Lotte Hi-Mart Launches 'Mobile Damage Protection Insurance'

Lotte Hi-Mart announced on the 28th that it will launch a ‘Mobile Damage Protection Insurance’ product.

All mobile devices except Apple, including Samsung Electronics and Xiaomi, are eligible. Customers can apply for the insurance when purchasing a mobile device at over 370 Lotte Hi-Mart stores nationwide and on the online shopping mall. However, only unlocked devices can apply through the online shopping mall.

Lotte Hi-Mart’s ‘Mobile Damage Protection Insurance’ is activated immediately upon mobile purchase and covers repair costs up to 1.3 million KRW in case of accidents such as damage, fire, or water damage during the insurance period of 1 or 2 years, depending on the insurance product. Lotte Hi-Mart launched this product recognizing that mobile devices experience damage incidents more frequently than other home appliances, aiming to provide customers with greater peace of mind when using their mobile devices.

The ‘Mobile Damage Protection Insurance’ is divided into three plans according to coverage limits: ‘Coverage Limit 50 Plan (total 500,000 KRW)’, ‘Coverage Limit 80 Plan (total 800,000 KRW)’, and ‘Coverage Limit 130 Plan (total 1,300,000 KRW)’. Each plan is further divided into 1-year and 2-year coverage periods, making a total of six options.

Premiums range from a minimum of 22,000 KRW to a maximum of 98,000 KRW, payable once upon subscription depending on the product type. The ‘Coverage Limit 50 Plan’ and ‘Coverage Limit 80 Plan’ require a deductible of 20% of the damage amount and cover up to two claims within the total limits of 500,000 KRW and 800,000 KRW, respectively. The ‘Coverage Limit 130 Plan’ has a deductible of 50,000 KRW and offers unlimited claims coverage within the 1,300,000 KRW limit. Regardless of the price of the purchased mobile device, users can freely choose the product that best suits their usage habits.

Earlier, in April, Lotte Hi-Mart launched a ‘Damage Protection Insurance’ product for six items equipped with screens, including TVs, laptops, monitors, smartwatches, tablet PCs, and all-in-one PCs. It covers up to 5 million KRW for up to one year from the delivery or installation completion date.

Choi Joon-seok, Head of Lotte Hi-Mart Service Business Division, said, "We plan to develop more diverse home appliance insurance products and expand the range of covered items so that customers can use home appliances without worrying about repair or damage costs." He added, "Going forward, Lotte Hi-Mart will advance as a home total care specialist company responsible not only for appliance purchases but also for various home appliance care services."

This content was produced with the assistance of AI translation services.