FGB announced its plans to unveil a new insurance product targeted towards customers in UAE for protecting their smartphones and tablets. The new product, named “Gadget Protect” will provide protection against a wide range of issues. The product which is being launched during GITEX Shopper 2014 has added benefits of protection for smartphone and tablet owners which includes safeguarding against accidental damage and theft.

UAE has one of the highest smartphone usages in terms of percentage of population. One third of all customers who use smartphones, complain about their smartphones being lost, stolen, or damaged.

Theft of a smartphone or tablet can be horrifying since modern day customers store a lot of their personal data on these devices. Gadget Protect will insure smartphones or tablet PCs with values up to AED 3,000. The insurance will include costs to be incurred on replacement of parts and repairs not originally provided by smartphone manufacturers by default such as a cracked screen. This will lead to an increase in customer satisfaction levels.

Also added are security features and compensation for customers if fraud charges are made through smartphones or tablets.

Similarly, an added feature protects the smartphone owner from a sudden price drop for up to 90 days counted from date of purchase. According to FGB, the cost of protecting the phone with “Gadget Protect” is even below 1 AED per day. The offer is only valid for UAE residents who will be purchasing their smartphones and tablets from anywhere within the UAE.

FGB credit card holders would be able to avail the “Gadget Protect” facility at zero percent installment plan for 1 full year.