PET INSURANCE IN INDIA
by-DR RAJESH KUMAR SINGH, JAMSHEDPUR, 9431309542,rajeshsinghvet@gmail.com
Introduction to Pet Insurance:
A home is not a home without a pet. They give us companionship and unconditional love. So, in order to protect these amazing animals when they are sick or injured and to give them the best medical attention, it is important to avail Pet Insurance. Pet Insurance policy is one of the latest insurance schemes introduced in India. This scheme covers veterinary expenses incurred for the treatment of a pet who has endured an injury or is sick. Some pet insurance plans also covers death or loss of the pet that is insured. This helps pet owners to eliminate the risk of high expenditure for medical treatment of the pet and to protect its life by providing the best treatment.
Features and Benefits of Pet Insurance:
• Customized plans – Customized pet insurance plans are available for pets such as dogs, cats, birds, etc.
• IRDA approved – The pet insurance plans are approved by IRDA (Insurance Regulatory and Development Authority). There are various types of pet insurance schemes that fall under this plan, such as: cattle insurance, dog insurance, horse insurance, cat insurance, etc.
• Sum Assured – Generally, the sum assured for pet insurance products like dog insurance, ranges from Rs. 15,000 to Rs. 30,000. This depends on the breed and other related factors.
• Add-On Cover – Some insurance providers (e.g.: Future Generali) offer add-on covers for the base policy, such as for the loss of show entry fee. This cover is offered for the forfeit of entry fee for dog shows when the pet cannot make it to the show due to an injury or illness.
• Third Party Liability – Some pet insurance policies offer third party liability cover, in the event that your pet bites/ attacks a third party or causes damage to third party property.
• Types of Cover – There are three types of pet insurance cover, namely, lifetime cover, time-limited cover and money-limit cover. Lifetime cover protects the pet and its owners against any critical/ long-term illness. This includes diseases such as eczema, arthritis, etc. The policyholder who opts for a lifetime pet insurance policy, will receive a specified amount each year towards treatment of the pet. Time limited pet insurance policy offers financial protection to a pet only for a specific period after a pet has contracted an illness or suffered an injury. Money-limit cover offers financial benefits to pet owners to meet the medical expenses of their pets. There is no time limit for this policy and it can be used until the money limit is reached.
• Premium – Generally, the premium to be paid for the pet insurance policy in India is equal to 3% – 5% of the sum assured.
Pet Insurance Covers:
This policy covers the following
• Death due to accident
• Illness contracted while the policy is in effect
• Treatment expenses
• Accident while in transit (via rail, air or road)
• Loss/ theft of the pet
• Incapacitation
• Accidental poisoning
• Third Party liability
Pet Insurance Exclusions:
Some of the general exclusions under the pet insurance scheme are as follows:
• Willful or malicious injury to the pet
• Injury or illness arising out of neglect or unskillful handling of the pet
• Loss or injury due to war, foreign hostility, revolution, rebellion, military upheaval, etc.
• Death due to rabies, distemper, Viral Hepatitis, Viral Enteritis, Leptospirosis, etc.
• Illness that has been contracted prior to taking the policy.
List of Companies Offering Pet Insurance are:
New India Insurance – Offers dog insurance scheme wherein dogs between the ages of 8 weeks to 8 years can be insured. The basic rate of premium charged is 5% of the sum insured. The pet will then be covered against diseases contracted during the period of insurance and death due to accident. Other pet insurance schemes offered by the company are: sheep and goat insurance, cattle insurance, pig insurance, camel insurance, poultry insurance, duck insurance, rabbit insurance, elephant insurance, inland fish insurance, etc.
United India Insurance – this insurance provider offers pet insurance policy for all exotic and indigenous breed of animals. The policy covers the pet against permanent total disability and death due to accident.
Oriental Insurance – This leading Indian insurance provider offers insurance coverage for horse, dogs and elephants. It offers dog insurance scheme wherein dogs between the ages of 8 weeks to 8 years can be insured. The premium ranges between Rs. 200 – Rs. 10,000.
