121612This is how low salary people should avail credit card benefits!

In today’s times, it is impossible to imagine our lives running smoothly without gadgets, be it our phone, washing machine, tablet, laptop or AC. Our personal and professional lives come to a grinding halt when our laptop or phone breaks down. Moreover, getting these repaired is a time-consuming and costly process. Even though you can opt for extended warranties, they do not provide cover against theft and accidental breakdowns.

In such a case, insuring all your expensive gadgets can be useful. Just like you buy health or term insurance, this policy can help lessen the sudden financial blow of getting them repaired. Let’s understand what is covered under gadget insurance

Gadget insurance policies usually offer comprehensive protection against accidental damages, and also from ones caused due to natural calamities like earthquake, fire breakout, floods etc. Some policies also offer protection against technical malfunctions, cyber security breaches and theft. What sets them apart is that the premium for such policies is extremely low, which is why they are also known as pocket or sachet insurance. Companies like OneAssist, Bajaj Markets etc. offer insurance for such products.

For instance, the Bajaj markets small gadgets insurance cover offers annual financial protection of a maximum Rs 10,000 for just Rs 399. From your expensive fitness wearables to your big-budget home theater, you can insure every gadget. However, mobile phones and laptops are amongst the most insured products

Most home appliances like washing machine, microwave, dish washer, AC etc. are often bundled into a single plan, which covers the cost of repairs by authorized personnel etc. But in case there is an address change, your policy can be canceled without any refunds,

These policies are centered around the online shopping consumer, who looks for an additional layer of safety around their expensive purchases. However, as is the case with OneAssist standard plans, you are allowed to make only 2 claims within a year. Also, you are required to insure your gadgets within a week. Any device, be it phone, smartwatch or others will not be eligible for insurance after 1 month from purchase.

Also, prior repairs by unauthorized or local personnel are not covered, and can often become grounds for claim rejections.