The United Insurance Company (UIC) has launched the "Mobile Guard," an insurance plan for theft and snatching of mobile phone sets. "It is a latest addition in our "Guard Series" of products", said Dr Murtaza Mughal, Country Manager of UIC.
"We have worked out the scheme in collaboration with two main mobile selling companies of the country, which sell over three million mobile sets annually", he added. The scheme offers safety against theft/snatching at gunpoint. Dr Mughal said "we have developed and designed various tools and instruments to provide hassle free quality services to the people. In addition to normal/traditional portfolio, we are focusing on real risk exposures faced by a large number of people".
"We have launched many branded products to cover wide and varied range of customers", he said and added that "in addition to launching a tracking company (United track systems), we are the first in the country to offer insurance for mobile theft and snatching". In case of death of mobile owner during snatching the insurer will be compensated up to Rs 50,000 to the family of insured. Further, funeral arrangement and death repatriation of the insured will be borne by UIC.
He said PACRA has awarded them "A-" Insurer financial strength rating, which donates a strong capacity and credibility of the company to meet its obligations.
He pointed out that as part of its efforts in rehabilitation and reconstruction of the earthquake-hit area, the UIC Pakistan has so far made about Rs 20 million worth of payments in claims. Dr Murtaza Mughal handed over a cheque of Rs 1.3 million to Khurshid Mir, Area Manager UBL in this connection.