Thanks all for the reply. I spoke to LG dealer regarding depreciated TV value considered by LG in 4th and 5th year, and was told 35% and 20% respectively of the original invoice value. Thus, if Tv panel fails in 5th year LG would cover only 20% of the invoice plus warranty price(20k). He did say though that anything except physical damage is covered, but I doubt LG would cover burn in issues in the written warranty agreement.
Since already covered by LG warranty for 3 years, I have decided not to take for another 2 years(Fingers Crossed!). Hard to convince myself spending 20k now and if anything happens in 5th year, then go through the complicated process to claim just 20% of the value. Any thoughts?