TV Insurance: Coverage, Claim & Exclusions

Updated: 11-05-2022 09:49:27 AM

A television has become an inseparable part of our life today. With advancements in technology, people are going for smarter versions of TV, which also cost a lot. However, to overcome any risks and problems associated with the such devices, a TV insurance is a must.

What is TV Insurance?

LCD, LED and Smart TVs are some of the popular types of television today. With multiple features, these TVs are quite expensive. Any damage or issue with the TV can mean a big monetary loss. A TV insurance saves you from incurring the losses because of the risks relating to a costly product like a television set.

Types of TV Insurance

Once the warranty period gets over, a TV insurance can cover the risks associated with a television set. There are two types of TV insurance, namely

• Individual plan which covers only the risks associated with the television set and antennas attached to it
• A combined package which covers expensive products (including TV) and is termed as the Product Insurance

What all TV Insurance Covers?

It covers the loss and damage caused to the television set by

• Malicious attacks like riots
• Burglary and house-breaking theft
• Mechanical or electrical breakdown
• Natural calamities like storms, earthquakes, cyclones
• Fire, lightning, explosion of domestic gas aircraft
• It also includes the third party liabilities which might be the result of death, physical injury by using the TV or any fittings related to the product
• Some insurance companies also provide accidental insurance cover for the TV set

Eligibility Criteria for TV Insurance

Anyone, who owns a television set is eligible for purchasing a TV insurance.

How TV Insurance Functions?

TV insurance is gaining importance due to the rising prices of TV sets. The key steps involved in getting this insurance policy and settling a claim are:

• Apply for the insurance after purchasing the set
• Provide the photocopy of the purchase receipt, warranty card and the complete details of the TV set
• The insurance copy validates the details and approves the application
• If any unforeseen event occurs (for example, theft or cracked screen), the applicant intimates the insurance company
• A company representative visits the site and validates the claim
• If the claim falls under the policy, the claim gets approved
• The claim is settled and money is sent to the bank account of the policy holder

TV Insurance Claim Process

In case of any eventuality, you would need to file a claim with the insurance company. You should be aware of the correct procedure in order to avoid any claim rejection. The necessary steps to be followed to process the claim are:

• The insured should immediately inform the insurer about the mishap. They can call on the 24*7 customer care number of the insurance company for the same. They can also visit the company office to intimate about the loss
• Submit the necessary documents at the branch office of the insurance company
• A company representative visits the house and checks the TV condition
• If the damage is covered under the policy, the claim is settled and money is paid in the bank account of the beneficiary

Documents Required for Claim Process

In case there is a need to make claims, the policy holder should submit the following documents to get the reimbursement:

• Photocopy of the policy
• Purchase invoice of the TV
• Duly filled in claim form
• Repair bills after the work is done
• Estimate cost and details of repairs
• Any other document as required by the insurance company

How Long Does it Take to Pay Out a Claim?

A TV insurance claim is settled within 30 days of intimation. If the insurance company needs any clarification, they need to get it done within this stipulated time period.

Cases Where you Can’t Claim TV Insurance (Exclusions)

TV insurance covers various sections and areas; however, the policy does not cover certain situations, also called exclusions/ some of these cases are:

• Nuclear risks, terrorist attacks and wars
• Repair, dismantling or erection of the set
• Faults existing at the time of purchase of the policy
• Liabilities which the insured agreed to bear during the policy initiation
• If the TV is not stolen but just the antenna gets stolen
• Wear and tear caused by normal atmospheric conditions

Companies Offering TV Insurance in India

TV insurance is gradually gaining popularity today. Some of the companies providing this insurance in India are:

• Reliance General Insurance
• United India Insurance
• OneAssist
• HDFC Ergo

Important Aspects 

TV insurance is payable only if proper care is taken and there is no intentional negligence from the user-end. You should keep all the important points in mind before purchasing a TV insurance:

• Repair must be done only at authorised service centres
• Read through the warranty policy, terms and conditions
• Installing a TV at a place where there is less probability of accidents
• Getting a transparent policy which offers complete protection, with the terms and conditions clearly mentioned.

Advantages of Buying TV Insurance

TV insurance is a must considering the fact that today’s life is heavily dependent on television sets which can cost a lot. Some key advantages of buying this policy are:

• Constant worry of any damage to an expensive TV set goes away
• As the repair costs are covered, the insured need not invest in buying a new TV
• Protects not only the TV but also the aerial fittings and property damage caused by it within the premises of the policy holder

FAQs

Q1. What does a TV insurance offer?

It covers loss/damage caused by electricity fluctuations, cracked screen, liquid damage, TV software, fire and theft.

Q2. What is TV insurance policy period?

The policy period of this type of insurance is 1/2/3 years. The policy starts after the warranty period gets expired.

Q3. Is renewal of this Insurance possible?

The policy can be extended/renewed by approaching the branch office of the insurance company.

Q4. What is the premium for TV insurance?

 It depends on the category of the television set, invoiced priced and tenure of the insurance.

Q5. What is the premium tenure?

 TV insurance is paid only once at the start of the policy.

Q6. What is the sum insured for TV insurance?

Sum insured is equivalent to the invoiced price of the television set.

Q7. Does TV insurance cover all brands and models?

The TV insurance covers TV sets from all premium brands. 

Q8. How many times TV insurance can be claimed?

TV insurance can be claimed multiple times. If there is any limit, the same will be mentioned in the policy papers.