Pet Insurance - A Cover for your Companion

CONTENTS

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1. Introduction
2. What is Pet Insurance
3. Basic Overview
4. What is All Included in Pet Insurance
5. How to Avail Pet Insurance
  • Choosing the Best One
  • Terms and Conditions are Important
  • 6. Pros and Cons of Pet Insurance
    7. Basic Comparison Table
    8. The Final Conclusion

     

    Introduction

    A pet is the family that you choose. A statement that correctly sums up the relationship between a pet and their parent. A pet is not just limited to a dog or a cat like older times. In today’s modern time, there are a wide range of animals which can be legally domesticated. With such a wide range of choices, comes an active responsibility towards them.

    Just like there is a full-fledged system and mechanism for humans in insurances, the same is present for our beloved pets. The concept of Pet Insurance is the new normal. It is basically a protection for your pet from any uncertainty in the future. This can be as routine as basic check-ups, or even as serious as surgeries or major treatments. 

    Just like life-insurances for humans, Pet Insurance is also provided by various establishments. For an affordable amount and a decent premium on the same, you can have your pet insured against any uncertainty, and feel proud as a pet parent.

    The various policies cover death due to accident, routine treatments, third-party liabilities, loss or theft of the pet itself, etc. Amounts are pre-decided and paid by the insurance companies in times of need.

    The future of every living being is always unknown and uncertain. We will never have any idea as to what disease or mishap might hit our adorable pets including its intensity. So, the best way to cope with such an unknown enemy is to be proactive. 

    Naturally, all pet parents get connected to their beloved pet. Unconditional love is evergreen. The amount of companionship and love that we receive from them is also priceless. So definitely, when a medical catastrophe might hit our beloved pet, we go all in to save them. It is exactly for such times that a Pet Insurance is highly advisable. 

    Did you Just Say ‘Pet Insurance’?

    Yes, we do get the humour around it. It’s a slightly new term. In a country like India, where humans are struggling to get a quality life, can a pet get its share of insurance?

    Fortunately and surprisingly, yes!

    The bond between a pet and its parent has changed drastically. People, as pet parents, have their pride embedded in their beloved pets. Love and care is natural. But also, any sort of protection against future uncertainties against their pets is also growing. And this growth is happening under the banner of Pet Insurance.

    Basically, this concept is new to India. It emerged in Sweden in the 1980s, and from there, it spread to other nations drastically. Pet parents see their pets as their own children. So, it’s not a rich-privilege anymore. Anyone with a pet, and knowing very well that the love between them would be unconditional, should know about the concept of Pet Insurance. 

    What is Pet Insurance? 

    It’s a relatively new concept in India. It is basically a policy, which is exclusively bought by the pet parents for their pets. It covers a wide range of diseases and treatments which can be compensated as and when required. Just like a life-insurance for any human, it has its own terms and conditions which apply on the Pet itself. Obviously, not all the diseases and treatments are covered. And naturally, the compensation is not always a hundred percent in times of requirement. Different plans of Pet Insurance have different prices. These can be availed as per the financial condition of the pet parent, for their pets.

    Some even cover the situations where a death of your pet might occur. It is not just for diseases or treatments of heavy usages, but also for routine vet visits, flu-shots, dental cleaning, body-groomings, annual checkups, ticks-treatment, vaccines, etc. Needless to say, every perk offered by such a Pet insurance policy, is priced accordingly.

    Basic Overview of Pet-Insurance Policies: 

