Frequently Asked Questions
What does the Extended Warranty policy cover?
The Extended Warranty Program offered by Bajaj Finance Ltd.(BFL), covers the cost of repair/ replacement of consumer durable appliances arising out of unforeseen manufacturing defects or poor workmanship during the Policy Period of 12/24/36 months. The above product is offered under the Group insurance scheme wherein BFL is the master policyholder and insurance coverage is provided by Bajaj Allianz General Insurance Co. Ltd (BAGIC).
What is Manufacturer’s Product Warranty?
Manufacturer’s Product Warranty is a limited warranty provided by manufacturer of the product that covers manufacturing defects in the product.
What is Manufacturer’s Product Warranty Period?
It refers to the period during which Manufacturer’s Product Warranty is applicable for the specific product in question. For majority of the consumer durable appliances, manufacturer’s product warranty is usually offered for a period of 6 months to 12 months.
Please note that some parts of a particular product might have a different warranty period as compared to the overall product. For instance, a compressor (part of a refrigerator) has a usual warranty period of 5 years whereas the common warranty period for all other parts of the refrigerator is 1 year. Accordingly, 1 year shall be considered as the Manufacturer’s Product Warranty Period for this case.
What are the main exclusions of the Extended Warranty Program?
The main exclusions are as under:
10% of the claim amount is deductible, subject to a minimum of Rs. 500 with respect to each and every claim;
Loss or damage arising out of the insured asset not being used in accordance with manufacturer’s instructions;
Loss or damage for which the manufacturer of the insured asset is responsible under a guarantee and/or warranty;
Replacement of any consumable item of the insured asset, including but not limited to batteries, bulbs, plugs, cables, ribbons, belts, tapes, fuses, filters, toner or software;
Failure of parts which are subject to recall by manufacturer of the insured asset;
Loss or damage arising out of any external cause, including but not limited to fire, theft, explosion, water damage, acts of God, etc.;
Where the Insured asset is subject to commercial, rental or profit generation purposes;
And other exclusions as per policy.
Why should customers buy Extended Warranty policy?
The primary reason for buying an Extended Warranty Policy is to have extra protection for valuable appliances after expiry of the manufacturer’s product warranty period.
After expiry of this period, the customers are likely to incur significant expenses if the particular appliance fails. However, with the help of our Extended Warranty Program, you can enjoy comprehensive protection for your valuable appliances for a period of 12/24/36 months even after expiry of the manufacturer’s warranty period.
When does a customer have to buy the Extended Warranty Policy?
The customer can buy the Extended Warranty policy within 6 months of purchasing the consumer durable product.
When does the period of Extended Warranty policy commence and terminate?
The Policy Period will commence on the expiry of the Manufacturer’s Product Warranty period and will be in force for the next 12/24/36 months (depending on the option purchased).
For instance, an LCD TV purchased on 01 January, 2014 with a Manufacturer’s Product Warranty period of 1 year, ending on 31 December, 2014. The Extended Warranty policy will commence on 1st January, 2015 and will be in force for the next 12/24/36 months and shall expire on 31st December, 2015.
What will be the Sum Insured for a particular consumer durable appliance to be covered under the Extended Warranty policy?
The Sum Insured shall be equal to the invoice price of the particular consumer durable appliance. Please note that the maximum liability of the insurer during the Extended Warranty Policy period for all claims with respect to the particular appliance shall be limited to the Sum Insured.
Is Extended Warranty Policy transferable and renewable?
Please note that Extended Warranty Policy will expire if there is a change in ownership of the particular consumer durable appliance. Moreover, the policy cannot be renewed after expiry of the Policy Period.
What is the sales process of the Extended Warranty Policy?
If the customer is interested in opting for the Extended Warranty Program, he/she will have to fill the necessary details in the Extended Warranty proposal form and pay the requisite premium amount. Subsequently, the customer would be given an Extended Warranty kit, which will include policy wordings as well as a carbonated version of the filled in proposal form. Within a few days of purchasing the Extended Warranty policy, BAGIC will dispatch the Policy schedule at the mailing address (as mentioned in the proposal form) of the customer. Please note that policy schedule will include necessary information such as Policy Period, details of the insured appliance, Sum Insured, premium amount etc. with respect to customer’s Extended Warranty policy.
Is there any toll free number where customers can call up for any Extended Warranty policy related matter?
For any query related to Extended Warranty policy, the customer can contact BAGIC’S toll free helpline at 1800-209-1021 (free calls from all mobiles and landlines) between 9 am to 9 pm, 7 days a week.
What happens if a customer contacts BFL to enquire about his/her extended warranty coverage?
Customers can contact us at www.bajajfinserv.in/reach-us to enquire about the extended warranty coverage. All the queries will be directed to BAGIC customer care service for a comprehensive response.
What happens if the manufacturer does not honour the Extended Warranty?
To claim the Extended Warranty, customer is required to call us toll free at 1800-209-1021. The customer will be directed to the authorized service centre of the manufacturer.
Is there a limit to the number of claims a customer can avail during the Extended Warranty period?
No there is no limit to the number of claims. After the claim is verified by the Customer Service Executive, customer will be reimbursed as per the policy terms and conditions.