A home is incomplete without pets. They give us unconditional love and are a source of happiness and companionship. In fact, studies have shown that families with pets are emotionally healthier. That’s one of the reasons that the pet dog population in India was more than 27 million in 2021 and is expected to cross 43 million by 2026. Dogs are the most popular pets as per reports, followed by cats and fish.
If you are already a pet parent or planning to adopt anytime soon, consider pet insurance. A comprehensive policy provides adequate protection for expenses related to injuries, general medical treatments, and third-party liabilities.
Types of Pet Insurance Policies in India
Pet insurance plans are IRDA-approved. The premium paid in India is generally 3% to 5% of the sum assured. Know the different covers to pick a policy that is suitable for you.
Lifetime Cover: Covers your pet through its life. This is between the ages of 3 months to 10 years. Pet parents will receive a specific amount for medical treatments. Lifetime covers are especially helpful for long-term diseases like tick fever and arthritis.
Time Limited-Cover: Covers your pets for a specific period. Time limited cover helps you get through the costs of treating an injury or illness during the period of the policy. They are helpful for older pets or pets that have pre-existing conditions. However, they do not offer the same level of cover as lifetime insurance.
Money-Limited Cover: Covers your pets until the sum insured is exhausted. There is no time limit on a money-limited cover, and it can be used for a lifetime.
Riders for a Pet Policy in India
Pet parents can consider add-ons to the base pet insurance. For instance, certain insurance providers offer a loss of show entry fee. This is when a dog, cat, horse, or other pet is unable to participate in a show due to illness or injuries. Let’s say you registered your pet for Pet Fed, which is the biggest pet carnival in India, but could not participate due to injuries. You will be compensated for the money spent on tickets.
If your pet is involved in a mishap that leads to someone being injured or in an extreme case, leads to their eventual death, or causes property damage, a pet insurance policy has your back for legal liabilities. However, not all pet insurance policies include third-party liabilities. If you have one that does not cover this, you can consider an add-on.
Some policies also cover routine care (vet visits and vaccination) and wellness care (grooming essentials like teeth and ear cleaning). If not, you can choose these as riders.
General Exclusions of a Pet Insurance Policy
Failure to care for the pet, physical and mental abuse, artificial limbs, vaccine infections, organ transplants, pregnancy, breeding, dental procedures, and prescription foods for dogs on a diet are typically not covered by the insurer.
Banned dog breeds (like Wolfdog, Neapolitan Mastiff, American Pit Bull Terriers, Rottweiler, and Presa Canario) are not covered. Exotic pets such as lizards are also not included.
Insurance is available for domestic pets like dogs, cats and rabbits in India. Understand their terms and conditions, scope of coverage, and waiting periods before making the decision. This will help you choose the perfect pet insurance for your precious fur babies.
