A

PROJECT REPORT

ON
AWARENES ABOUT MOBLIE INSURACES AMONG
CUSOMERS
SUBMITTED TO
THE UNIVERSITY OF MUMBAI
IN PARTIAL FULLFILLMENT FOR THE AWARD OF THE
DEGREE OF BACHELOR OF COMMERCE (BANKING AND
INSURANCE)
ACADEMIC YEAR 2016-2017
SUBMITTED BY
ARTI ANIL NIKAM
SEAT NO:

UNDER THE GUIDANCE OF

PROF. REVU VERMA

THE SIA COLLEGE OF HIGHER EDUCATION

1
 DECLARATION

I hereby declare that this project titled AWARNESS AOUT MOBLIE INSURANCES
AMONG CUSTOMER. Submitted by me is based on actual work carried out by me under
the guidance & supervision of Mrs, RENU VERMA.
Any reference to work by any other person or institution or any material obtained from other
sources have been duly citied & reference.
It is in future to state that this work is not submitted anywhere else for any examination.

THE SIA COLLEGE OF HIGHER EDUCATION

THE S.I.A COLLEGE OF HIGHER EDUCATION

SIGNATURE OF STUDENT

(ARTI ANIL NIKAM.)

2
 ACKNOWLEDGEMENT
I am thankful to Professor MRS.RENUVERMA for her valuable
guidance in successful completion of this project.

My overriding debt due to our Principal Dr.PADMAJA ARVIND& Librarian MRS.

BHARTIRAO.

Last but not the least I cannot forget my friends & parents whose constant encouragement &
support made this task a happy job.

SIGNATURE

ARTI ANIL NIKAM.

(THIRD YEAR BACHELOR OF COMMERECE)

(BANKING & INSURANCE)

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 THE SIA COLLEGE OF HIGHER EDUCATION P-88,MIDC
Residential Area, Gymkhana road, Near Balaji
Mandir,Dombivili(East)421 201

E-mail:sia.college@yahoo.com

CERTIFICATE
This to certify that,

ARTI A. NIKAM

Student of B.COM (Banking & Insurance VI) 2016-2017

(SEAT NO: ) Has successfully completed his

project work on AWANESS ABOUT MOBLIE INSURANCES

AMONG CUSTOMERS under the guidance of MS.PROF. RENU

VARMA as per Mumbai University syllabus.

COURSE CO-ORDINATOR
PROJECT GUID

EXTERNAL EXAMINER
PRINCIPAL

4
 Index

CHAPTERS CHAPTERS NAME PAGE NO.

NO.
1. INTRODUCTION OF TOPIC

2. REVIEW LITERATURE

3. RESEARCH METHODOLOGY

4. DATA ANALYSIS AND

INTERPRETATION

5. CONCLUSION
6. BIBLIOGRAPHY /
REFERENCES
7. ANNEXURE

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 Chapter no .1

TITLE OF THE PROJECT

AWARNESS OF MOBLIE INSURNCES AMONG

CUSTOMERS

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 INTRODUCTION
I have undertaken my study in area of insurance industry in order to get
the basic understanding of insurance operation especially mobile
insurance. As mobile insurance activity has been changing & very
competitive in nature in meeting needs of customers. The idea of
undertaking this project is to understand the customers present
expectation from insurances industry & even to know their perception
about mobile insurance in this competitive industry.

The project title is Awareness about Mobile insurances among

customers.

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SCOPE OF THE PROJECT
The study include about the mobile insurances ,
benefits product to the customers

Data is being collected through secondary and primary

data

The study was carried out in the period of two months

that is between Feb to march 2017

OBJECTIVES OF THE PROJECT

The main objective of this project is to study the awareness of
the mobile insurances among customers.

To find out whether the customers are aware of the mobile

insurances

To find out whether the customers are satisfied of the mobile

insurances to study the evaluation of insurance industry.

The objective is to find out how many insurances company

provide mobile insurances

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LIMITATIONS

Due to time constraint I am selecting 30 respondents the

information recover from them is restricted to dombivli area
which is not applicable to the whole of India.

There was problem raised while collecting the secondary data.

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Chapter No. 2

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 Introduction of insurance

Insurance is a means of protection from financial loss. It is a form

of risk management primarily used to hedge against the risk of a
contingent, uncertain loss.

An entity which provides insurance is known as an insurer, insurance

company, or insurance carrier. A person or entity who buys insurance
is known as an insured or policyholder. The insurance transaction
involves the insured assuming a guaranteed and known relatively
small loss in the form of payment to the insurer in exchange for the
insurer's promise to compensate the insured in the event of a covered
loss. The loss may or may not be financial, but it must be reducible to
financial terms, and must involve something in which the insured has
an insurable interest established by ownership, possession, or
preexisting relationship.

