Have you heard of pet insurance in India? If not, there here is some good news for all pet lovers in India. Pet insurance, which is already a flourishing industry abroad, is also beginning to take off in India. Given the rising cost of purchase, grooming and medical care for pets, it may be time to cover the risks. Care and concern for pets has seen a massive transition over the years. Many insurance companies in India have realised this need and have thrown open the gates for pet insurance. A pet insurance is akin to other insurance policy that cover the expenses incurred at the time of any emergency. A pet insurance covers everything from veterinary bills for treatment/ accidents to loss or theft and death of pets. It also covers third party liabilities risks in the event of loss.
Features of pet insurance
- Customized plans – Customized pet insurance plans are available for pets such as dogs, cats, birds, etc.
- IRDA approved – The pet insurance plans are approved by IRDA (Insurance Regulatory and Development Authority). There are various types of pet insurance schemes that fall under this plan, such as: cattle, dog, horse and cat insurance etc.
- Sum assured – Generally, the sum assured for pet insurance products like dog insurance, ranges from Rs. 15,000 to Rs. 30,000. This depends on the breed and other related factors.
- Add-on cover – Some insurance providers offer add-on covers for the base policy, such as for the loss of show entry fee. This cover is offered for the forfeit of entry fee for dog shows when the pet cannot make it to the show due to an injury or illness.
- Third party liability – Some pet insurance policies offer third party liability cover, in the event that your pet bites/ attacks a third party or causes damage to third party property.
- Types of cover – There are three types of pet insurance cover, namely, lifetime cover, time-limited cover and money-limit cover. Lifetime cover protects the pet and its owners against any critical/ long-term illness. This includes diseases such as eczema, arthritis, etc. The policyholder who opts for a lifetime pet insurance policy, will receive a specified amount each year towards treatment of the pet. Time limited pet insurance policy offers financial protection to a pet only for a specific period after a pet has contracted an illness or suffered an injury. Money-limit cover offers financial benefits to pet owners to meet the medical expenses of their pets. There is no time limit for this policy and it can be used until the money limit is reached.
- Premium – Generally, the premium to be paid for the pet insurance policy in India is equal to 3 – 5 per cent of the sum assured.
To learn more about pet insurance and how is it done and the companies that cover pet insurance, do get a copy of the March 2021 Consumer VOICE English magazine today!
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