Realme has joined hands with ICICI Lombard to provide screen damage insurance cover for its smartphones. On Thursday, the Chinese smartphone maker, which entered financial services sector in December last year as Realme PaySa, announced its strategic partnership with ICICI Lombard to enrol Realme phone users under the All Risk Insurance Policy.
The policy can be availed from the Realme PaySa mobile application and will be completely paperless, ICICI Lombard said in a filing to the stock exchanges. The insurer claims that the insurance application will be processed in less than 5 minutes. Screen protection insurance has been offered for phones up to 18 months old and for screen breakages once or twice a year.
Commenting on the partnership with Realme, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance Company said, "Realme PaySa provides us the perfect platform to offer disruptive, affordable and pure digital insurance products to major Indian cities but more importantly in Tier 2, 3, 4 cities where historically reach, education and servicing have been major roadblocks."
"We always aim to bring best solutions to our 12 million users and ICICI Lombard was a natural choice. We chose to associate with ICICI due to their ability to co-create digital products, offer services across India and track record of high claim settlement ratios," said Realme India CEO Madhav Seth.
Premiums under the Realme PaySa-ICICI Lombard screen protection insurance cover will depend on the phone model and age of the phone. General premiums will start from Rs 250, ICICI Lombard said in its statement, adding that insurance solutions will be extended to both individuals and SMEs.
"We plan to provide co-created insurance solutions for both individuals and small businesses. We are actively studying the health, travel, shop, and home insurance products and also talking to our customers across India asking them how Realme PaySa could support them in insuring what's valuable to them," said Realme PaySa Lead Varun Sridhar. "We aim to insure 1 million Indians in the next 2 to 3 years."
Realme launched Realme PaySa in December 2019 as an app-based platform with four businesses across lending, savings, payment, and protection space. Apart from the recently launched screen damage insurance, Realme also has plans to offer mutual funds and credit reports under the PaySa platform.