India has over 30 crore mobile users, and research indicates that every month more than 20 lakh mobile phones are lost. The stolen mobile phones market is so lucrative that the second hand market is estimated to have an annual turnover of Rs.200 crore in India.
Mobile phones have been identified by the police as CRAVED (Concealable, Removable, Available, Valuable, Enjoyable, Disposable) items that are highly attractive to thieves and this will be exacerbated as phones become more sophisticated and start to offer users advanced functionality.
To curb this issue UniverCell - The Mobile Expert, the largest mobile phone retailer in India, has announced India’s first mobile theft and damage insurance plan.
UniverCell along with Oriental Insurance Co. Ltd. has taken every possible step to ensure that the insurance scheme will cover all possible mobile thefts and damage.
Mr. Sathish Babu, Founder, UniverCell was quoted as saying, “Customers stretch their budget to purchase the latest handsets, and cannot afford to lose them. The warranty which is not covered by the mobile manufacturer will be covered by our exclusive insurance plan. Our insurance will cover all possibilities like - theft, accidental damage, fire, riot, strike, malicious damage, terrorist activity and fortuitous circumstances”.
“Mobile phones are constantly getting upgraded and new phones mean that we use phones for more that just calls or text. Disposing stolen mobile phones is easy, they can be sold off fast” said Mr. Ramesh Barath, Vice President - New Business Develoment, UniverCell. The insurance plan will be a benefit to customers at no extra charge added Mr. Barath.
“Loss of mobile or damage is not only a major concern for the handset buyers but also for a responsible retailer like UniverCell. We not only guarantee for providing the best phones in the market but also guarantee to safeguard customer’s interest in case of mobile theft and damage” said Mr. Sathish Babu.
Scope of Insurance
- The Period of Insurance is for 12 months from the Date of Purchase.
- For total loss, the liability of the insurer is restricted to the sum insured or the value of a new instrument on the date of claim whichever is lower.
- For partial loss, the cost of repair will be paid without any depreciation on parts replaced for loss or damage.
- Policy excess : 0.5% of SI subject to minimum of Rs.100/- for each & every claim
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