5 min read
Updated on Apr 27, 2023
A home without a pet is incomplete. A pet keeps the entire family tied together by the bond of love and affection that it shares with each one of the family members. Unlike humans who can be selfish, Pets give you unconditional love. In households where there are just one or two members living together, pets give the required companionship that humans crave for.
It is also the responsibility of the pet owners to take care of these furry friends and keep them healthy and happy. Thus, the best option to allow these animals good health and complete security against illness and injury, it is important to buy them health insurance.
Though a new concept, Pet insurance in India is slowly gaining popularity among pet owners who consider their pets a part of their family and care for them. Under the pet insurance plans, the owner of the pet can get coverage against the costs incurred in the treatment of a pet in case it gets injured or gets sick. In some cases, pet insurance also covers against loss, theft or death of the animal, thereby limiting the risk of medical costs incurred on the pet and allowing them utmost care and protection.
Also Read: Advantages Of Buying Pet Insurance Online
1. Maintains IRDA Standard – The best part about the pet insurance policies is that they maintain the standards of the IRDA or Insurance Regulatory and Development Authority of India. So, the pet owners can avail numerous policies on pet insurance that are available such as pet insurance for dogs, pet insurance for cattle, horse as well as pet insurance for cattle among others.
2. Custom-made plans – The plans of pet insurance can be customized as per the requirement of the pet owner and the breed or kind of pet you own, such as cats, dogs, etc.
3. Pet Insurance Sum Assured – In general, pet insurance SI or Sum Insured ranges between rupees 15,000 to 30,000, especially for pet insurance for dogs. However, it depends on the age, breed etc. of the animal that you want to buy the insurance for.
4. Add-On Coverage Option – The add-on coverage available on pet insurance that a pet owner can buy varies depending on the insurance provider. For instance, Future Generali offers an add-on cover for the entry fee of dogs or cats if they lose entry to a show. This coverage is available if the pet has to surrender the entry to a show at the last minute due to any injury or disease.
5. Third Party Accountabilities – There are many pet insurances that allow coverage on the third-party accountabilities of the pet owner. So, in case your pet dog or cat bites someone or damages third-party property, you can get coverage against such damages.
6. Various types of Pet Insurance cover – Like the regular insurance cover, pet insurance covers are also of different types, such as;
As the name suggests, lifetime cover allows the pet owner to have lifetime coverage against critical diseases such as eczema, arthritis, cancer, diabetes etc. Under this plan, the pet owner can receive a particular sum of money every year for their pet’s treatment.
The pet insurance that offer time limited coverage allow pet owners to get protection for the pet for a particular duration of time during which the pet has contracted any disease or is injured.
On the other hand, money-limit coverage is the one that allows monetary protection to pet owners to help them realize certain health expenses that their pet is undergoing. This plan has no time bound restrictions and so can be used until the policy reaches its financial limit.
7. Premium of Pet Insurance – In most cases in India, 3 to 5% of the sum assured of the pet insurance policy is what is required to be paid as premium.
Here are the basic inclusions of a Pet insurance policy as mentioned below:
Here are the Pet Insurance Exclusions as mentioned below:
Below are some of the companies offering pet insurance India policies:
This insurer allows pet insurance for dogs under which 8 weeks to 8 year old dogs can be insured by paying about 5% of SI as premium. Here, the dog will have coverage against illnesses contracted during the policy period. Other pet policies available with this insurer are:
Here, insurance for exotic and native animal breeds is available against disability and death of the animal.
This insurer provides insurance against horse, dogs and elephants etc. that you can avail by paying a premium of between rupees 200 to rupees 10,000.
Offers comprehensive health insurance plan for your dog. It covers, emergency pet minding, doctor on call facility, Surgery and hospitalization of dog. It covers dogs between the age group of 6 months to 10 years.
Now you have a fair knowledge of pet insurance policies and its related aspects. As mentioned in the blog above, there are many policies that allow protection to your pet and ensure its good health. You can check and compare different pet insurance plans and buy the most suitable one for your pet.
Also Read: FAQ on Pet Insurance Cost and Coverage in India
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Pet insurance is important to ensure that your pets live a healthy life. If you are new to this concept, let's explore more about it.
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