The Buyt Desk
Do you often get anxious about your pet’s health? Now, you can secure the overall health of your beloved pet with a pet insurance policy. This insurance will incur the overall cost of the pets’ treatment, just like human insurance. And, if your pet accidentally bites someone or damages any property, this policy will also cover the treatment cost.
The number of families owning pets in India is rising, so the need for a product ensuring the well-being of pets has become a necessity.
Understanding the market requirements, insurance companies like Bajaj Allianz General Insurance, Future Generali, and Digit Insurance have entered into the space with the pet insurance plan. The plan intends to cover all the risks that pet owners often face. It includes illness, surgery, third-party damage, theft, and much more.
How Does the Pet Insurance Work?
Pet insurance is no different from human insurance. This insurance policy comes with a bundle of benefits that helps in the well-being of pets and pet owners.
What Does Insurance Policy Cover?
Owning a pet is expensive. It is because of exhaustive food, medication, and treatment cost. Pets are also vulnerable to diseases and hurt, which requires long-term treatment and sometimes surgeries.
A few incidences have also happened in the past where pets had hurt people and property, which led to the imposition of a fine on pet owners. One of the benefits of this policy is that it covers everything from vaccination to third-party liability.
Apart from that, the policy also covers the expenses incurred by the pet owners in the incidences like pets lost or stolen.
What is the Cost of Pet Insurance?
The cost of pet insurance is another factor you should know. Similar to human insurance, the cost of pet insurance also depends on various factors, such as type of pet, age of the pet, its size, breed, etc. In addition to the mentioned criteria, the premium and insurance plan cost also depends on the prevailing health condition of the pet and its illness history. However, at random, the premium starts at as low as Rs 300.
These days many insurers have come into the market offering pet insurance services with exclusive offers and benefits, and their insurance premium varies according to the tenure for which the pet owner is buying the insurance.
This insurance also covers incidences such as breeding risks, food poisoning, etc., at the payment of some extra amount.
The Exclusions and Limitations in Insurance Plan
The usual wait period for pet insurance is 15 to 30 days before the start of the coverage, and it is eligible for pets between the age of eight weeks to eight years. Co-pay is also applicable to all insurers. It is approximately 10 percent for surgery and hospitalization.
Most insurers do not cover the pre-existing illness of pets and the diseases that cause the death of pets, such as rabies and distemper.
Conclusion – Pet insurance is not a new introduction by insurance companies. Earlier, a few public sector insurance companies like New India Assurance and Oriental Insurance used to offer a version of pet insurance. The private sector has come into the space with robust plans and features and promoting it rigorously.