The insured receives a contract, called the insurance policy, which

details the conditions and circumstances under which the insured will
be financially compensated. The amount of money charged by the
insurer to the insured for the coverage set forth in the insurance policy
is called the premium. If the insured experiences a loss which is
potentially covered by the insurance policy, the insured submits a
claim to the insurer for processing by a claims adjuster.

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 Types of insurance

Life insurance

(or life assurance, especially in the Commonwealth), is a contract

between an insurance policy holder and an insurer or assurer, where
the insurer promises to pay a designated beneficiary a sum of money
(the benefit) in exchange for a premium, upon the death of an insured
person (often the policy holder). Depending on the contract, other
events such as terminal illness or critical illness can also trigger
payment. The policy holder typically pays a premium, either regularly
or as one lump sum. Other expenses (such as funeral expenses) can
also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe
the limitations of the insured events. Specific exclusions are often
written into the contract to limit the liability of the insurer; common
examples are claims relating to suicide, fraud, war, riot, and civil
commotion.

Life-based contracts tend to fall into two major categories:

Protection policies designed to provide a benefit, typically a

lump sum payment, in the event of specified event. A common
form of a protection policy design is term insurance.

Investment policies where the main objective is to facilitate

the growth of capital by regular or single premiums. Common
forms (in the U.S.) are whole life, universal life, and variable
life policies.

Types of Life Insurance

term life insurance
whole life insurance

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 endowment plans
unit link policy

General insurance

or non-life insurance policies, including automobile and homeowners

policies, provide payments depending on the loss from a particular
financial event. General insurance is typically defined as any
insurance that is not determined to be life insurance. It is
called property and casualty insurance in the U.S. and Canada
and non-life insurance in Continental Europe.

Types of General Insurance

General insurance can be categorized in to following :

Motor Insurance: Motor Insurance can be divided into two

group, one is car Four wheeler insurance and other is two wheeler
insurance.

Health Insurance: Common types of health insurance includes,

individual health insurance, family floater health insurance,
comprehensive health insurance and critical illness insurance.

Travel Insurance: Travel insurance can be broadly grouped

into Individual travel policy, Family Travel policy, student travel
insurance and senior citizen health insurance.

Home Insurance: Home insurance protects house and its

contents in bad time.
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 Marine Insurance: Marine cargo insurance covers goods,
freight, cargo and other interests against loss or damage during
transit by rail, road, sea and/or air

Commercial Insurance: Commercial insurance encompasses

solutions for all sectors of the industry arising out of business
operations
Marine insurance

covers the loss or damage of ships, cargo, terminals, and any

transport or cargo by which property is transferred, acquired, or held
between the points of origin and final destination. Cargo insurance is
a sub-branch of marine insurance, though Marine also includes
Onshore and Offshore exposed property, (container terminals,
ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine
Liability. When goods are transported by mail or courier, shipping
insurance is used instead.

Types of marine insurance :

Voyage policy
Time policy
Mixed policy
Valued policy
Unvalued policy
Floating policy
Block policy
Wager policy
Composite policy
Feet policy
Port policy

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What is mobile insurance?
Warranty is valid only for manufacturing defaults and for only a year.
But when it comes to insurance of a gadget like mobile then
it means that mobile will be covered for any kind of accidental
damages like Screen crack, water damage, display problem or
theft/loss.
Mobile phone insurance just like any other insurance product
provides risk cover. In this case, it covers risk arising from incidents
such as loss of phone, theft, damage among many others. This
insurance can be bought at the time of buying the gadget or maximum
with a five day delay from the day of billing. The premium here

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depends on the worth of the mobile purchased. The cover period is
typically for one year but there are a few players who offer a two year
cover period.

Best Mobile Insurance Companies In India 2017

Best Phone Insurance Company.
In todays era, mostly every one of us carries expensive smartphones
and tablets but phone damage risk always revolves around the
head. Best Mobile Insurance Companies in India 2017 will help out
in getting rid of such misfortunes that may result in big loss. These
companies assure the customers to safeguard them form risk related
incidents like theft /loss/damage. They do so by compensating the
cost of phone as per its terms and conditions.

