Airtel Payments Bank partners with ICICI Lombard to provide smartphone insurance

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In a bid to bolster the Indian mobile insurance industry, Airtel Payments Bank announced its partnership with ICICI General Insurance Company to provide smartphone insurance

• The smartphone insurance cover provides financial protection against damage to the phone and its screen resulting from accidents or liquid spills

• The customers can get insured for a sum equal to the purchase price of their smartphone in the range of Rs 10,000 to Rs 1,00,000

• Monthly Premium starting at Rs 1299

• Customers can buy this insurance policy on their own using Airtel Thanks App within 10 days of purchasing the phone

• Insurance will be issued without any device health check.

• The Company will pay for two claims up to the sum insured for a policyholder during the insurance period, alongside free pickup & delivery for the phone

Important Facts-

• As per 2021 Deloitte Report, India have almost 1.2 billion mobile subscribers. Out of these, about 750 million were smartphone users and this number is likely to reach 1 billion by 2026.

• In February 2022, these two companies also partnered to offer insurance solutions against cybercrimes, and financial frauds to its customers related to banking, credit or debit card, as well as protection against threats such as identity theft, phishing, and email spoofing.

Important for Exam

• The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance , Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India. 

• It was constituted by the Insurance Regulatory and Development Authority Act, 1999 

• Headquarters are in Hyderabad, Telangana