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Pet insurance in India is gaining traction as the pet industry expands and evolves. While the prevalence of diseases like diabetes and arthritis in dogs is rising, the cost of veterinary bills can be mitigated with pet insurance for dogs. Despite the potential expenses, pet insurance provides peace of mind, ensuring that pets receive optimal care without the burden of financial concerns.
Industry Landscape In India:
The pet industry in India is witnessing significant growth, with approximately two crore pet dogs in the country. However, compared to the global market, pet services in India, including grooming, training, network hospitals, and insurance, still need to be more developed and organised. This evolving landscape prompts a closer examination of the benefits and limitations of pet insurance.
Coverage Overview:
The primary objective of pet insurance is to provide adequate coverage in case a pet develops a medical condition. Policies typically cover network hospital stays, surgeries, specific disease treatments, and illness-related demises. These policies encompass pet dogs aged three months to ten years, spanning indigenous, cross-bred, exotic, and non-pedigree breeds, with a one-year term. There are three main types of coverage: money-limit, time-limited, and lifetime. Lifetime cover, the most popular, protects against critical or long-term illnesses, offering comprehensive protection. *
Types Of Pet Insurance Coverage:
- Lifetime Cover: Shields against critical or chronic conditions throughout a pet’s life. *
- Time-Limited Cover: Provides financial security for a limited period after a disease or injury. *
- Money-Limit Cover: Offers financial assistance until the monetary limit is reached, with options for add-ons like mortality benefits, long-term care, and loss or theft protection. Claims are subject to terms and conditions set forth under the pet insurance policy.*
Premiums And Affordability:
Factors influencing premiums include age, gender, size, add-ons, plans, sum insured, and chosen covers. Premium rates may be on the higher side.
Policy Exclusions And Limitations:
The quality of pet care in India faces challenges, including the need for registration with Kennel Clubs, normal health conditions, and pedigree records. Pet insurance policies, as currently designed, exclude common illnesses and problems like leptospirosis, hepatitis, and distemper unless pets have received necessary vaccinations from licensed veterinarians. Policies may also exclude coverage for illnesses or injuries resulting from mistreatment or neglect and losses or injuries caused by war, hostilities abroad, or military disruption.
While pet insurance in India offers a crucial safety net for pet owners, the industry still evolves and faces challenges in achieving international standards. Cat owners may consider purchasing cat insurance to ensure financial support for veterinary expenses and medical care tailored to their feline companions. Claims are subject to terms and conditions set forth under the pet insurance policy.
As the number of pet owners continues to rise, addressing policy exclusions, improving regulatory frameworks, and expanding coverage options will be essential for the growth and effectiveness of pet insurance in the Indian market.
*Standard T&C Apply
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