  • Pet-Insurances are legally and wholly approved by the IRDI (Insurance Regulatory and Development Authority). It is an active Government body, which is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India. It’s crucial role is to regulate and see the overall functioning of the insurance policies in India. With Pet-Insurances coming under its subset, one can easily feel safe about their money being spent at a recognised place.
  • With a wide variety of available animals which can be domesticated by humans, the policies of such Pet-Insurances are also versatile. Meaning, they have pre-defined policies for a wide range of animals. This includes, but is not limited to, Dogs, Cats, Horses, Turtles, Birds, etc. it is highly recommended that a pet parent chooses such predefined policies. And if not, they can also customize the policies according to their personal needs of their pets. Such flexibility in a wide range of animals, is definitely an advantage for all the pet parents around India. 
  • When it comes to the pricing of such policies, then a pet parent might have to shell out some extra amount. In general, under a Pet Insurance, a policy starts from Rs. 15,000 and can go all the way up to Rs. 50,000. These are general figures. Much of the price depends on the nature of the disease/treatment and also on the breed of the animal. For example, if it is an exquisite breed or a rare breed, then the price of the policy might be higher. If the breed and the animal are both common, then the prices might be low. So, you get the general idea.
  • The most interesting part of Pet Insurance is the third-party insurance cover. Just like when you buy a vehicle, third-party insurance is compulsory, right? Here, it is available as an option, but not as a compulsion. Meaning, if your pet bites or harms any other third party, then the compensation for the same can also be acquired through such Pet Insurances. Legally, when your pet attacks, hurts, or causes distress to any other human being, then the responsibility lands on the pet parent. So, an uncertainty revolving around such situations are covered under such policies. 
  • Depending on the mainstream genre, there are generally three types of Pet Insurances available in India:
  • Lifetime Cover: as the name suggests, the pet parent under such a policy, gets a fixed amount of money for a wide range of diseases and problems. The detailed terms and conditions are different for every policy under lifetime cover. But the general idea is to keep the pet parent secure in terms of money, whenever such a disease might hit his/her pet. The amount to be procured during that year is fixed as per the terms and conditions. Generally, such diseases include: eczema, arthritis, etc. Each condition has a specified amount against it respectively.
  • Time-Limited: under this kind of Pet Insurance policy, the insured pet is covered for specific diseases or treatments for a specific period of time. It is not an annual policy. Because it is of a limited duration, it is mostly acquired for short-term injuries or routine visits to the vet. The amount is limited to such injuries/diseases/treatments, and for that limited duration only. 
  • Money-Limited: this is the most celebrated policy in India. Being money limited, the pet parent has a good control over it for its usage. Basically, under this policy the pet parent gets the facility to get any sort of payment compensated, up to an amount which the policy agrees upon. The terms and conditions specify such an amount. There is no time constraint for using such a monetary limit. Because of this non-time limit, pet parents can keep a precise track of their remaining policy money. Hence, it is good for short term injuries, vet visits, check ups, routine visits, annual visits, vaccines, shots, ticks treatment, etc.

  • And finally, in India, keeping in mind the amount of people availing such Pet Insurance, the premium amount has been kept at reasonable rates. These generally swing between 3% per annum to 5% per annum, on the total sum assured. Premium is basically the price you pay little by little for availing such an insurance policy. This is paid in installments. Everything is detailed in the terms and conditions.

    What is all Included in such Pet Insurance Policies?

    Pet Insurance sounds all good up till now. But what exactly does it cover? Do you need to worry about any treatment or disease not being included?

    Well, as we have mentioned before, the devil is always in the details. And the details are the Terms and Conditions of the policy which you would avail. But still, keeping your valid question in on a track, here are some listed problems or diseases which are generally covered in such policies.

    Remember, these are all general in nature. The exact requirement is different for each and every individual. So, he it goes:

  • In general, almost every Pet Insurance covers the treatment of specified diseases or injuries. Exact names are mentioned in the Terms and Conditions. Other items include hospitalization, surgeries and other treatments which includes a process of surgery being performed. Other than that, it also includes theft or loss of your pet, considering it was registered with the authorities in the first place. Then there are accidental deaths, deaths during transit and death due to poisoning. All these are the general inclusive points under most of the Pet Insurances. 
  • The point of third-party insurance was covered before. It includes, not only the compensation for the pain incurred by the said third-party, but also the legal charges and cost for the whole thing. So basically, when such a situation arises, your Pet Insurance would be there to save you, throughout the process.
  • Since Pet Insurance is new to India, there are various innovative Dog Insurance Companies which are exclusively for dogs. Their specialty is different breeds of dogs with various kinds of diseases and treatments covered. Since Dogs are the most insured under the Pet Insurances in India, such innovative packages include exotic breeds, puppy dogs, veteran dogs, mixed-breeds, etc.
  • This might be a negative point, but it's a technical one too. Basically, as the life-insurance for humans has a waiting period of 30-days, so does the Pet Insurances. It means that immediately after buying such a policy, there is a set duration in the beginning, where you cannot avail such a policy. It might be a 30 days period, 45 days period, etc. it all depends on the terms and conditions of the policy. So, do give it a careful read whenever you choose to avail such a policy. 
  • Not everything is a silver-lining in such insurance policies. As we have mentioned before, the devil is always in the details. Generally, as such life insurance policies go, there is also another kick in Pet Insurance policies. This is the 80 - 20 rule. It basically means that 80% of the cost is covered by the insurance company, and the rest 20% is always covered by the owner. The percentage might be low for the owner, but it’s a useless legal point.
  • The concept of Pet Insurance is fairly new to India. As a result, not many vets have information about the same. The vets all over India already have an unorganized market. On top of that, such policies are not publicized by the government enough. The final result is the negative approach by such vets in emergency situations. By the time such things are settled, it gets too late for the pet to survive the disease.

