Pet Insurance: It’s time you insured your pooch. here’s why
Like Silica, many pet owners have benefited from pet insurance while dealing with medical costs, hospitalization, theft protection, liability and more. . While some are hesitant to get their pet insured, many have realized that it is the need of the hour, not only for themselves, but for their pets as well.
Why insure your pet?
“If humans have mediclaim and other health insurance, why can’t pets have one?” asks Dr. Narendra Pardeshi, a veterinarian who suggests pet parents insure their pooches. Another veterinarian, Dr Gourab Datta, adds, “If a pet owner finds the programs beneficial, then why not? God forbid, if a dog becomes terminally ill, insurance certainly helps. That said, one should carefully read the details of the plans, what they cover and what does not. Poorvi Anthony, co-founder of a chain of pet stores, believes that pet insurance has become the need of the hour. “With the increase in pet adoption, there has been an urgent need to raise awareness about pet insurance to ensure the best care for pets. The pandemic has accelerated the acceptance of pet insurance by pet owners,” she shares. Currently, however, most pet insurance companies offer coverage for dogs.
Pet Insurance Market Size in the Last Two Years
Pet Insurance Market was estimated at USD 7.92 Billion (Approximately Rs 792 Crore) in 2021 and is projected to reach USD 19.56 Billion (Approximately Rs 1956 Crore) by 2028. Asia-Pacific region is expected to dominate the global pet insurance market.
-According to a study by Vantage Market Research
Cost of insurance coverage
Premium rates can vary from Rs 200 to Rs 10,000 per annum, depending on what you choose
What do the plans cover?
Pet insurance can cover surgery, hospitalization, death benefit, terminal illness, long-term care, liability, theft/loss/misuse of pets. pets and OPD fees, depending on the plan you choose.
The breed, size and age of the animal dictate premium rates, as do its medical history, vaccinations, etc. If one wants to cover a purebred dog for its purchase or market value, one needs a Kennel Club of India (KCI) certificate. The entry and exit time can vary from 2 months to 10 years, depending on the size of the dog.
How to claim the amount?
Visit the insurance company’s website and upload the relevant documents, or consult the insurance agent. Once accepted, it takes 7 to 10 days for reimbursement.
Are all animals insured?
Currently, pet insurance largely covers dogs. Only mortality coverage is available for rabbits. This may gradually change.
Which health conditions are not covered, in general?
Intentional or malicious injury to pet, injury or illness resulting from negligence or clumsy handling, loss or injury due to war, foreign hostility, revolution, rebellion, upheaval military, etc., death due to rabies, distemper, viral hepatitis, viral enteritis, leptospirosis, etc., illness contracted before the policy was underwritten, surgeries performed for birth defects, surgeries performed for childbirth and sterilization. Always check what is covered and what is not when purchasing insurance.
Is the insurance valid throughout India and at any registered veterinarian?
If the case falls under the above terms and conditions of a particular scheme, prescriptions or reports from any certified veterinarian or veterinary clinic are accepted. Cashless processing is still not a norm in India, so you need to file an expense claim.
“Significant increase in demand for pet insurance”
We have seen tremendous demand over the past year following the first wave of COVID-19, with 1000% volume growth for our pet dog insurance product. This is mainly because pet parents are becoming more aware and see value in it. In India, almost 90% of the pet population comprises of dogs, which is why we decided to cater to this market. We may consider gradually covering other pets
-TA Ramalingam, technical director of an insurance company
“Upon presentation of the relevant documents, our request was processed quickly”
I paid a premium of around Rs 4000 and my insurance was capped at Rs30000. It covered deaths, serious illnesses and lost cases. I filed an insurance claim with the insurance company with Zoobie’s diagnostic test reports, vet prescriptions, hospital bills and vaccination status details, and we received the amount total refund.
-Silica Kole, a pet mom
“Pets are part of the family. why shouldn’t we buy insurance for them?
Pets are part of the family and if we take health insurance for us, why not for them? I think insuring your pet is important because it helps you worry less if an unfortunate emergency occurs.
– Pooja Pandita, a pet mom
How is animal insurance different from livestock insurance?
Livestock insurance is mainly claimed after the death of a livestock. Optional benefits such as permanent disability cover can be used to cover the risk of permanent and total disability of livestock.