Pet Insurance: Features & Benefits Explained

Do you worry about the cost of veterinary care for your pet? If so, think about getting pet insurance for pets in India to avoid these concerns and keep your pet happy and healthy. Keep reading.

Pet insurance in India, though a novel idea, is gradually gaining favour with pet owners who treat their animals as members of their family and provide for them. The expense of a pet’s medical care in the event of an accident or illness can be covered by pet insurance plans for the pet’s owner. Some pet insurance India policies also provide coverage for the loss, theft, or passing away of the animal, reducing the risk of pet medical expenses and ensuring the best possible care and security for the animal.

Insurance for pets: Features

  1. IRDAI StandardsThe finest feature of pet insurance coverage is that they uphold the standards set by the Insurance Regulatory and Development Authority of India or IRDAI. Therefore, pet owners have access to a wide range of plans on pet insurance, including pet insurance for dogs, pet insurance for cattle, pet insurance for horses, and pet insurance for cattle, among others. #
  2. Custom-made plansPlans that can be tailored to your needs and the breed or type of pet you possess, such as cats, dogs, etc., are available in the pet insurance plans.
  3. Pet Insurance Sum AssuredTypically, the pet insurance SI, also known as the Sum Insured, falls between Rs. 15,000 and 30,000, especially for dog insurance. The age, breed, and other factors of the animal for whom you want to get insurance will, however, affect this. *
  4. Option for Add-On CoverageDepending on the insurance company, different pet owners may be able to purchase add-on coverage. This coverage is offered in the event that the pet must abruptly withdraw from the competition due to an illness or accident.
  5. Third-Party AccountabilitiesA lot of pet insurance policies permit coverage for the pet owner’s third-party liabilities. Therefore, you can obtain coverage against such damages in the event that your dog or cat hurts someone or harms someone else’s property.
  6. Different forms of pet insurance coverage– Just like regular insurance coverage, there are various types of pet insurance coverage, including
  • