ONLINE PET INSURANCE PLAN AS A BOON FOR PET & OWNER’S IN INDIA
(Compiled & shared by-DR RAJESH KUMAR SINGH, JAMSHEDPUR, JHARKHAND, INDIA, 9431309542, rajeshsinghvet@gmail.com).
A pet is not just a domestic animal for a pet owner, it is a part of the family. Pet owners give love and care to their pets as much as parents would give their children. Therefore just like, we provide insurance cover to our families, we can think about pet insurance too.
Pet insurance is a healthcare policy for your pet that reimburses you for certain medical expenses. This protects you against the risk of paying high medical care fees—or worse, having to put your pet down because you can’t afford a surgery. If a surprise accident or illness does hit, having an insurance plan can be a lifesaver. However, not all illnesses are covered by pet health insurance plans, so you should read the fine print on your plan before you buy.
India pet care market is expected to grow with a CAGR of more than 20% in the forecasted period of FY 2019-20 to FY 2021-22. The market is categorised into four segments i.e. pet food, pet accessories, pet grooming and pet healthcare.
• Healthcare is an important component when you have a pet
• Pet insurance solutions should include the right treatment, doctor and institution, cover healthcare expenses
• The pet population in India has grown to 10 million in 2014 and India is considered to be the fastest growing global pet market ($800-million-plus industry). Pets are family members you choose, and so you want to love them, take care of them – which like everything else comes at a cost. Let’s try to understand what it means to take care of your pets and how you can cover them in the best possible ways with insurance.
- Cost of healthcare———–
Expensive and incurable illnesses are the major reasons why pets are abandoned Globally.
- Having spoken to pet parents, I have understood that the cost of owning a pet depending on the age and the breed can be high. Healthcare is an important component when you have a pet. For instance, the annual routine healthcare expenses such as vaccination, deworming, tick treatment and minor illnesses in the first year when you get a dog are estimated to be in the range of ₹6,000 – ₹10,000, and then an average of ₹5,000- ₹7,000 every year.
• Treatment for minor to a major illness such as cancer or heart disease can cost anywhere from a few thousands to lakhs. On a rough back-of-the envelope estimate, taking the average age of a dog at 12 years, the average lifetime healthcare expenses should be in the range of ₹2.50 lakh to ₹4 lakh.
So it is the wise decision for a pet owner to opt for pet Insurance. Many companies are providing pet cover services in India ,online or offline. If you are planning to opt for pet insurance, you must verify and know the complete T & C of the insurance company.
Through FAQ, I wanted to give you a brief knowledge about the knowhow of pet insurance in India.
What is Pet/Dog Insurance?———-
It is insurance for dogs against death due to accident and/or diseases contracted during the period of insurance subject to usual terms, conditions, and exclusions of the policy. Pet Insurance schemes essentially pay for the veterinary costs in case one’s pet falls sick or suffers an accident or injury. Some pet plan insurance products also make payments for loss or death of the insured pet.
Why Insurance?————–
Pet medical insurance is essentially a risk mitigation strategy for guarding against significant medical expenditure for treatment of sick or injured pets. With the recent developments in the field of veterinary medicine the life expectancy of pets has increased, so did the cost of medical treatment. This has widened the market for pet insurance. Nowadays customized pet plan insurance programs are available for animals like cats and dogs.
What Insurance Covers?————–
The cover spans over treatment expenses, public loss and can also be customized to include death due to accidental poisoning, accident in transit by air, rail or road, and risks associated with animal shows in India, besides burglary and breeding risks. If the animal is incapacitated and unable to work, which is considered equivalent to death, this eventuality can also be insured.
What are the Insurance Companies?———–
Pet care insurance in India is still at a nascent stage. But the market is growing with many insurance companies offering services.Pawtect plan of VETINA , Bajaj Allianz, New India Insurance and United India Insurance being the top players providing customized policies.
What does Pet Insurance mean?———-
It simply means to take insurance for your pet , so if any emergency will occur towards your pet i.e (injury , health ), you can get it reimbursed by insurance company in the form of claim.
How Much Does Pet Insurance Cost?————
- It will cost us around 5-6% of sum assured depending on breed and age of the pet.
Can I get medical insurance for my dog?
- Yes, you can. Companies like Pawtect plan of VETINA , Bajaj Allianz pet insurance, United India pet insurance can provide you such covers.
Is it worth it to get pet insurance?——–
- Yes because medical cost are increasing as the advancement increases day by day.
How much a month is pet insurance?
- If your pet is between 8 weeks to 8 years old, you can take insurance
Which is the best pet insurance?————–
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Get a insurance which covers not only health but also covers the third party also, in case your pet bites someone then you can get reimbursement by insurance. And the sum assured of that insurance should not be low as there is no use to pay high premiums in against of low sum assured.
