As the number of Indian families with furry members is growing in India, so is the market for products aimed at ensuring their well-being.
After pet food and veterinary medicine, now an increasing quantity of general insurance companies are entering the pet insurance space. Bajaj Allianz General Insurance, Digit Insurance plus Future Generali Insurance have introduced – and are heavily promoting – pet insurance coverage plans. The products aim to cover several risks that pet owners may have in order to deal with — incidents of ill-health, surgeries and even theft of their furry kids.
Pet insurance policy: need associated with the hour?
As per Statista, a global data analytics major, the population of pet dogs in Indian has grown from 12. 6 million in 2014 to 21. 4 million in 2019 and is expected to be over 31 million by 2023. Not surprisingly, India is regarded as one of the fastest growing dog care markets in the particular world.
However, even though the number associated with pets is growing exponentially, the financial preparedness around their treatment expenses remains a less-explored concept. “Most people are not aware of the availability of such a product, ” says TA Ramalingam, Chief Technical Officer, Bajaj Allianz.
Now, pet insurance is not exactly a novel concept in India, along with public sector insurers like New Of india Assurance, National Insurance and Oriental Insurance offering versions of this product with regard to years. However , private field insurers’ products come with additional features.
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How does it work?
A pet insurance plan policy offers to financially secure the overall health and well-being associated with your pets by taking care of therapy costs. Like health insurance regarding human beings, these products pay for the treatment expenses of pets if they were to sustain injuries or suffer from ailments.
This helps pet owners eliminate the risk of high expenditure for medical treatment of the pet plus protect its life by providing the best treatment, say insurers. In addition, these products also cover pet thefts and insure the policyholder against damage claimed simply by third parties – that is, people who may be affected due to your own pet’s actions.
What is covered?
An animal insurance policy insures your pets against all hospitalisation expenses, surgical procedures, and critical illnesses. It also covers your pet’s death because of an accident or a disease, besides facilitating OPD (Outpatient Department) coverage. “Another very important protect that such products include is third-party liability, ” says Dr Renjtih PM, Senior Manager – Health Underwriting and Pet Insurance coverage, Digit Insurance policy.
Third-party liability protects you towards the monetary loss incurred if your pet bites someone or causes damage to their own vehicles or properties.
The plan also addresses the expenses incurred in case your dog/cat is stolen or lost. These costs include the cost sustained on filing police complaints, offering rewards, etc .
The cost of insuring your pets
The cost of pet insurance varies depending on the insurer a person choose and the age, size and breed of your pet. Not just these, but your own pet’s health and the particular sum insured you want to opt for will also determine your plan’s cost. The particular premiums start from Rs 300.
For instance, if an individual buy a long-term cover with the fixed cover of Rs 25, 000 with Bajaj Allianz, it will come at an annual premium of Rs 1, 284 for a large-category dog aged under seven. The plan will include cover up for epilepsy, pancreatitis, Cushing’s syndrome, diabetes, thyroid dysfunction, ascites, glaucoma, and inflammatory bowel disease. By paying an additional premium associated with 0. 5-1 percent, pet parents can also get covers against poisoning and breeding risks.
Exclusions plus limitations major dampeners
Insurers typically have a waiting period of 15-30 days before the cover starts, as well as the age limit for typically the pet is eight weeks to eight years, other than Bajaj Allianz, whose entry in addition to exit ages vary from 3 months to 10 years.
There is also a co-pay or deductible imposed by all insurers: 10 percent for surgery and even hospitalisation in the case of Bajaj Allianz; 20 percent from the dog’s market value or sum insured under products offered by Oriental together with New India Assurance.
Pre-existing diseases are also not covered by insurers, as are specific illnesses like distemper and rabies, which result in the death of this pet. “Most pet insurance coverage covers furthermore exclude ailments such as kidney failure, ” says Kapil Mehta, Founder, SecureNow Insurance Brokers.
Most pet insurance policies have got 20 in order to 30 exclusions, which takes away the benefit of even having the policy in the first place, he adds.