Do your furry friends need insurance?

Is pet insurance critical for your furry friends?

As more and more people decide to become loving `pet parents', wishing to give their pets the best of care and medical treatment, like they would to any other family member, the insurance space in India is seeing the roll out of several pet insurance products.

In the last couple of years general insurance companies have launched products aimed at these pets, covering their health and medicare.

Here’s a look at its working, benefits and the exclusions that pet owners ought to be aware of:

What is pet insurance?

Similar to health insurance, pet insurance covers the pets' health-related issues and ensures their overall well-being. Since the cost of bearing expenses for pets is constantly rising it is prudent to get a pet insurance policy in place to ensure proper treatment for our furry companions.

A good pet insurance plan is absolutely crucial to cover everything from vaccinations to surgical procedures. Pets are also entitled to get legal assistance if the need ever arises. So far, the Indian market only caters to two types of pets – cats and dogs.

The eligibility age for pets ranges from three months to seven years. If the good health of the can be established to full satisfaction at the time of insuring, insurers may also permit a higher entry and/or exit age other than as specified. The premium of the insurance also varies depending on the age, breed, and size of the cat and/or dog.

What is covered?

There are several benefits that aim to provide comprehensive protection for pet owners against various risks and unexpected situations.

Mortality benefit: This covers the death of the pet due to accidents or diseases, ensuring financial assistance in such unfortunate events.

Surgery expenses: This ensures that the pet owner is reimbursed for surgeries required due to illness or injury. Some insurers also offer out patient expense covers that include regular veterinary consultations.

Third-party liability cover: This benefit ensures protection against legal liabilities for personal injuries or property damage caused by your furry friend.

Theft or loss coverage: This provides compensation for pets lost or stolen, including in cases of burglary or house break-ins.

Advertising cost: This covers expenses for advertising and rewards if a pet is lost or stolen, aiding in recovery efforts.

Accidental death in transit: In case there is a death resulting from accidents while the pet is being transported, this feature ensures that the owner is duly compensated.

Terminal disease coverage: This aspect gives a lump sum payout if a pet is diagnosed with terminal illnesses like cancer or kidney failure, ensuring financial support for treatment.

Long-term care: This benefit provides financial assistance for managing prolonged treatments or chronic conditions, ensuring sustained care for pets.

OPD and Hospitalisation Cover: The insurer bears charges incurred for out-patient and in-patient treatment for an illness or accidental injury to the insured pet carried out in a veterinary hospital.

Also read: Pet insurance: Is it a must-have for your furry kids?

Know what the cover will not pay for

Before opting for a pet insurance plan, individuals should also make sure that they are aware of the exclusions. Some of the aspects that are not covered under pet insurance are as follows:

Surgeries not necessitated by illness or accident: Any surgical procedures that are not directly required to treat a specific illness or injury are excluded from the coverage.

Deformities or congenital defects: Procedures that are aimed at correcting birth defects or natural deformities, which are not a result of injury, are not included.

Pregnancy or whelping: Any surgical intervention undertaken due to pregnancy, labour complications, or whelping is not covered.

Grooming: Treatments or surgeries performed purely for grooming, such as declawing, nail trimming, dental treatments or surgeries that are not caused by an accident or injury, and other treatments done for aesthetic purposes, are excluded from the policy.

Cosmetic or elective surgeries: Similar to correction of deformities and grooming, any surgeries that are performed for cosmetic reasons or personal preferences, and are not medically necessary to treat an injury, are not permissible.

Given the growing expenses of pet care and the invaluable bond that people share with their furry companions, a pet insurance policy could act as a source of comfort in times of crisis.

(The author is the Chief Technical Officer, Commercial, Bajaj Allianz General Insurance)

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