India Mobile Phone Insurance Market to Grow with a CAGR of 13.88% through 2031F
India Mobile Phone Insurance Market is driven by a
variety of factors such as the proliferation of smartphones, the rising cost of
these devices, and the digitalization of the insurance industry.
According to TechSci Research report, “India Mobile
Phone Insurance Market - By Region, Competition, Forecast & Opportunities, 2031”, the India Mobile Phone Insurance Market was valued at USD 2.62 Billion in 2025 and is expected to reach USD 5.70 Billion by 2031 with a CAGR of 13.88% during the forecast period. The India mobile phone insurance market has
witnessed remarkable growth and transformation over the past decade. With the
proliferation of smartphones and the increasing reliance on these devices for
various aspects of daily life, mobile phone insurance has become an essential
service for millions of Indian consumers. The India mobile phone insurance market has
experienced rapid expansion, fueled by several key factors. One of the primary
drivers is the soaring smartphone adoption rate in the country. India is now
the world's second-largest smartphone market, with millions of new devices
being sold every month. As smartphones become an integral part of daily life,
consumers are increasingly seeking ways to protect their valuable devices from
theft, damage, or loss. This growing demand for device protection has created a
fertile ground for the mobile phone insurance industry.
Several major players dominate the Indian mobile phone
insurance market. Leading insurance companies, both domestic and international,
have recognized the potential of this sector and have entered the market with
tailored insurance offerings. Additionally, mobile network operators (MNOs)
have played a significant role in promoting mobile phone insurance by bundling
insurance plans with their services. Some of the prominent players in the
Indian mobile phone insurance market include New India Assurance, Bharti Axa,
HDFC Ergo, Reliance General Insurance, and Bajaj Allianz, among others. The India mobile phone insurance market is
characterized by several notable trends. First and foremost, there is a growing
trend toward customized insurance plans. Consumers are increasingly seeking
policies that cater to their specific needs, whether it's protection against
accidental damage, theft, or even data loss. Insurance providers are responding
by offering a range of plans, from basic coverage to comprehensive protection.
Another trend is the rise of digital distribution
channels. Mobile phone insurance can now be purchased online, either directly
from insurance companies' websites or through mobile apps. This digitalization
of the insurance purchasing process has made it more convenient for consumers
to acquire coverage for their devices. Additionally, there is a growing awareness among
consumers about the benefits of mobile phone insurance. As people become more
attached to their smartphones, they are realizing the importance of having a
safety net in case of unexpected events. This increased awareness is driving
higher adoption rates across various demographic segments. While the India mobile phone insurance market has seen
significant growth, it also faces certain challenges. One of the primary
challenges is the lack of awareness in rural areas. While urban regions have
witnessed substantial smartphone adoption and insurance awareness, rural areas
still lag behind. Insurance providers need to invest in education and outreach
programs to bridge this awareness gap.
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The India Mobile Phone Insurance market is segmented into phone
coverage, coverage, distribution channel, end user, and region
Based on distribution channel, in the India Mobile Phone Insurance Market, Online Distribution is the fastest-growing channel. The rise of e-commerce platforms like Amazon, Flipkart, and official brand websites has made it easier for consumers to purchase mobile insurance policies with just a few clicks. Online channels offer the advantages of instant policy issuance, easy plan comparisons, and hassle-free claim processing through digital interfaces. Increasing smartphone penetration, growing digital literacy, and a preference for contactless services have further accelerated this growth. Additionally, online distribution allows insurers to reach a broader, tech-savvy audience across urban and semi-urban areas, driving rapid market expansion.
Based on region, South region of India is the fastest-growing market for mobile phone insurance due to several key factors. Cities like Bengaluru, Chennai, and Hyderabad have high smartphone penetration driven by a tech-savvy and digitally literate population. The region’s robust IT and manufacturing sectors contribute to higher disposable incomes, enabling consumers to invest in premium smartphones and seek insurance coverage. Additionally, a well-developed retail and service infrastructure makes it convenient for buyers to access insurance products and claim support. These combined factors have made South India a leading growth hub in the country’s mobile phone insurance market.
Major companies operating in India Mobile Phone
Insurance market are:
- Syska Gadget secure
- OneAssist
- SyncNscan
- Times Global
- Onsite Go Mobile Insurance
- Acko Mobile Insurance
- Airtel Secure Mobile Insurance
- Flipkart Complete Mobile Protection(CMP)
Insurance Plan
- Warranty Bazaar Mobile Insurance
- National Insurance Company Limited
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“India mobile
phone insurance market is a dynamic and rapidly evolving sector that has
witnessed significant growth in recent years. With the increasing ubiquity of
smartphones and the growing awareness of the need for device protection, the
market is poised for continued expansion. To succeed in this market, insurance
providers must adapt to changing consumer preferences, embrace digital
distribution channels, and explore new opportunities in both urban and rural
areas. As India's smartphone ecosystem continues to evolve, the mobile phone
insurance industry will play a crucial role in safeguarding consumers' valuable
devices and providing them with peace of mind.” said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based management consulting firm.
“India Mobile Phone Insurance Market By Phone Coverage (New Phone, Refurbished), By Coverage (Physical Damage, Electronic Damage, Theft Protection, Virus Protection & Others), By Distribution Channel (Mobile Operators, Device OEMs, Retailers, Online & Others), By End User (Corporate, Personal), By Region, Competition Forecast & Opportunities, 2021-2031F, has evaluated the future growth
potential of India mobile phone insurance market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers make
sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in India mobile phone insurance market.
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