Airtel Payments Bank ties up with ICICI Lombard to offer smartphone insurance

With a monthly premium starting at ₹1,299, customers can get an insurance sum that is equivalent to the purchase price of their smartphone

Airtel Payments Bank has tied up with ICICI Lombard to offer Smartphone Insurance in India. This facility is available on the Airtel Thanks app. This solution 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 and delivery, making it a unique offering in the market,” the companies said in a joint statement.  “With a monthly premium starting at ₹1,299, customers can get an insurance sum that is equivalent to the purchase price of their smartphone,” it said. People can get this insurance on their own until ten days after purchasing a smartphone priced between ₹10,000 to ₹ 100,000. 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.” 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.”