Get A Better Understanding Of Pet Insurance Coverage

Indians have changed from pet owners to pet parents over the last decade. They genuinely care about their pets, especially their dogs. With more money in their pockets, more and more people are getting pets and are not shying away from spending money on them – be it for their health or grooming.

Imagine paying between Rs. 30,000 and Rs. 40,000 or even more for your pet’s surgery. That can make a big dent on your monthly budget. But if you have pet insurance, you can take care of not only such unexpected costs but also ensure quality healthcare service for your beloved pet. *

In 2019, there were approximately 214 lakh pet dogs and 18 lakh pet cats. India’s pet care market can be the one that may be growing the fastest in the world.

Some insurance providers have already identified this growing business opportunity in India and started offering pet insurance.

What does pet insurance cover?

Even though only a few companies have been selling insurance for animals (like cattle insurance) for years, more companies are now getting into the game.

Public insurance companies only cover passing away, but private ones cover both loss and illness.

There may be two types of coverage: surgery and hospitalisation.

There are also six different types of coverage, or “riders,” such as OPD, care for terminal diseases, lost or stolen dogs, and third-party liability.

Please note that some companies offer pet insurance for dogs that may not cover lost or stolen dogs and OPD costs. *

So, while finding the best pet insurance, compare a few policies and understand each policy’s coverage first before you start comparing their premiums. *

How much does it cost?

For dog insurance, the premium amount may be based on the dog’s breed, age, size, and even gender (females pay more).

Usually, it may be about 5 – 6% of the sum insured.

What is needed?

When you apply for insurance, most insurers may ask for some form of identification. This can be anything from a colour photo and a nose print to an image of a microchip or an RFID tag.

Exclusions & limitations

Pets must be between eight weeks and eight years old to be covered. *

Most pet insurance providers have a waiting period of 15-30 days. The length of time an insured must wait before some or all of their coverage becomes active is known as a waiting period. Claims filed within the waiting period may be simply rejected. *

Most insurers also have a co-pay or deductible that you have to pay: 10% for surgery and hospitalisation. *

Insurers also don’t cover diseases that were there before, and diseases like distemper and rabies that kill the pet. *

So, should you get your pet a cover? It’s a good idea, especially since people spend more and more on their pets these days. *

If you don’t want your beloved pet to suffer as a result of escalating vet bills and other necessary costs, purchase pet insurance today. In the event that your pet becomes ill, needs to be hospitalised, is stolen, etc., having pet insurance may give you financial protection. *

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.


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