List of mobile insurance companies:

TIMES Global Insurance
Syska Gadget Secure

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 One Assist
New India Assurance
SyncNScan

1. New India Assurance

The first mobile phone insurance company is New India
Assurance Company. Although the company is owned
by Indian government and it provides insurance for all
other purposes like personal, Medicare, motor etc but is
also provides you with mobile phone insurance plan
Now how do you get your mobile phone insured with
New India Assurance Company?
Well Nokia in collaboration with New India Assurance
came up with a scheme for mobile users in India. The
plan is fixed premium is only Rs 50/- and the rate is
around 1.25% of the price of the mobile phone.
This scheme by the company would cover loss, theft,
malfunctioning and damage of the phone

2. Syska Gadget Secure

Syska Gadget Secure insures your
phone against accidental damages,
water/fluid damage, theft, burglary
and fire damage. If your device gets
stolen/theft, Syska Gadget Secure
will provide compensation that will

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be equivalent to the cost of replacement of your stolen device by a
new device of similar specification and price line.
As per the cost of your phone they have 5 different
plans for Samsung mobiles only.
For price between Rs 4000 to Rs 10,000/- you can go
for Rs 599/-. Similarly for other four plans
For Rs Rs 399/- for less than Rs 4000/-,
For Rs 10001 to Rs 15000/- plan is Rs 899/-,
For Rs 15001 to Rs 25000/- plan is Rs 1299/-,
For Rs 25001 to Rs 90000/-
plan is Rs 1999/-
3. Onsite Secure
Onsite Secure is amongst the Best
Mobile Insurance Companies in
India. It secures to smartphones,
laptops, tablets and digital cameras
through its insurance and warranty
schemes. Like any other phone insurance company, it also safeguards
the insured device from hardware failure, mishaps, charging port
issues and other activities resulting in loss.
It has plans for various price ranges like

For Rs 1 to Rs 7000/- plan is Rs 599/-,

For Rs 7001 to Rs 13000/- plan is Rs 799/-,

For Rs 13001 to Rs 20000/- plan is Rs 1099/-

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For Rs 20001 to Rs 30000/- plan is Rs 1799/-,

For Rs 40001 to Rs 50000/- plan is Rs 2799/-,

For Rs 50001 to Rs 70000/- plan is Rs 3499/-,

For Rs 70001 to Rs 100000/- plan is Rs 4899/-

4. TIMES Global Insurance

TIMES Global Insurance is one of the Indias
largest iPhone, Smart-phone & Laptop
Insurance Provider. It provides 100%
Cashless Insurance against Accidental or
liquid damage, screen crack and secures us
from any kind of malfunction like theft/stolen of device. It is best
Mobile Insurance Company that charge lowest depreciation; 10% p.a.
of invoice/bill value in case of theft/stolen of smartphone.
5.One Assist
OneAssist is another Best Phone Insurance Company and it maintains
highest levels of security standards.
If secures the device against Screen
damage, physical damage, liquid
damage like tea, coffee and any oil spills and any kind of mishaps that
can result a great loss. It has given a satisfactory result to the
customers and is getting popular day-by-day.

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6. SyncNScan
SyncNScan is one of the best mobile
phone insurance companies in India, it
secures the device against theft and
damage insurance and provides cloud backup and spam guard. It also
protect the device from accidental damage, water damage, theft
/burglary including riot, strike, stolen, damage to exterior/interior
components and many other causes that can result in heavy loss.

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Mobile Insurance Coverage

Typically a mobile insurance plan would provide cover against the

followings:

Accidental Physical Damages

Technical glitches including damages due to unintentional

insertion of liquid fluid causes gadget to stop working.

Stolen in burglary including theft and housebreaking

Damaged caused due to fire, explosion or lightening

Suffers damage during riot or strike

Mobile Insurance Exclusions

There are few instances under which your mobile insurer would not
liable to compensate your loss:

Mysterious disappearance of smartphone

Theft from forgetting mobile in vehicles except it being four-

wheeler fully locked

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 Theft, loss or damage during usage by third party

Overloading and experimentation involving imposition of any

abnormal conditions

Damage by wear and tear or from any process of cleaning or

repairing

Intentional or wilful act of the insured party

Loss or damage due to poor maintenance and pet bites

Mechanical and electronic breakdown or derangement

Loss or damage due to war or nuclear perils, loss by water or

from any water borne craft.

Mobile Devices that have been modified from their original

state;

Further, there is a waiting period of 2 to 3 days that means claims will

be entertained only after 2 to 3 days of registering with the insurance
company.

Depreciation

Depreciation is the biggest factor which reduces your claim by

significant amount.

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The depreciation values are usually as follows:

0 to 3 months 15% to 20%

3-6 months 25% to 30%

6-12 months 50%, in some cases the depreciation can be as

high as 75%

Co- Payment

Co-payment means a fixed amount which insured has to pay in the

event of claim. Most of the mobile insurance policies have a standard
clause of 5% co-payment, which has to be borne by the insured.
Sometimes this may be as high as 10%. For example if you have
agreed to a co-pay ratio of 5%, you will need to shell out Rs.1,500/- in
case of

Extended Warranty
Most often consumers are of the view that having an extended
warranty can replace the need to go for insurance. According to Vivek

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Gohlan, Director of Warranty Asia, "An extended warranty means
whatever the manufacturer is providing in the first year is extended
into the second year. It covers only the mechanical and electrical
faults in the device." If the speaker is not working or if there is a
software issue, then an extended warranty comes in handy, he adds.
But the main concern for customers these days is regarding screen
damage, theft and the likes which is not a part of extended warranty,
so that's when insurance comes in handy. Addressing this very
concern there are some players in the market which offer extended
warranty and several other additional features. One such player is
Infysheild which not only provides extended warranty but also packs
in total Protection against unexpected costs of repair and hassle free
replacement of product if the product cannot be repaired.