DOCUMENTATION AND PROCESS FOR PET INSURANCE-
1. Dogs in the age group of 8 weeks to 8 years are insured.
2. Dogs of indigenous origin, cross-bred and exotic breeds are covered under the scheme.
3. Valuation to be done by qualified Veterinary Doctor at the time of proposing the insurance.
4. Insured dogs must be suitably identified by one of the following methods :
a. Tattooing
b. Nose Print
c. Photograph
Normal identification marks and breed, sex, age etc., should be clearly described in the Veterinary Certificate. Cost of identifications is to be borne by Insured only.
5. Detailed pedigree record, kennel club record should be submitted along with Vet. Certificate.
6. The basic premium rate is 5 % of sum insured.
Insurance Coverage
Dogs are insured against death due to accident and/or diseases contracted during the period of insurance subject to usual terms, conditions and exclusions of the policy.
Top
Major Exclusions
a. 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
Indemnity
Company to bear 80% of the claim amount and Insured to bear 20% of the claim amount which would be ascertained on the basis of Market Value as certified by Veterinary Doctor or Insured Value whichever is less.
Documents to Effect Insurance
1. Proposal Form
2. Veterinary Health Certificate from a qualified Veterinarian.
3. Kennel Club certificate/ Photograph/tattooing
Claim Procedure
1. Intimation
2. Duly completed claim form.
3. Veterinary Certificate for death on Company’s form.
4. Post Mortem report on standard P.M. form.
5. Photograph or any other document, if necessary.
Extension of Policy
The policy may be extended as per following Sections, and the proposer may choose to cover risks under any Section by payment of extra premium.
Rate of Extra Premium
Section (1)
Death by accident in transit by air, rail, road and water, and show risk 0.5%
Section (2)
Death by accidental poisoning 1.0%
Section (3) Breeding Risk
a. Death by whelping
b. Loss of litter in case the whole litter is stillborn or dies within 14 days of birth : 0.5%
2.0%
Section (4)
Lost or stolen dogs (Including burglary or house breaking) 2.0%
Section (5)
Loss of show entry fees (limit Rs. 250/-) when the dog which is registered with the Kennel Club is unable to attend the show because of accident or disease covered by the policy. 0.25%
Section (6)
Loss of value (Limit one half of Sum Insured) resultant upon an accident which does not result in death but which averts its show career. 0.5%
Section (7)
Liability for personal injuries and damage to property (Including animals, poultry) of third parties up to Rs. 5000/-. 1.0%
Note :
Liability to members of the Insured’s family or employees is excluded.
Section (8)
WORLD WIDE TRANSIT CLAUSE @ 2%
The New India Assurance Company Limited
PROPOSAL FORM DOG INSURANCE (CANINE INSURANCE)
SCOPE OF SCHEME: Dogs are insured against death due to accident and/or diseases contacted during the period of insurance subject to usual terms, conditions and exclusions of policy.
A. Insured’s Name: ______________________________________________________
B. Insured’s Address: _____________________________________________________
_____________________________________________________
C. Date of Proposal & Declaration: __________________________________________
D. Description of the dog/s:
(1) Total No. of dogs__________________________________________________
(2) No. of the dogs per unit: ___________________________________________
(3) Identification: ___________________________________________________
(4) Variety of type of dogs: ___________________________________________
(5) Date of purchase: ________________________________________________
(6) Source of purchase: ______________________________________________
(7) Age of dogs covered: _____________________________________________
E. SUM INSURED Rs. _____________________________________________
F. Location of the place where the dogs are housed /kenneled: __________________
G. Vaccination particulars: _______________________________________________
H. Any other information: _______________________________________________
I/WE hereby propose to insure the abovementioned dog/s owned by me/us with THE NEW INDIA ASSURANCE CO. LTD. subject to the terms, conditions and exclusions of the Company’s policy.
I/WE warrant that the answers to the above queries are true and that all the dog/s are correctly described are sound, in good health and free from vice. I/WE declare that no information material to the insurance has been withheld and agree that this proposal shall be the basis of the contract between me/us and the Company.
Date: _______________ ____________________
Place: ______________ Signature of the proposer
