Some insurance companies offer multi-device cover that provides insurance for your entire family's mobile phones under one policy.
I am planning to buy an iPhone 10 and since it costs almost Rs 1 lakh I want to know if I can buy insurance for it? How much will the premium be? Will it pay for the damages after the guarantee period?
—Ashima Pal
The premium amount for insuring your iPhone depends on your Insurer and the policy you opt for. Typically, service warranties cover only device malfunctions, whereas an insurance policy will cover the cost of replacing or repairing your phone if it is lost, damaged, or stolen. Some insurance companies offer multi-device cover that provides insurance for your entire family's mobile phones under one policy. Out of warranty malfunction may also be covered in an insurance policy, depending on the policy terms. Therefore, it is advisable to check the policy terms and conditions for the exact nature of coverage.
Is it necessary to have a mediclaim policy to buy a top-up policy? My wife and I are above 60 years and we don't have a mediclaim policy. But it is too costly to buy one now. Can we buy only a top-up?
—A K Prajapati
Yes, you can buy a top up policy without purchasing a Mediclaim policy keeping in mind that the top up policy will trigger only after a certain threshold (deductible amount) is reached . Considering your age you may also be required to undergo medicals for the Top Up policy.
I have home insurance. Should I inform the insurance company whenever I buy a new TV or fridge?
—Ravichandran M R
This depends on the content cover offered by the Insurer. Many of the insurers provide content cover on First Loss Basis, wherein total value of contents may or may not be declared. You may have to check the policy terms and conditions to know the exact nature of coverage.
The writer is MD & CEO, SBI General Insurance
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