When one of us falls ill, cost of hospitalisation and that of follow-up expenses can cost a fortune. We tend to minimise its impact by getting an insurance cover. As pets are treated as a family by most pet-owners, why should they stay out of insurance ambit, one would wonder.
So, we explore here more details on pet insurance and the key providers of pet insurance in India.
Just as any other medical insurance policy, you can choose sum assured in this policy which will cover medical expenses. The cover may also cover mortality-benefit cover that entitles you to receive the sum assured if your pet dies due to terminal illness, accident or any other specified causes.
In case you want to cover a pedigree dog for its market value then you will need this to be certified by the Kennel Club of India. It is interesting to note that even outpatient treatment and long-term covers are also available – which are not available for humans.
There are some insurers which provide add-on covers such as losing out on entry fee for dog shows when the pet is unable to take part as a result of injury.
Pet insurance usually have these common inclusions:
1. Surgery expenses and hospitalisation cover up to a certain threshold
2. Mortality benefit cover allows you to file a claim up to the sum insured that you have opted for in case your pet dies due to an illness, accident, from breeding, pregnancy or due to euthanasia prescribed by the vet. It can also cover cost of cremation or burial of your pet.
3. Coverage for terminal diseases wherein you stand to get a lump sum payment in case your dog is diagnosed with cancer, kidney failure, coagulation disorders, etc.
4. Optional coverage for long term care in case pet is diagnosed with illnesses which require long term care such as diabetes, glaucoma and ascites, among others.
5. OPD Cover can be used when a pet gets injured or contracts diseases such as hepatitis/ liver dysfunction and meningitis.
6. Third party liability cover: If an accident happens because of your pet, you can get the legal cost covered.
7. Optional cover of theft or straying: The cover entitles you to receive a claim if your pet goes missing up to the sum insured.
Insurers offering pet insurance include the following:
Bajaj Allianz Pet insurance: Bajaj Allianz pet dog insurance policy provides extensive coverage with multiple benefits. These include lifetime cover that covers your pet dog between the ages of 3 months to 10 years over their lifetime. There is no waiting period for accidents which means treatment of any injury or surgery or mortality resulting from any accident is covered starting the day policy is issued. If the pet has a micro-chip or is RFID tagged, you stand to get an extra savings of 5 percent on your premium.
New India Assurance Company: The insurer covers dogs in the age groups of 8 weeks to 8 years. Pets of indigenous origin, cross bred and exotic breeds are covered and valuation is done by veterinary doctors at the time of proposing the insurance.
Oriental Insurance: This also covers dogs in the age group of 8 weeks to 8 years. The risks covered in the insurance include death due to accident and diseases contracted during the period of insurance. The major exclusions include partial and permanent disability of any nature.
As we discerned, insuring pet has become not only prevalent but also vital. So, if you want to save yourself from a sudden cash outflow due to your pet’s illness, accident or death – it is feasible and rational to spend a little money on pet insurance and minimise the uncertainty.