Home / Companies / News /  ICICI Lombard partners with Airtel Payments Bank for smartphone insurance

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, said the ICICI Lombard press release today.

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, the insurance firm claimed.

With a monthly premium starting at 1299, 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 10,000 to 100,000. After submitting smartphone details, the insurance is automatically issued without a device health check. The connectedness that smartphones enabled during the pandemic will make this device insurance more beneficial to individuals than ever before.

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."

Keeping user experience at its core, the company also offers tech-driven solutions such as the ‘IL TakeCare App’ where customers can purchase policies, manage claims, and renew policies seamlessly. Additionally, the company offers its customers the option to buy insurance through different channels at their convenience. 

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