Yes I checked with the service centre. I can either buy anytime before the 1st year gets over. Most probably I will buy it right away so that I don't need to remember it for the entire year. Don't want to risk on loosing the extended warranty. Also it seems that the warranty can be extended only once. You can either either purchase a 1yr, 2yr or a 3yr extended warranty. You can't buy a 1yr extended warranty now, and then again extend it by 1yr later. It is a 'one time only' opportunity.
Yes, I enquired about the repair costs and it seems that the panel itself costs around 15k. So I think 4k for a 3 yr extended warranty seems to be a goog option. I will get it extended within a week.