Defending the high cost consumers would have to pay to own the most expensive iPhone released this month, Apple CEO Tim Cook has said that the device is worth the cost as it replaces many other gadgets one might need, a media report said.

Apple's newest line of iPhones -- the iPhone XR, XS and XS Max -- cost as much as $1,449 for the most expensive model, CNBC reported late on Tuesday.

"The phone has replaced your digital camera. You don't have a separate one anymore. It's replaced your video camera. It's replaced your music player. It's replaced all of these different devices," Cook was quoted as saying to ABC's "Good Morning America".

"And so arguably the product is really important. And we've found that people want to have the most innovative product available and with that, it's not cheap to do."

In India, one would have to shell out Rs 12,075 a month as zero-cost EMI for a period of one year to own the 512GB variant of iPhone XS Max that will come for Rs 144,900 in India.

The iPhone XS with 512GB storage model will cost Rs 134,900 and the cheapest of the lot, the iPhone XR, has a starting price (64GB) of Rs 76,900 in India.