Is there a waiting period for pet insurance?
• It varies from company to company, if they find any disease that they are not covering, you will not able to get cover, but yes, again it depends whether the disease is subject matter to permanent or temporary.
Does Pet Insurance increase with age?———–
- Yes as your pet grows older, the premium will increases accordingly, those who have young exotic pets, it is more advisable to take insurance in the young age of that pets.
Does pet health insurance cover vaccinations?————
- It may cover vaccination or you can get it customized by company, subject to policy document of the respective company.
What is an annual deductible for pet insurance?———–
- At the time of claim , you only need to bear 20% of the claim amount , the rest would be bear by the company.
What is a lifetime pet insurance policy?————
- Lifetime cover protect the pet against any critical illness and long term illness. This includes diseases like eczema, arthritis, etc. Policyholder opts for this cover, will receive spa specified amount each year towards the treatment of the pets.
What does accident only pet insurance mean?———–
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As its name itself clarify it is going to cover only accident of the pets if not happened due to pet owner’s negligence , you can claim your pet’s veterinary treatment in the event of any accident.
How soon after getting pet insurance can I claim?
• Just like Health Insurance, you have to pay out from your pocket first then you can claim it from the company.
Does any pet insurance cover routine visits?———–
- It depends on the policy terms you have opted for, you just need to go through the policy document or ask policy provider for the same.
Can you get pet insurance after the injury?————
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It varies from company to company how they deal pre existing injury. But generally, exclusions are treated as either temporary or permanent.
Basic Cover
• Death of Dog by disease or accident.
Add On Covers
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Transit & Show Risk: Accidental Death while in transit by Air, Rail, Road and Water or on show in India
• Accidental Poisoning: Death by Accidental poisoning
• Breeding & Whelping Risk: Death by whelping and / or If whole litter is stillborn or dies within 14 days of birth
• Lost or Stolen Risk: Lost or stolen dogs including burglary or housebreaking
• Loss of Show Entry Fee: When the dog, which is registered with kennel Club, is unable to attend the show because of accident or disease covered in the policy, and entry fee is forfeited
• Loss of Value Limited to 50% of Sum Insured: Loss of value resultant upon an accident which does not result in death but which averts its show career
• Third Party Liability: Liability for personal injuries and property damage to third party Up to limit specified in the policy
• Worldwide Transit: Covers transit to various parts of the world and back to India and / or from other countries to India.
General Exclusions
• Malicious or willful injury or neglect, unskillful treatment or use of animal for purpose other than stated in the policy
• Accidents occurring and/or disease contracted prior to commencement of risk.
• Diseases: Tuberculosis, Tetanus, and Parasitic Infection. Rabies, Canine Distemper Laptospirosis and other diseases are covered if preventive vaccination is done and certificate to this effect is submitted.
• Death due to any disease contracted within 15 days from the date of commencement of the policy.
• Theft or clandestine sale of the insured animal.
• Disability Temporary or Permanent, Total or Partial.
• Any loss or damage caused willfully or knowingly by the Insured, or any loss or damage in which the Insured or any person acting on his behalf is involved or implicated.
• Transport by air and sea. Transport beyond 25 kilometers from the place of stabling by any means other than by foot and beyond 50 kilometers from the place of stabling in case of transit by foot.
• Intentional slaughter of the animal except in cases where destruction is necessary to terminate incurable suffering or on human consideration on the basis of the certificate issued by qualified veterinary doctor or in cases where destruction is resorted to by the order of lawfully constituted authority.
• Any consequential loss, however arising.
• War, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, commotion, unrest, rebellion, revolution, insurrection, military or usurped power or confiscation or nationalisation or requisition of or damage by or under the order of any government or public local authority, riot, strike, or terrorist activities.
• Ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste or nuclear weapons material or from the combustion of nuclear fuel, or the radioactive toxic explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof.
Which are the pet policies available in India?———-
Pet insurance is not popular in India. There is low awareness about it among people and many insurance companies do not provide it. You can get pet insurance for an amount between Rs. 2,000 and Rs. 50,000 depending on the breed and the insurance company.
Some insurance companies such as Pawtect plan of VETINA, provides PETS animal insurance as online insurance schemes.
VETINA-PAWTECT PLAN——–
Vetina in India is targeting the pets health problem by making healthcare affordable to pets. Its Pawtect plan (a Medical Cover for the Pets) which is backed by Digit General Insurance Company This online pet Medical Cover was launched last year and is promoted by Vetina Healthcare LLP_
As we know ,Every animal deserves the best of treatment, But most of the times, pet parents are unable to fund this from their pocket. So Pawtect offer cover for pets from 40000 to 150000 at a minimum
premium of around Rs 122 per month. This online portal offers first such medlical product in India. Their three plans cover invasive surgeries, accidental injuries, third party liabilities and major ilInesses.
