If you are an Airtel Payments Bank customer, you can now directly buy insurance for your smartphone from ICICI Lombard General Insurance Company on the Airtel Thanks app. ICICI Lombard General Insurance Company Limited is an Indian general insurance company that involves general insurance, reinsurance, insurance claims management and investment management. With the new partnership, Airtel Payments Bank has solidified its insurance offering portfolio on the platform. A press release from ICICI Lombard states that the customers will now be able to purchase insurance through a safe and secure digital process that will be fast and paperless.
Why Insurance Could be Beneficial?
As digital expansion takes over the world, there has been a significant surge in demand for smart devices, particularly smartphones which have seen massive demand growth. That’s where the insurance solution from ICICI Lombard comes in as it offers smartphone insurance that provides financial protection against damage to the phone and its screen resulting from accidents or liquid spills. The insurance policy allows customers to file up to two claims during the policy period. Moreover, the policy also includes a very unique offer of free pickup and delivery making it stand out in the market.
The monthly insurance premium pricing starts at Rs 1,299. Customers can easily get the insurance on their own within the first 10 days of the purchase of the smartphones that cost between Rs 10,000 to Rs 1,00,000. The insurance is approved automatically once the details of the handset are uploaded.
The executive director of ICICI Lombard, Sanjeev Mantri said in a statement that there are over 750 million smartphone users currently in India and this number is likely to reach 1 billion by 2026. He further added that this creates a massive opportunity and has a huge potential for a product like a smartphone insurance. Talking about the partnership with Airtel Payments Bank, he said that it will provide customers with additional security in the case of accidental damage or theft to their smartphones.