Appsdaily — Fraudulent activity and hiding of things while selling policy

Address:

Ahmedabad, Gujarat

My CIN number is AD_D_160715_2647326 Device insured is Iphone 6 -64Gb I bought this phone on 12th November and bought insurance for my phone the same day. While purchasing phone i asked the distributor that how much will i have to pay if my phone gets damaged. They said " whatever be the cost you will just have to pay 5% or 500 which ever is higher " he also added " you can check the policy and read the conditions and all written in that".i read it and it was the same thing written in the document hence i made a decision to purchase the same. Now on 15th of July when my phone got water damaged i took that phone to the insurance company and now they are saying that apple has a policy to replace and one has to pay depreciation on the replacement cost plus that 5% to claim. Apple's replacement cost for this phone is 24000. so on that i will have to pay 45%. firstly, As per the whole accounting standards depreciation is charged on the cost of an asset purchased and not on the replacement cost. And secondly, in their policy document nothing is written " in case where company has a policy to replace the customer will have to pay depreciation" http://www.appsdaily.in/damageonly.pdf (This was the document given to me while purchasing ) i Have contacted customer care and asked that which point of your policy suits my condition they said "For Damage – TOTAL LOSS BASIS If the repair cost exceeds ‘maximum liability limit’ OR if the handset is ‘Beyond Economical Repair (BER)’ Insurance Company at their discretion settle such claim(s) on ‘TOTAL LOSS / CONSTRUCTIVE TOTAL LOSS (BER) BASIS’ as follows:" Depreciation: for 0-90 days - 15% 91-180 days - 25% 181 Days and above - 45 % here the repair cost doesn't count as this is replacement .even if we let go that word my handset doesn't exceed Maximum liability limit as maximum limit is 34375( Depreciated value of 62500). and also the word written here is depreciation ( which means on the cost of asset purchased ) and also there is nothing written for replacement cost. I had submitted my phone 15 days back and still there is no status on my phone with them .