The insurance premium would be 1.15 per cent of the handset price and the claim would be made to ICICI Lombard directly on the market value of the handset and on receipt of proper documentation from the customer. However, the coverage is just for one year and the renewal is at the sole discretion of ICICI.
The insurance covers malicious damage which includes loss due to theft, burglary, accidents apart from accidental damage in lieu of natural calamities such as storm, tempest, flood, inundation, bushfire and earthquake. Aircraft damages, bursting of overhead tanks and riots also come under the insurance purview.
Sunil Sood, chief operating officer Hutchison Telecom East said,