  • But the main important point here is the intentional harm to pets. What it means here, is that there are some odd elements in the society which might get a pet, and may harm them intentionally to avail the insurance money. For them, these adorable animals are just money churning machines. Therefore, any wilful injury to any pet, illness or harm caused to such a pet out of neglect, injury due to the neglect of the owner itself, etc. are usually not covered under the ambit of Pet Insurance policies. 

    How to Avail Pet Insurance

    Just like when you buy a life-insurance for your loved ones whenever you are up for buying a Pet Insurance for your adorable pet, always list out and compare them according to your needs

  • The kind of pet you have, 
  • the breed they belong to, 
  • the needs of such an animal, 
  • the diseases it might be prone to in your environment, 
  • the cost of each and every treatment, 
  • the cost of vaccine and shots, 
  • the best policy available in the market for them, 
  • the inherited diseases they might carry, 
  • if your vet accepts such policy in the first place, 
  • the waiting period of such policy, 
  • the exact duration and amount available at your disposal, etc. 

  • All these points, along with various others are to be considered. This might feel a little bit technical and overwhelming. but the best policy for your beloved pet would be a life-saving step them.

    Choosing the Best One

    After listing out and choosing the best policy, the next step is to choose the best vendor for it. You might want to choose one that’s transparent, nearer to your house, has welcoming customer care and is clear about each and every terms and conditions they have to offer in all situations. Remember, a Pet Insurance policy is as good as the company providing it. If they have a reputation of avoiding their customers after selling their policies, then you might want to choose another vendor. You may also want to ask other pet parents in the neighbourhood.

    Terms and Conditions are Important

    Finally, comes the devil, that is, Terms and Conditions. These are the most important and crucial parts of any policy. Companies often advertise the best part of their policies, and hide the worst situations in the fine print of Terms and conditions. Read them carefully. Ask every little question possible. Clear every doubt you might have with their agents. It’s a big step on its own, so it's necessary that you do your homework well.

    Here are some trusted establishments, where you can avail a Pet Insurance: New India Insurance, Oriental Insurance, United India Insurance, Bajaj Allianz Insurance, Digit, etc. (Comparison Table in the end).

    Advantages of Pet Insurance

  • With technology around us advancing at a rapid pace, the same can be seen in the medical sciences too. And with this, the pet industry has become a huge one. 
  • As we have mentioned before, times have changed for good when it comes to domesticating an animal. Thus, an insurance for the same adds to such good times.
  • The quality of their lives in terms of products, services, health-care, medical sciences, etc. have developed rapidly. So, naturally the pet parent shows no reluctance in spending huge amounts of money for their beloved pet. 
  • These developed medical sciences and procedures are efficient, but have become rather expensive. They can take quite a toll on their owner’s pocket, if such a disease is sudden or unannounced. 
  • Therefore, the concept of Pet Insurance helps in such situations. Such expensive treatments can cover the areas of neurology, oncology, cancer treatments, heart diseases, his-displacement surgery, etc. 

  • Basic Comparison Table

    Pet Insurance Comparison Table

    The Ultimate Conclusion

    Pet Insurance in India is booming. Pet Industry in India is also booming. The market is getting sophisticated and so is the bond between the pet parents and their pets. Everyone wants their loved ones to live forever.

    As this is not possible, the very next best thing they can do is to alleviate their pain in times of need. This can be done by monetary help from such Pet Insurance policies. The overview above has been specially drafted for you by PetPedia.in so that you can choose the best among the best for your beloved pet. We at PetPedia.in believe that each and every animal deserves to be loved in every way possible. Availing a Pet Insurance is just a beginning for the same in the right direction!

    Hope to meet you soon!

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