefits of a gadget insurance policy. 

While the utmost carefulness can help prevent damages to some extent, accidents or sudden breakdowns occur unexpectedly. It is, therefore, crucial to protect your investments financially and save yourself from unplanned losses by purchasing a small gadget insurance plan in India.

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