To so many of us, pets are precious family members who make or life more joyful. India has rapidly seen the change of pet-owners to pet parents and we’re here to tell you about the ultimate safeguard for your furry family members: Pet Insurance Plans!
What is Pet Insurance Plan?
Pet insurance plan is a specific type of insurance for only animals which safeguards their overall health and wellbeing. Just like we buy health insurance for ourselves and our loved ones, insurance for pets has become a great way to provide for our pets if they need medical and other financial help. In case of any unforeseen accidents.
With our increasing annual routine expenses for animals rising, being a pet parent does not come cheap. Vaccination, tick treatments, grooming etc. cost anywhere from Rs. 10,000 to Rs. 54,000 annually. Out of these, the vet fees and subsequent medical and surgical costs are the highest. With a pet insurance policy, your pets can get the best medical and legal assistance in case of unexpected situations.
Why Would I Need Pet Insurance?
With rising costs for personal care and medical expenses, it’s not uncommon to see people spending Rs. 70,000 – Rs. 80,000 annually on their pets. Pet insurance in India has been gaining popularity thanks to a range of benefits it brings:
- Ensures Best Health: Your precious pets can get the best treatment and medical care you want thanks to the insurance policy
- Affordable and Saves Extra Expenses: By investing just a small premium monthly or yearly, your pet can get covered for a range of benefits including medical care, accidents, and even overseas protection in many cases!
- Safeguard from Accidents: While we can’t take our eyes away from our furry babies, they sometimes get hurt while playing or because of other reasons. Your insurance can cover all these medical expenses so that you don’t burn a hole in your pocket.
- Other Benefits: Depending on your insurer, your pet will get exclusive benefits like coverage for third-party damages, or your pet getting stolen.
Pet Insurance Providers in India
These are some companies that provide various insurance policies for pets in India:
Insurer | Eligibility | Key Benefits |
Bajaj Allianz General Insurance Company Limited | Entry Age: 3 months to 7 years Exit Age: 6 years to 10 years | ● Mortality Benefit ● Surgery Expenses ● Third Party Liability Cover ● Theft/Loss/Straying Cover |
The New India Assurance Company Limited | Entry Age: 8 weeks to 8 years | ● Covered for Death due to accident and/or diseases ● Lost or stolen dogs (due to burglary or house break) ● Liability for personal injuries and damage to property |
Oriental Insurance Company Limited | Entry Age: 8 weeks to 8 years | ● Death by accident ● Lost/stolen dogs ● Loss of value resultant upon an accident |
Types of Pet Insurance
For a long time insurance companies in India had been offering cattle and livestock insurance for many years, private-sector insurers not only offer protection against death but also a lot of other expenses like worldwide transit, third-party liabilities, theft or loss of pets, entry fees for dog shows and much more. As of now, these are the following types of insurance plans for pets only:
Dog Insurance
It is the most common pet insurance in India, with an estimate of 28-29 million overall pets in India, dogs make up a huge amount of this number. Especially since the COVID-19 outbreak, this number saw a huge rise with a lot of people turning towards human’s best friend. Most pet insurance plans available aim at dog parents who want to protect their precious babies from all possible harm.
Cat Insurance
All animals are lovely, and so many insurance companies have started offering benefits to people who have cats as their pets. If you’re a cat parent, your pet cat insurance will protect your pet from all her adventurous falls and ensure her overall wellbeing.
Pet Insurance Inclusions
The range of benefits differ with the companies as well as the cost of the premium. These are some plans provided under Pet Insurance:
- Surgical Expenses Cover
- Death by accident/Diseases
- Hospitalization Cover
- OPD Cover
- Lost or Thievery
Pet Insurance Exclusions
In some cases, the companies shall not cover the medical expenses:
- Any surgeries that are not necessitated because of illness or accident.
- Surgeries for curing deformities or congenital defects are not available.
- Surgeries due to pregnancy or whelping are not available.
- Any surgery related to grooming is excluded.
- Any cosmetic or elective surgery which is not related to injury can not be covered.
- Any dental surgery not caused by an accident or injury can not be covered.
Eligibility for Pet Insurance
Depending on the insurer, you can buy pet insurance for pets aged between 2 months to 10 years.
In the case of dogs, canine insurance can be bought for indigenous, cross-bred as well as exotic dogs. Please note that depending on the age, breed and size of the dog, the premium of the insurance plan can change.
Pet Insurance Providers in India
These are some of the companies that provide various insurance policies for pets in India:
- The New India Assurance Company Limited
- Go Digit General Insurance Limited
- Bajaj Allianz General Insurance Company Limited