MICI Phone ADLD Insurance

Insurance for your phone if it gets accidentally damaged or water-damaged

FAQ

1. How to check MICI’s phone accidental damage insurance ‘Terms and Conditions’?

Please check the Terms & Conditions.

2. What is MICI’s phone accidental damage insurance?
MICI’s Phone Insurance provides compensation for mobile phones damaged due to external causes.

3. How can I purchase phone accidental damage insurance?
You can purchase phone accidental damage insurance along with your mobile phone when applying for the Akulaku installment plan.

4. How much does phone accidental damage insurance cost? Can it be included in the installment plan?
The cost of the insurance will be included in the installment plan. The cost depends on the mobile phone you select.

5. Can I buy phone accidental damage insurance after purchasing a phone through Akulaku installment?
No, insurance cannot be purchased after the mobile phone has been bought.

6. Can I switch my phone accidental damage insurance to another type of insurance?
No, switching to a different type of insurance is not permitted.

7. Can I cancel my phone accidental damage insurance?
Yes, cancellation is subject to certain conditions. Please contact Akulaku Customer Service for more details.

8. Can I purchase phone accidental damage insurance for a phone not bought through Akulaku installment?
No, this insurance is only available for phones purchased through Akulaku installment.

9. Where can I check the insurance policy and the Confirmation of Cover?
The insurance provider will email you the policy within 24 hours of purchase on a business day. If the purchase is made on a weekend or holiday, policy will be sent on the next business day.

Claim Process Guide

Step 1: Report a claim via MICI Customer Service Center at 8672888 or send an email to claims@miciph.com. You can also touch base with your insurance agent or visit us at 3/F, Athenaeum Building, 160 L.P Leviste St., Salcedo Village, Makati City, Philippines.

Step 2: Submit all requirements immediately. If there are any additional requirements, our claims representative will connect with you.

Step 3: You will receive status confirmation from our claims representative, such as the decision for your approval, once everything is agreed upon by all parties involved.

Step 4: Your LOA/claims settlement, if for cash settlement, will be available within 5 working days.

Requested information

Claims

1. Photograph / Videos showing damage/s to the insured unit

2. Incident / Police Report – Claim Report = email notification by the insured only – police report only if there is theft involved.

3. Repair or Replacement Estimate

4. Proof of Possession: Take a selfie holding the phone

5. Should a photo be unavailable to be submitted – claims department will have the damaged item to be inspected 3rd party provider/inspector*

Settlement of the compensation

Claim Settlement Options:

1. Urgent Repair – Reimbursement Option. The client is given the option to have their mobile phones repaired in advance.

Given that the damage will not exceed the value below:

30% of the total limit of repair and replacement of parts of the fair market value of the item insured.

Damages in excess of 30% will no longer be reimbursed by the insurance company to the insured.

2. Partial Loss – 31% to 74% of the total limit of repair and replacement of parts of the fair market value of the item insured.

3. Total Loss – Damages that exceed 75% of cost of repair will be evaluated as “Total Loss” – subject to the fair market value of the item insured at the time of loss.

Options:

1. Unit Retain – total settlement amount will be computed as follows: estimate – deductible – depreciation = total settlement amount

2. Unit Surrender – total settlement amount will be computed as follows: sum insured – deductible – depreciation = total settlement amount

75% of cost of repair – pertains to the value of repair versus the fair market value. FMV at the time of loss to be determined by the Claims Department

Deductible

All claims are subject to the fair market value of the insured unit at the time of loss, submission of all claim documents, and deductible percentages equivalent to:

Repairs: (minimum of 1,000)

Deductible of 3% of Sum insured for the first 3 months

Deductible of 5% of Sum insured for the next 3 months

Deductible of 7% of Sum insured for the following 3 months

Replacement: 10% of Sum insured min of 3,000

We will apply the deductible that is higher.

Depreciation

Quarterly depreciation of 5% = 20% one-year term. Depreciation will only apply to replacement parts on a partial claim.