Mobile Phone Insurance Claim Process

In case of an insured mobile phone is lost or stolen, insured

needs to file police complain at the nearest police station within
48 hours of the loss of the phone. The mobile bill together with
the FIR needs to be submitted to the insurer to obtain insurance
claim.
In any other case the mobile bill along with repairing bill shall
be submitted to the insurer. Remember that repairing bill shall
be of an authorized service centre only.

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 Make sure to block your SIM by contacting your network
provider.
Keep your original bill or invoice be with you to claim your
ownership of the phone.
Fill the necessary documents, submits FIR copy and original bill
or invoice
All the required documents along with the claim form should
reach the insurer within 15 days from the day of intimation

Few other documents shall also be asked to provide

KYC documents i.e. Self attested photo ID proof of Claimant

Cancelled Cheque

Duly stamped and signed SIM blocking letter or email copy

from Service Provider duly stamped and signed.

Rejection of claims

Your claim can be rejected if:

Damage or Theft occurred when third party was using gadget

Repair is not done at an authorised service centre

FIR about the theft is not filed within 48 hours

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 Not able to prove the phone is stolen

How much money you will get ?

Usually, replacement cost of the phone is given to the claimant after

deducting the applicable charges and depreciation. A phone costs
Rs.30,000/- including taxed and duties, if gets stolen within 3 months
of purchase and still available at the same price in market than the
customer would get roughly Rs.22,500/- i.e. after charging
depreciation of 20% and co-payment fee of 5%. If the price of the
phone is reduced to Rs.27,000/- than the claim will also get reduced
by Rs.3,000/- i.e. to Rs.19,500/-.

How the loss will be compensated?

Insurance companies compensate the amount equal to the cost of

replacement of the instrument by a new instrument of the same
specification and same capacity (including taxes) or the sum assured
(whichever is lower). Also remember that based on the usage of
phone the compensation value will be arrived. Like if your phone is
within 90 then no depreciation, 90 days to 181 days old then 25%
depreciation and more than 181 days means 50% depreciation (It is
just an example).

How much it cost to buy mobile insurance?

All companies have their own yardstick to arrive at the premium. But
usually it will be around Rs.15 to Rs.20 per Rs.1,000 value of phone.
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So if your phone cost you Rs.50, 000 then the premium will be Rs.
750 to Rs.1, 000.

Scope of cover offered

Act of God
Damage or theft during strike or riot
Robbery from a locked building/vehicle
In case of theft and housebreaking
Damage arising from fire, lightening and explosion
Accidental exposure to any fluid leading to damages in internal
circuitry
Accidental physical damage which leads to complete breakdown
Exclusions
Loss arising as a result of personal negligence such as lost,
forgotten/misplaced/ left unattended, missing or fallen
Loss resulting from attempted theft
Loss due to willful neglect
Any loss suffered at a time when the mobile was being used by
a third party
Loss during nefarious activities like cyber attack, terrorist
activity and the likes
Damage due to incorrect installation and incorrect set-up
Any loss arising outside Indian territory

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 Damage to accessories even if it is a part of standard pack at the
time of purchase

Chapter No.3
Research Method

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A research design is simply a plan for study in collecting &analyzing
the data. it helps the researchers to conduct the study in an economical
method relevant to the problem . research methodology is a
systematic way to solve a research problem . the methodology should
be combine economy with efficiency .

Research design:-
Determine the information sources .the researchers gathered
data though secondary sources
Primary data:-
The researchers collected primary data by preparing questionnaire of
auto rickshaw driver in dombivili
Sample size: - 30 respondents from dombivili

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Secondary data:-It is collected from online database. Researcher
has used newspapers, journals, books written by experts, websites
course material for that purpose.

Annexures
1) Gender
Male
Female
2) Name of the customers
3) Age
20-30
31-40
41-50
4) Which companys mobile insurance have you chosen?
TIMES Global Insurance
Syska Gadget Secure
One Assist
New India Assurance
SyncNScan

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5) Why you chosen this company

6) Are you satisfied with customer service

Satisfied
Unsatisfied

7) Will you recommend your company to anyone?

8) How will you rate the company?

Excellent
Good
Average
9) Do you have extended warranty of your mobile insurance?
Yes
No
10) Are you aware of the mobile insurance?

11) What are the documents required for claim procedure

12) What is the amount of mobile & how much money do you
got after calming for insurance

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