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In this digital era, when more and more persons are buying gadgets like laptops, computers, mobile phones, digital cameras etc., safety of such items is also important.Although, manufacturers provide a one year warranty which is mostly limited to manufacturing defects. However, if a gadget is stolen or damaged, you may have to spend from your pocket or buy a new gadget. For these reasons, people prefer to get their gadgets insured.

Insurance provides financial protection against accidental damages, water/fluid damage, theft, burglary and fire damage.
Gadget Insurance can be purchased for new gadgets only (not for second hand ones) from the stores/online platforms from where you buy the gadget. Normally, the cover is not sold by insurance Companies either in their branches or through agents or even online.

Insurance Companies usually issue Master Policy to the sellers/online platforms authorizing them to provide risk cover to the purchasers of gadgets. They are required to give Certificate of Insurance, wherein Name of Insurance Company, risks/perils covered, period of insurance and details of item purchased/covered are mentioned.

The purchaser of Gadget must obtain Certificate of Insurance at the time of purchase of the product.

In case of theft/burglary, an FIR should be lodged preferably within the first 24 hours after the theft and handover copy of the FIR to the insurer along with intimation of loss.

In case, the gadget is damaged due to any other covered peril, gadget owner should inform the seller and the Insurance Company about the loss, who in turn may depute surveyor to assess the loss. 

1. Purchase Invoice or copy of bill wherein make, model and serial no. of the product are mentioned   

2.  Duly filed claim form

3. Copy of FIR in case of theft/burglary.

4. Any other document required by the insurer.

1.  Total Loss

It means that the Gadget is badly damaged and it is not economically viable to repair it. Theft/Burglary is also considered as total loss.

In case of total loss, the insurer pays the Sum Insured minus depreciation which is calculated as per age of the Gadget at the time of loss,

 

2.  Partial Loss

It includes the damages that can be repaired and have been caused by perils covered under the policy like accidental damages and damage due to ingression of water/fluid in the machinery parts of the gadget.


In these cases, the insurer will pay reasonable cost of the repair of the Gadget after receipt of repair bills. Usually, insurer arranges survey of the damaged item by a qualified surveyor to assess the loss.