One of the most recent insurance plans to be implemented in India is that of pet insurance. This plan covers veterinarian charges relating to the treatment of a sick or injured pet. Some pet insurance policies also cover the death or loss of the covered pet. This assists pet owners in avoiding expensive medical costs for their pets and protecting their lives by offering the finest possible care.
Features and benefits of Pet Insurance
For pets such as dogs, cats, and birds, customised pet insurance plans are available.
IRDAI-approved pet insurance plans
The insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has authorised the pet insurance plans. This plan covers a variety of pet insurance plans, including cow insurance, dog insurance, horse insurance, cat insurance, and so on.
The sum assured for pet insurance products such as dog insurance often runs between Rs. 15,000 and Rs. 30,000. This is dependent on the breed as well as other considerations.
Some insurance companies (for example, Future Generali) give add-on coverage for the base policy, such as loss of show admission fees. This coverage is provided in the event that a pet's entry fee for a dog show is forfeited due to an injury or illness.
Third-party liability coverage
Some pet insurance policies include coverage for third-party liability in the event that your pet bites or assaults a third-party or damages third-party property.
Types of Cover
Lifetime coverage, time-limited coverage, and money-limit coverage are the three categories of pet insurance coverage. The pet and its owners are protected for the rest of their lives against any critical or long-term sickness. This includes eczema, arthritis, and other skin conditions. A policyholder who chooses a lifetime pet insurance coverage will be reimbursed a set sum each year for pet treatment.
After a pet has developed a disease or been injured, a time-limited pet insurance coverage provides financial protection for a specific amount of time. Money-limit coverage provides financial assistance to pet owners in meeting their pets' medical bills. There is no time limit for this policy and it can be used until the money limit is reached.
List of Companies Offering Pet Insurance
Bajaj Allianz General Insurance
The insurance company covers medical expenses incurred as a result of surgeries (including pre-and post-surgery charges), hospitalisation, treatment of specific diseases, and death caused by accidents or illnesses under their pet dog insurance plan.
- There are a variety of benefits available, including a discount on RFID tagging, coverage for terminal diseases such as cancer, kidney failure, coagulation disorders, cardiac dysfunctions, distemper, and leptospirosis, third-party liability cover (which covers legal expenses if a third party is injured, dies, or has their property ruined as a result of your pet), and regular vaccination.
- The theft/straying/lost cover is one of the plan's highlights since it allows the owner to claim the sum assured if his or her pet goes missing.
- The death benefit is paid in the form of a sum assured set by the owner at the time of purchase of the insurance, which also includes the cost of the dog's burial or cremation.
- In the event of an accident, there is no waiting period. A dog must be three months old to enter, with a maximum age of six years for enormous breeds and ten years for small, medium, and big breeds.
New India Insurance
Dog insurance is available from the New India Insurance Company for dogs aged 8 weeks to 8 years.
- If the dog dies as a result of an accident or disease within the policy period, full insurance coverage is provided, subject to the terms and circumstances of the insurance plan.
- If the dog isn't vaccinated, diseases including distemper, rabies, viral hepatitis, leptospirosis, and viral enteritis aren't covered.
- For sickness and other benefits, there is a 15-day waiting period.
- The premium is equal to 5% of the sum assured at the time the insurance is purchased.
United India Insurance
The main characteristic is that it protects against death caused by natural disasters such as floods or cyclones. Because diseases have a 15-day waiting period, no coverage will be provided if death occurs within the first 15 days of the policy term. Even yet, if the pet dies after the waiting time, you will be fully covered. An additional payment is necessary to obtain additional coverage for permanent complete disability.
Exclusions to the policy
The following are some of the general exclusions under the pet insurance scheme:
- Intentional or purposeful harm to the pet
- Neglect or sloppy handling of the pet causing injury or sickness.
- War, foreign enmity, revolution, revolt, military upheaval, and other causes of death or damage.
- Rabies, distemper, viral hepatitis, viral enteritis, leptospirosis, and other diseases cause death.
- Illness that occurred prior to the purchase of the policy.
Pet insurance can help cover the costs of treating your pet if they become ill or are injured in an accident and require veterinary care. It could help you avoid a surprise - and perhaps costly - bill. Pet insurance can also help with dental treatment, depending on the sort of coverage you have. Therefore, buying an insurance cover for your pet is never a bad option.