SSK Group, the manufacturer of Syska LED lights has launched ‘Syska Gadget Secure‘ a complete insurance cover for phones against accidental damages, water/fluid damage, theft, burglary and fire damage. Considering how indispensable mobile phones have become in everyone’s lives, getting an insurance for them would become imperative for many.
Just like the LED business, actor Irrfan Khan is endorsing this line of products as well.
Gadget Secure is an insurance for essential gadgets and electronics, although as of now it only covers mobile phones and smartphones. As per the website, it has 4 different insurance plans starting from INR 599 and states that the gadgets will be insured for the original price of the gadget, it is currently restricted to new devices only.
The claim process for damage and theft are separate and have been defined out on the website. Additionally users can use the Syska Gadget Secure app to check their policy, claim status etc.
The policy comes with other features like phone repair, anti-virus, phone tracking etc.
According a recent report by Gartner, the mobile user base in India is expected to grow to 815 million this year, with India’s 1.2 billion people, that is a high level of penetration. There are many people are willing to pay for extended warranty, and many who have to save up money to buy a high end phone. A mobile insurance will come as a boon for them. However considering in most of the plans, the insurance cost is not even 10% of the claim value, for a fragile commodity like mobile phones, this could be misused. While the theft claims mandate involvement of the police authorities, it is not clear how will the company rule out intentional damages from actual ones.