India Mobile Phone Insurance Market, By Region, Competition, Forecast & Opportunities, 2021-2031F

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, rising at a CAGR of 13.88%. The market is expanding rapidly, driven by the proliferation of smartphones and their growing role in daily life. With a vast and expanding smartphone user base, increasing disposable incomes, and the popularity of premium handsets, the need for mobile phone insurance has become more pressing.

Insurance offerings are diversifying, covering theft, accidental and liquid damage, screen cracks, and software failures. As smartphones evolve into essential tools for communication, finance, and entertainment, their protection is becoming a priority. Additionally, insurance is becoming more accessible through bundling with phone purchases and integration with digital platforms. The market is set for continued growth as insurers introduce innovative, user-friendly policies that address evolving consumer expectations and promote long-term device protection.

Key Market Drivers

Rapid Growth in Smartphone Penetration and Premium Device Adoption

The exponential increase in smartphone users, fueled by expanding digital infrastructure, rising affordability, and a tech-savvy population, is a key driver of the mobile phone insurance market in India. As of 2024, India had over 750 million smartphone users, with a noticeable shift toward mid-range and premium devices priced at ₹20,000 and above. The rise in ownership of expensive smartphones from brands like Apple, Samsung, and OnePlus has made users more cautious, increasing demand for device protection. Smartphones are no longer just communication tools but are integral to banking, education, and healthcare, especially in urban and semi-urban centers. This has boosted consumer willingness to invest in insurance. The trend is reinforced by OEMs and e-commerce platforms bundling insurance plans with device purchases, along with AI-based apps simplifying claims and enhancing consumer engagement.

Key Market Challenges

Low Awareness and Adoption Rates

Despite rising smartphone usage, a major challenge in the Indian mobile phone insurance market is limited consumer awareness, particularly in semi-urban and rural regions. Many users remain unaware of insurance options or misunderstand the extent of coverage, often assuming that warranties cover accidental or liquid damage. For low- to mid-range phone users, mobile insurance is often seen as a non-essential expense. Cultural attitudes in India still prioritize traditional insurance segments such as life or health, making gadget insurance a lower priority. Moreover, concerns over complex claims processes and hidden exclusions discourage adoption. These perceptions result in low penetration and renewal rates. Addressing this gap requires targeted awareness campaigns, simplified plans, and clear communication to build consumer confidence and drive adoption.

Key Market Trends

Growing Demand for Comprehensive Coverage

A notable trend in the Indian mobile phone insurance market is the rising preference for comprehensive protection plans. Initially limited to accidental damage and theft, consumers now seek coverage for a wider range of issues, including liquid damage, screen breakage, software faults, and even virus protection. This shift is fueled by the rising cost and critical dependence on smartphones in daily life. In response, insurers are launching plans that offer enhanced protection with value-added services like extended warranties and data protection. These offerings cater to evolving consumer expectations, providing peace of mind and fostering brand loyalty. The trend is creating new revenue opportunities for insurers while encouraging product innovation in a competitive landscape.

Key Market Players

• 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

Report Scope:

In this report, the India Mobile Phone Insurance Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

India Mobile Phone Insurance Market, By Phone Coverage:

• New Phone
• Refurbished

India Mobile Phone Insurance Market, By Coverage:

• Physical Damage
• Electronic Damage
• Theft Protection
• Virus Protection
• Others

India Mobile Phone Insurance Market, By Distribution Channel:

• Mobile Operators
• Device OEMs
• Retailers
• Online
• Others

India Mobile Phone Insurance Market, By End Users:

• Corporate
• Personal

India Mobile Phone Insurance Market, By Region:

• North
• West
• South
• East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Mobile Phone Insurance Market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company's specific needs. The following customization options are available for the report.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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