Being a pet owner can be quite a costly affair these days given that the annual routine expenses associated towards caring for them has been steadily on the rise.
Expenses like vaccinations, tick treatments, and grooming can cost anything between Rs 10,000 and Rs 54,000 annually. Among these expenses, veterinary fees and subsequent medical or surgical costs tend to be the most significant, especially if your pet requires such care.
In such a scenario a pet insurance policy will ensure that your pet receives top-notch medical and legal assistance in unforeseen situations without burning a hole in your pocket.
What is Pet Insurance?
A pet insurance is a specialised form of insurance cover designed to protect the overall health and welfare of your pet, much like a health insurance policy allow us and our family members with financial support, including hospitalisation and other medical aid in times of need.
Says Rakesh Goyal, director, Probus Insurance Broker: “A pet insurance will provide coverage for various aspects of your pet’s healthcare. Typically, it will cover expenses related to illnesses, accidents, emergency care, prescription medications, and diagnostic tests. The cost of pet insurance varies depending on factors, such as type of the pet, the breed, age, location, and the extent of coverage one chooses. Insurance products include accident-only policies for specific injuries, comprehensive plans that encompass accidents and illnesses, and even wellness plans for routine care. It’s essential to carefully read and understand policy terms, assess your pet’s unique needs, and compare options to select the most suitable pet insurance plan for your pet and your budget.”
Why Pet Insurance is Important?
With the increasing costs associated with pet care, including grooming, and medical expenses, it’s not unusual to observe pet owners spending anywhere from Rs 70,000-80,000 annually on their beloved pets. In India, pet insurance has been gaining in popularity, mirroring a thriving practice abroad, and it offers a host of advantages to the pet lovers.
Here are the benefits of a pet insurance cover:
Ensures Optimal Health: A pet insurance will ensure that your cherished pet will receive top-tier treatment and medical attention.
Prevents Extra Expenses: By paying a modest premium, your pet can gain coverage for a wide array of benefits, including medical care, accident-related costs, and, in many instances, even overseas protection.
Protection Against Accidents: While we strive to keep a close eye on our pets, they can at times sustain injuries while playing or due to some other unforeseen circumstances. An insurance will shoulder the burden of these medical expenses, thus preventing a strain on your finances.
Additional Perks: Depending on your chosen insurer, your pet may also enjoy exclusive benefits, such as coverage for third-party damages or protection in case your pet is stolen.
Types Of Pet Insurance
Although insurance companies in India have long provided coverage for cattle and livestock, private-sector insurers now go beyond merely safeguarding against death. They also extend coverage for various other expenses, including worldwide transit, third-party liabilities, pet theft or loss, entry fees for dog shows, and more.
At present, these are the following categories of insurance plans available for pets in India.
Canine Insurance: This is the most prevalent form of pet insurance in India, given that out of the estimated 28-29 million pets in the country, dogs constitute a substantial portion of this population.
The number of dog owners, particularly since the onset of the Covid-19 pandemic has surged significantly, with many people turning to these loyal companions to keep boredom at bay. The majority of the available pet insurance plans primarily target dog owners who aim to shield their beloved canine companions from any potential harm.
Feline Insurance: Many insurance providers have also introduced tailored plans for cat lovers. Such insurance will safeguard your spirited feline from her daring escapades and ensure her overall well-being while providing with an added sense of relief for her safe upkeep.
Inclusions In Pet Insurance
The scope of benefits can differ based on the insurance provider and the premium cost.
Here are some of the coverages offered by pet insurance.
Coverage for surgical expenses
Coverage for accidental or disease-related pet deaths
Hospitalisation coverage
Outpatient department (OPD) coverage
Coverage for lost or stolen pet
Pet Insurance Exclusions
There are instances where the insurance provider will not extend coverage for medical expenses.
These include:
Surgeries that are not essential due to illness or accidents.
Surgeries aimed at correcting deformities or congenital defects.
Surgeries related to pregnancy or birthing.
Any surgery associated with grooming.
Cosmetic or elective surgeries unrelated to injuries will not be covered.
Dental surgeries not resulting from an accident or injury are also excluded from coverage.
Qualifications For Pet Insurance
Pet insurance can typically be purchased for pets aged two months to 10 years, although this may vary depending on the specific insurer. For dogs, canine insurance is available for indigenous, cross-bred, and exotic breeds.
However, it’s important to be aware that the premium for the insurance plan will fluctuate based on factors such as the dog’s age, breed, and size.
Products On Offer
1] Bajaj Allianz General Insurance
Eligibility: Entry Age: 3 months to 7 years; Exit Age: 6 years to 10 years
Key Benefits:
● Mortality benefit
● Surgery expenses
● Third-party liability cover
● Theft/loss/straying cover
2] New India Assurance
Eligibility: 8 weeks to 8 years
Key Benefits:
● Death due to accident and/or diseases
● Lost or stolen dogs (due to burglary or house break-in)
● Liability for personal injuries and damage to property
3] Oriental Insurance
Eligibility: 8 weeks to 8 years
Key Benefits:
● Death by accident in transit
● Lost or stolen dogs
● Loss of value resulting from an accident