Its clients are eligible for up to 95% of the claims reimbursement and their claim settlement ratio is 100 % as per the company’s official. Pawtect gives cover to parents with multiple pets, by offering discount to the
second and third pet .In addition there is healthy pet discount which means if there is no claim in a year the pet. Parent gets reduction in premium at the time of renewal of its policy .The company claims to offer this product across the country online, and also covers pets when they travel outside their city. Company settles claims within three to four days anywhere in the country. Vetina hopes that more pets across the country will be able to get relief from different conditions and illnesses.For more technical details about this pets insurance you may contact with DR SHAVETA SOOD, PRODUCT MANAGEMENT & MARKETING HEAD on 7506562266/020-67445858, customerservice@pawtectindia.com.
New India Assurance——–
New India has a dog insurance scheme that provides coverage to dogs from 8 weeks old to 8 years old against death due to accident or certain illnesses. The company will bear 80% of the claim amount and Insured will bear 20% of the claim amount.
Major Exclusions——–
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COMMON EXCLUSIONS : AS PER CATTLE INSURANCE
B. SPECIFIC EXCLUSIONS :
I. DEATH DUE TO DISEASES SUCH AS DISTEMPER, RABIES, VIRAL HEPATITIS, LEPTOSPIROSIS, VIRAL ENTERITIS. THESE DISEASES ARE COVERED ONLY IF THE DOGS HAVE BEEN SUCCESSFULLY VACCINATED AND A VETERINARY CERTIFICATE TO THAT EFFECT IS PRODUCED.
II. DISEASES CONTRACTED PRIOR TO AND WITHIN 15 DAYS OF COMMENCEMENT OF RISK.
III. TRANSPORT, SHOW RISK, BREEDING AND WHELPING RISK, THIRD PARTY PERSONAL INJURY UNLESS ADDITIONAL PREMIUM IS PAID
Oriental Insurance————
Oriental provides an insurance policy for dogs from 8 weeks to 8 years old. Dogs are covered against death due to accidents and illnesses. For an additional premium, dogs are also covered against loss of litter, theft, personal injury or property damage of third person etc.
NB: THIS POLICY COVERS INDIGENOUS, CROSS BRED OR EXOTIC DOGS WHICH ARE PETS, WATCH DOGS, SHEEP DOGS AND HUNTING DOGS AND PROVIDES INSURANCE AGAINST DEATH DUE TO ACCIDENTAND / OR DISEASES DURING THE PERIOD OF INSURANCE TO THE DOGS. AGE: 8 WEEKS TO 8 YEARS. INSURED DOGS MUST BE SUITABLY IDENTIFIED BY ONE OF THE FOLLOWING METHODS: 1) TATTOOING, 2) NOSE PRINT, 3) COLOURED PHOTOGRAPH, 4) IN THE CASE OF PUPS, ONE MORE COLOUR PHOTO MAY BE TAKEN AT 6 TO 8 MONTHS AGE. NORMAL PHYSICAL IDENTIFICATION MARKS AND BREED, SEX, AGE ETC. SHOULD BE CLEARLY DESCRIBED IN THE VETERINARY CERTIFICATE AND PROPOSAL FORM. THE POLICY MAY BE EXTENDED AS PER THE FOLLOWING SECTIONS AND THE PROPOSER MAY CHOOSE TO COVER RISK UNDER ANY SECTION(S) BY PAYMENT OF EXTRA PREMIUM: SECTION 1: DEATH BY ACCIDENT IN TRANSIT BY AIR, RAIL, ROAD AND WATER AND SHOW RISK, SECTION 2: DEATH BY ACCIDENTAL POISONING, SECTION 3: BREEDING RISK – A) DEATH BY WHELPING, B) LOSS OF LITTER IN CASE THE WHOLE LITTER DIES WITHIN 14 DAYS AFTER BIRTH, SECTION 4: LOST OR STOLEN DOGS(INCLUDING BURGLARY OR HOUSEBREAKING), SECTION 5: LOSS OF SHOW ENTRY FEES (MAX. LIMIT RS.250/-) WHEN THE DOG REGISTERED WITH THE KENNEL CLUB IS UNABLE TO ATTEND THE SHOW BECAUSE OF ACCIDENT OR DISEASE, SECTION 6: LOSS OF VALUE RESULTANT UPON AN ACCIDENT, SECTION 7: LIABILITY FOR PERSONAL INJURY AND DAMAGE TO PROPERTY (INCLUDING ANIMALS, POULTRIES OR THIRD PARTIES) UP TO RS.5000/-, SECTION 8: WORLD WIDE TRANSIT CLAUSE
