LGU+ Introduces Mobile Phone Loss and Damage Insurance with Reduced Customer Charges

Monthly fees up to 9% cheaper than competitors
Subscription available for high-priced Galaxy Fold and LG Electronics phones

[Asia Economy Reporter Kim Heung-soon] LG Uplus announced on the 13th that it will launch the 'Premium Mobile Phone Loss and Damage Insurance,' which lowers the amount customers have to pay in case of mobile phone loss or damage.

The premium insurance is a product where the compensation limit is based on the number of claims rather than the amount, and the customer's co-payment is set at a fixed amount. For Android phone users, LG Uplus's premium insurance offers plans based on the original price of the phone in use: ▲Premium Phone Loss and Damage Insurance 80 (3,900 KRW/month) ▲Premium Phone Loss and Damage Insurance 150 (6,500 KRW/month) ▲Premium Phone Loss and Damage Insurance 200 (8,100 KRW/month). In case of phone loss, customers pay between 100,000 and 350,000 KRW, and for damage, between 30,000 and 100,000 KRW as co-payment to receive repairs.

For iPhone users, there are three plans available: ▲Premium iPhone Loss and Damage Insurance 100 (6,200 KRW/month) ▲Premium iPhone Loss and Damage Insurance 150 (8,100 KRW/month) ▲Premium iPhone Loss and Damage Insurance 200 (11,500 KRW/month). Similar to Android phones, customers pay between 180,000 and 340,000 KRW for loss to receive repairs. Refurbished repairs cost 120,000 KRW regardless of the original price, and for damage, only 40,000 KRW is required without additional charges.

LG Uplus explained, "The monthly premium for the premium insurance is 6-9% cheaper than products from other telecom companies and is also lower than the Care Plus products released by device manufacturers."

They also offer 'Premium Fold Loss and Damage Insurance' for Samsung Electronics' foldable smartphone 'Galaxy Fold,' which cannot be subscribed to through other telecom companies. The fee is 11,800 KRW per month, with a co-payment of 450,000 KRW for loss and 150,000 KRW for damage. LG Electronics phones, which some telecom companies do not insure, are also covered.

The premium insurance is automatically canceled upon receiving loss compensation. Upon subscription, customers are granted new compensation opportunities: one loss, three damages, and one battery claim. LG Uplus extends the two-year warranty provided by the phone manufacturer by one year and additionally covers the battery, which has a one-year warranty, once more.