Am i eligible for a replacement of the product?

They will either replace it or repair it depending on which option is more feasible and the specific terms of the warranty.

Depending on the warranty then yes you definitely are. But the warranty you have may not cover the additional parts that come with it. You should read over it to see.

That will depend on the service you get from the retailer and Lenovo it may get repaired or it may be replaced IF the faults are hardware but if it is a software issue then they may charge you for the work to rectify it or they may do nothing to the machine as software is not part of the cover