ICICI Lombard partners with Airtel Payments Bank for smartphone insurance

Mumbai: Airtel Payments Bank customers can now buy smartphone insurance from ICICI Lombard General Insurance Company on the Airtel Thanks app. With this, Airtel Payments Bank has further strengthened its insurance offering available on its digital platform. Customers can now buy insurance through a fast, paperless, and secure digital process.

With the rise in digital adoption, smart devices, particularly smartphones, have seen a multi-fold increase in demand. The smartphone insurance solution from ICICI Lombard provides financial protection against damage to the phone and its screen resulting from accidents or liquid spills. As part of this smartphone insurance, customers can file up to two claims during the policy period, and it also includes free pickup & delivery, making it a unique offering in the market.

With a monthly premium starting at Rs1,299, customers can get an insurance sum that is equivalent to the purchase price of their smartphone. Customers can get this insurance on their own until ten days after purchasing a smartphone priced between Rs10,000 to Rs100,000. After submitting smartphone details, the insurance is automatically issued without a device health check. The connectedness that smartphones enabled during the epidemic will make this device insurance more beneficial to individuals than ever before.

Talking to Bizz Buzz, Sanjeev Mantri, Executive Director, ICICI Lombard said, "There are over 750 million smartphone users currently in India and this number is likely to reach 1 billion by 2026 representing a burgeoning opportunity and huge potential for a product like smartphone insurance. We are excited to partner with Airtel Payment Bank to offer a protection plan that will provide customers with additional security in the case of accidental damage or theft to their smartphones and encourage them to opt for such insurance policies." Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, "In today's digital age, a smartphone is our lifeline. From connectivity to photography to banking, smartphones today help us with virtually anything. Its repair cost is typically very high, and thus we need to protect it right from the beginning. We are delighted to partner with ICICI Lombard General Insurance to offer this smartphone insurance."