It seems as though companies now believe that you’re going to stick to their smartphones for longer than you’ve done. Which is why the likes of OnePlus and now Xiaomi are trying to sell you their respective phone insurance plans.

OnePlus’ ‘On-Guard’ policy was announced only a couple of days back, and today, we received news of the the Mi Protect insurance plans from Xiaomi. Mi Protect is currently being offered only in India, but I’m sure other markets will follow soon.

Priced at 275 INR for the Redmi 2 and the Redmi 2 Prime and 499 INR for the Mi Pad, Mi 4 and Mi 4i (16GB versions), Mi Protect will be valid for a year and will cover your phone against damages caused due to accidents and liquid damage. Theft is covered also; interestingly, Xiaomi will also offer up to 3,000 INR ($45) for any misuse of your SIM from the time it’s stolen till it’s blocked.

Now that Xiaomi have safely tested the waters in the Indian market with the help of e-commerce giants such as Flipkart, Amazon and Snapdeal, they’re now trying to drive sales through their own mi.com channel… which is why you’ll be able to purchase Mi Protect only for devices bought from mi.com.