Pet Insurance in India: Is It Worth It?

Table of Contents

• Introduction
• What is Pet Insurance?
• Why Do You Need Pet Insurance?
• What are the Types of Pet Insurance Available in India?
• What Pets are Covered?
• What are the Companies that Provide Pet Insurance in India?
• How Much Does Pet Insurance Cost in India?
• How to Choose the Best Pet Insurance Plan for Your Pet?
• FAQs 
• Conclusion

Introduction

This is where pet insurance comes in. Pet insurance is an insurance type that covers the expenses related to your pet’s health and well-being. It can help you pay for the veterinary bills, medications, surgeries, or even the loss or theft of your pet.

If you have pets, only you understand how much they mean to you. You treat them as a part of your family and do everything you can to keep them healthy and happy. But what if your pet gets sick or injured and needs medical attention? How will you cope with the emotional and financial stress of such a situation?

But is pet insurance in India available? And is it worth it? What are the pros and cons of buying pet insurance for your pet? How do you pick the ideal pet insurance policy for your pet? In this article, we will answer these questions and more.

What is Pet Insurance?

Pet insurance is a special type of insurance that covers the costs related to your pet’s health and well-being. It can help you pay for the veterinary bills, medications, surgeries, or even the loss or theft of your pet.

Pet insurance works almost the same way as human health insurance. You pay a premium to the insurance company. In return, you get a certain amount of coverage for your pet. Depending on the type and level of coverage you choose, you can get reimbursed for some or all of the expenses incurred by your pet.

Pet insurance can cover various animals, such as dogs, cats, birds, rabbits, horses, etc. However, most pet insurance policies in India are available only for dogs and cats.

Why Do You Need Pet Insurance?

Pet insurance can be a lifesaver for you and your pet in unexpected situations. Here are some of the compelling reasons why you need pet insurance:

• It can save you from substantial veterinary bills. In India, veterinary care can be costly, especially if your pet needs specialized treatment or surgery. A visit to the vet can cost anywhere from Rs. 500 to Rs. 5000, depending on the type and severity of the problem. Major surgery can cost up to Rs. 1 lakh or more. If you have pet insurance, you can get reimbursed for some or all of these costs and avoid going into debt or compromising on your pet’s health.

• It can provide peace of mind and certainty. Pet insurance can give you peace of mind and security that your pet will get the best care possible in any emergency or illness. You don’t have to worry about finding the money or making difficult decisions about your pet’s treatment. You can focus on your pet’s recovery and well-being without any stress.

• It can enhance your pet’s quality of life. Pet insurance can also improve your pet’s quality of life by allowing you to access preventive and wellness care. You can take your pet for regular check-ups, vaccinations, dental care, grooming, etc., without worrying about the cost. This can help you detect and prevent common health issues and keep your pet healthy and happy.

What are the Types of Pet Insurance Available in India?

Different types of pet insurance in India offer different levels and scopes of coverage for your pet. Here are some of the most common types:

1. Mortality Benefit Cover: This type of cover provides compensation in case of the death of your pet due to an accident or disease. The compensation amount depends on the sum insured and the age and breed of your pet.

2. Surgery Expenses Cover: This type reimburses expenses incurred for any surgery performed on your pet due to an accident or disease. The reimbursement amount depends on the sum insured and the type and cost of the surgery.

3. Terminal Diseases Cover: This type of cover provides a lump sum compensation if your pet is diagnosed with a terminal disease such as cancer or kidney failure. The compensation amount depends on the sum insured and the age and breed of your pet.

4. Third-Party Liability Cover: This type of cover provides protection against any legal liability arising from your pet causing injury or damage to any third-party person or property. The liability amount depends on the sum insured and the extent of injury or damage caused by your pet.

5. Theft/Loss/Straying Cover: This type of cover provides compensation in case your pet is lost, stolen, or strays away from your premises. The compensation amount depends on the sum insured and the age and breed of your pet.

What Pets are Covered?

Petjiny is an initiative started by a group of pet lovers and animal welfare activists in order to protect animal from harm. It all began six years ago when our team members used to spend time around stray pets, cats and cows and started feeding them. With God’s grace and blessings, we have been able to rescue and rehome a few pets and cats. Providing a nurturing environment, we ensured that these precious souls are well taken care of, medically treated, and allowed to flourish. Currently we cover pet insurance for Cats, Pets, Cattles and Birds. We cover treatment costs of specified diseases or injuries as well as surgeries, hospitalization or death due to illnesses or accidents. We also cover the theft/loss or straying of the pet and we provide protection against third party legal liability of pet owner including the legal costs for defending the claim.

What are the Companies that Provide Pet Insurance in India?

Several companies provide pet insurance in India, each with its features, benefits, and limitations. Listed below are some of the top pet insurance companies in India:

1. Bajaj Allianz General Insurance Company Limited: This company offers a comprehensive pet insurance policy covering mortality benefits, surgery expenses, terminal diseases, third-party liability, and theft/loss/straying. The policy covers dogs between 3 months and 10 years old and has no waiting period for accidents. The premium depends on the size, breed, and gender of the dog.

2. The New India Assurance Company Limited: This company offers a basic pet insurance policy for dogs that covers death due to accident or disease and loss or theft due to burglary or a house break. The policy covers dogs between the ages of 8 weeks and 8 years and has a waiting period of 15 days for diseases. The premium depends on the market value of the dog.

