Airtel Payments Bank partners with ICICI Lombard to offer smartphone insurance

Airtel Payments Bank has partnered with ICICI Lombard to offer smartphone insurance in India. This feature is available in Airtel Thanks app. This solution provides financial protection against damage to the phone and screen from accidents or spills. “As part of this smartphone insurance, customers can make up to two claims during the policy term, 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 euros, customers can receive an insurance sum that corresponds to the purchase price of their smartphone,” it said. People can buy this insurance themselves up to 10 days after buying a smartphone for between £10,000 and £100,000. Sanjeev Mantri, Executive Director of ICICI Lombard, said: “There are currently over 750 million smartphone users in India and this number is likely to reach 1 billion by 2026, which is a burgeoning opportunity and huge potential for a product like a 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 are helping us with practically everything today. Its repair costs are usually very high, so we have to protect it from the start.”