Krishant007: anyone asks me if they should get extended warranty, i usually just say no. Warranty is where the companies make their money back..
do you expect to keep this phone for more than 2 years? if you do, it might be worth it for you to spend an extra 80 bucks to get the warranty so you can have peace of mind. also makes the resale value of the phone higher as well
In my experience there is no need for extended warranties unless they cover things like broken screens, there's almost nothing that's going to go wrong outside of the normal warranty period that the extended warranty will provide any benefit for.