Pet Insurance

To so many of us, pets are precious family members without whom we can’t imagine our life. India has rapidly seen the evolution of pet-owners to pet parents and we’re here to tell you about the ultimate safeguard for your furry babies: pet insurance plans!

What is Pet Insurance?

Pet insurance is a special type of insurance for various animals which safeguards their overall health and wellbeing. Just like we buy health insurance for ourselves and our loved ones, insurance for pets has become a great way to provide for our pets if they happen to need medical and other financial help.
With annual routine expenses for animals rising, being a pet parent does not come cheap. Vaccination, tick treatments, grooming etc. cost anywhere from Rs. 10,000 to Rs. 54,000 annually. Out of these, the vet fees and subsequent medical and surgical costs are the highest if your pet is in need of such care. With a pet insurance policy, your pets will get the best medical and legal assistance in case of unexpected situations.

Why Would You Need Pet Insurance?

With rising costs of personal care, grooming and medical expenses, it’s not uncommon to see people spending Rs. 70,000 – Rs. 80,000 annually on their pets. Already a thriving practice abroad, pet insurance in India has been gaining popularity thanks to a range of benefits it brings:
● Ensures Best Health: Your precious pets will get the best treatment and medical care thanks to the insurance policy
● Affordable and Saves Extra Expenses: By investing just a small premium, your pet can get covered for a range of benefits including medical care, accidents, and even overseas protection in many cases!
● Safeguard from Accidents: While we can’t peel our eyes away from our furry babies, they sometimes get hurt while playing or because of other reasons. Your insurance will cover all these medical expenses so that you don’t burn a hole in your pocket.
● Other Benefits: Depending on your insurer, your pet will get exclusive benefits like coverage for third-party damages, or your pet getting stolen.

Types of Pet Insurance

While insurance companies in India had been offering cattle and livestock insurance for many years, private-sector insurers not only offer protection against death but also a lot of other expenses like worldwide transit, third-party liabilities, theft or loss of pets, entry fees for dog shows and much more. As of now, there are the following types of insurance plans for pets:

Dog Insurance

The most common pet insurance in India, with an estimated 28-29 million overall pets in India, dogs make up a huge bulk of this number. Especially since the COVID-19 outbreak, this number saw a huge rise with a lot of people turning towards human’s best friend. Most pet insurance plans available aim at dog parents who want to protect their precious babies from all possible harm.

Cat Insurance

All animals are lovely, and so many insurance providers have started offering benefits to people who have cats as their pets. If you’re a cat owner, your pet cat insurance will protect your fierce feline from all her adventurous falls and ensure her overall wellbeing.

Pet Insurance Inclusions

The range of benefits varies with the insurer as well as the cost of the premium. Following are the coverage provided under Pet Insurance:

Surgery Expenses Cover
Death due to accident/Diseases
Hospitalization Cover
OPD Cover
Lost or stolen dogs

Pet Insurance Exclusions

In some cases, the insurer shall not cover the medical expenses:

Any surgeries that are not necessitated because of illness or accident
Surgeries to cure deformities or congenital defects are not covered
Surgeries done due to pregnancy or whelping are not covered
Any surgery related to grooming is excluded
Any cosmetic or elective surgery which is not related to injury will not be covered
Any dental surgery not caused by an accident or injury will not be covered

LIVESTOCK / CATTLE INSURANCE

LIVESTOCK / CATTLE INSURANCE Livestock Sector is an important sector of Indian economy, especially rural economy. The supplemental income derived from rearing of livestock is a great source of support to the farmers facing uncertainties of crop production, apart from providing sustenance to poor and landless farmers. Cattle prices are high and its loss can lead farmers to vicious debt cycle. To help farmers mitigate their livelihood risk, we help Farmers in availing comprehensive coverage against the cattle loss.

Coverage:

Coverage: The Policy covers all Indigenous, Cross bred and Exotic animals. Animal include milch cows, buffaloes, calves/heifers, stud bulls, bullocks and mithuns. The Policy provides for payment of compensation for death of animal(s) due to:

● Accident (including fire, lightning, flood, inundation, cyclone, tornado, storm, tempest, hurricane, earthquake, famine, riot, strike and civil commotion)
● Surgical operations
● Diseases contracted or occurring during the period of this Policy
The policy covers both Scheme and non-Scheme animals. Scheme animals refer to all types of cattle subsidized by various projects/ scheme of Government like National Livestock Development Board (NLDB), State Livestock Development Board (SLDB) etc. Non-scheme animals refer to all types of cattle owned by / belonging to individual or corporate, dairy farms, cooperative/ corporate dairy funded by various financial institutions etc.

Sum Insured:

It would be lower of the below given two situations:-
1. Purchase value/ Market value
2. Valuation by Veterinary doctor (Based on the milking capacity, No. of lactations)

Exclusions:

● Malicious damage, willful injury or neglect, overloading, unskillful treatment
● Accident occurring and/or disease contracted prior to commencement of risk
● Injury or death due to transportation by any mode
● War, invasion, act of foreign enemy
● Theft of the insured animal

Explanations mentioned in “What’s Covered & What’s Not Covered?” are illustrative and will be subject to terms, conditions and exclusions of the Policy. Please refer to the Policy Document for more details

Documents Required for Buying the Policy:

Proposal Form
Medical Certificate from Veterinary doctor
Minimum 4 Photographs of the insured animals of post card size or soft copy, to be provided
by the proposer where applied tag can be clearly identified.
DD/Cheque along with above given documents

Claims settlement:

Immediate intimation should be given to the Company on its 24×7 toll free customer care number, also customer needs to approach to the authorized veterinary doctor and the authorized person of the Company to certify death of the Insured animal. Along with the claim form list of documents needs to be submitted by the proposer/insured.

Note- For exhaustive list of exclusions, claim procedure, documents to be provided along with claim and other details, please refer policy wordings.