If you wear spectacles, you know how precious it is. It takes a lot of effort and money to go to an optical store, select your favorite glasses, and get it ready as per the power of your eyes. However, in a single instance of misfortune, your costly eyeglasses can get damaged, lost, or worse, stolen, and you might have to repeat the whole process again.
While you can’t prevent this from happening, you can save yourself from the physical and financial hassles of getting your glasses repaired or replaced by procuring a spectacle insurance policy. Read on to know more about this special kind of insurance and how you can avail it.
What is a spectacle insurance policy?
Spectacle insurance policy is a special kind of insurance plan designed to cover you from financial risks or losses occurring due to accidental damage, loss, or theft of your spectacle lenses and/or frames. These policies hence, provide comprehensive protection to your eyeglasses, including sunglasses, goggles, and spectacles.
Most of the leading insurers in India have started offering spectacle protection plans as standalone policies as well as add-on covers with polices having a wider scope of coverage. Generally, such policies are valid for a period of one year and are required to be renewed after that.
Key benefits of spectacle insurance
Some primary benefits of having a spectacle insurance cover include:
Comprehensive protection
A spectacle insurance policy will cover your specs against any type of accidental loss or damage, including theft, burglary, fire, and natural calamity. So, in case you accidentally sit on your glasses or drop it on the floor, you need not worry about the financial losses associated with it with a spectacle protection plan at your back.
Affordable one-time premium
You can purchase a spectacle insurance policy by paying a minimal amount as premium. Depending upon the price of your eyeglasses, insurers usually ask for a premium of Rs.500 to Rs.1000 for issuing such policies. Considering the price of your specs, which can very well run into thousands, paying such a nominal amount for insuring it would be a worthwhile investment.
No limit to claims
Generally, there is no limit to the claims you can make within a year on a spectacle insurance policy. This means that if you’re one who possesses a habit of dropping or losing your eyeglasses frequently, you need not fret as you can make unlimited claims on your glasses’ insurance cover to get them replaced every time.
Hassle-free claim settlement
Another benefit of purchasing a spectacle insurance policy is its easy and hassle-free claim settlement process. To file a claim, all you need to do is just inform the insurer about the loss, theft or damage to your glasses within 7 days of the incident, and then a claims handler will be appointed by the insurer to settle your claim as early as possible.
However, in order to avoid any unnecessary delay in claim settlement, do convey all the relevant information correctly to the insurer and submit the required documents to support your claim. The insurer may ask you to produce an invoice copy of your specs, your KYC documents, and a copy of the FIR, in case of theft or burglary.
How to avail a spectacle insurance policy?
Availing a spectacle insurance cover is easy. All you need to do is search for the insurance companies offering such a policy in India, get premium quotes, and pay the final amount. In order to make an informed choice, it’s prudent to compare various policy offerings from different insurers and choose the one that fits your requirements and preferences perfectly.
For instance, you can opt for Eyewear Insurance Plan offered by Bajaj Finserv under the category of Pocket Insurance & Subscriptions. With this policy, you’ll be able to provide comprehensive coverage to your eyeglasses against accidental damages, natural calamities, theft, burglary, fire, riots, and other fortuitous incidents. You can buy this policy at a premium of Rs. 449 only.