3. Oriental Insurance Company Limited: This company offers a simple pet insurance policy for dogs that covers death by accident in transit and loss or theft due to burglary or a house break. The policy covers dogs between 8 weeks and 8 years and has no waiting period. The premium depends on the market value of the dog.

How Much Does Pet Insurance Cost in India?

The cost of pet insurance in India varies depending on various factors such as the type and level of coverage, the sum insured, the age and breed of the pet, the health condition of the pet, etc. However, as a general estimate, you can pay anywhere from Rs. 500 to Rs. 5000 per year for a basic pet insurance policy for your dog or cat.

Pet insurance premiums can also vary depending on whether your pet is a pedigree or non-pedigree, has a microchip or RFID tag, is spayed or neutered, etc. You can compare pet insurance plans online and choose the one that suits your budget and needs.

How to Choose the Best Pet Insurance Plan for Your Pet?

Choosing the right pet insurance policy for your pet can be daunting, considering the various options and factors involved. However, you can follow the below steps to make an informed decision:

• Assess your pet’s needs and preferences. Consider your pet’s age, breed, health condition, lifestyle, etc., and determine what kind of coverage they need and want. For example, suppose your pet is young and healthy. In such cases, you may opt for a basic cover that provides protection against accidents and diseases. Suppose your pet is old or prone to chronic conditions. In that case, you may opt for a comprehensive cover that offers additional benefits such as terminal diseases or surgery expenses.

• Compare different pet insurance plans online. You can use online platforms such as Policybazaar.com or Insurancedekho.com to compare other pet insurance plans from various companies based on their features, benefits, limitations, exclusions, premiums, etc. It would be best if you also looked for customer reviews and ratings to get an idea of the quality and service of each company.

•  Choose the best pet insurance plan for your pet. Based on your comparison and analysis, you can choose the best pet insurance plan for your pet that offers adequate coverage at an affordable price. You can customize your plan by selecting optional covers or riders that suit your needs.

FAQs

What is pet insurance?

Pet insurance is a type of insurance that covers the expenses related to your pet’s health and well-being. It can help you pay for the veterinary bills, medications, surgeries, or even the loss or theft of your pet.

Why do I need pet insurance?

It would help if you had pet insurance because it can save you from substantial veterinary bills, provide peace of mind and security, and enhance your pet’s quality of life. Pet insurance can also help you access preventive and wellness care for your pet and protect you from any legal liability arising from your pet.

What are the types of pet insurance available in India?

Different types of pet insurance in India offer different levels and scopes of coverage for your pet. The most common types are mortality benefit cover, surgery expenses cover, terminal diseases cover, third-party liability cover, and theft/loss/straying cover.

What are the companies that provide pet insurance in India?

Some top companies that offer pet insurance in India are Bajaj Allianz General Insurance Company Limited, The New India Assurance Company Limited, and Oriental Insurance Company Limited. Each company has its own features, benefits, and limitations for its pet insurance plans.

How much does pet insurance cost in India?

The cost of pet insurance in India varies depending on various factors such as the type and level of coverage, the sum insured, the age and breed of the pet, the health condition of the pet, etc. However, as a general estimate, you can expect to pay anywhere from Rs. 500 to Rs. 5000 per year for your dog or cat’s basic pet insurance policy.

How to choose the best pet insurance plan for my pet?

To choose the best pet insurance plan for your pet, you should assess your pet’s needs and preferences, compare different pet insurance plans online, and choose the best one that offers adequate coverage at an affordable price. You can customize your plan by choosing optional covers or riders that suit your needs.

What are the benefits of having a microchip or RFID tag for my pet?

A microchip or RFID tag for your pet can help you identify and locate them in case they get lost or stolen. It can also help you get a discount on your pet insurance premium, as some companies offer a 5% savings if your pet has a microchip or RFID tag.

What are the exclusions and limitations of pet insurance?

Pet insurance does not cover everything related to your pet’s health and well-being. Some standard exclusions and limitations are pre-existing conditions, congenital or hereditary defects, elective procedures, cosmetic treatments, vaccinations, grooming, boarding, etc. You should read through the policy document carefully to know what is covered and what is not by your pet insurance plan.

How to file a claim for my pet insurance?

To file a claim for your pet insurance, you should follow the steps your insurance company gives. Generally, you will need to inform your insurance company within a specified time limit after the occurrence of the event that triggers the claim. You will also need to submit the required documents, such as veterinary bills, medical reports, death certificates, police reports, etc., as per the type of claim. You should keep all the original receipts and proofs of your claim until it is settled.

How long does it take to get reimbursed for my pet insurance claim?

The time taken to get reimbursed for your pet insurance claim depends on various factors such as the type and amount of claim, the verification process, the mode of payment, etc. Generally, it can take anywhere from 15 days to 45 days for your claim to be processed and settled by your insurance company. You should contact your insurance company regularly to track the status of your claim and follow up on any queries or issues.

Conclusion

Pet insurance is a worthwhile investment for you and your pet in India. It can help you save money on veterinary bills, provide peace of mind and security, and enhance your pet’s quality of life. However, it would help to select the right pet insurance plan for your pet that offers the best value for money.

This blog post has helped you understand more about pet insurance in India and how to choose the best one for your pet. If you have any queries or feedback, please comment below. Happy Pet Parenting!