@Rajesh
No sadly enough losing your mobile in a bus is not accepted by the Insurance company.
A friend of mine lost his very expensive mobile a couple of years ago in college but it wasnt accepted by the company.
Why u ask?
Well,their rules (in fineprint

)state that iff u were robbed at gunpoint/knife-point or u were hurt in a burglary and ur mobile was stolen,only then do u have a chance of appealing.
Now this is wat happend to my friend.Dunno whether it still is the same with the insurance makers.
Try ur best buddy.
Wish u luck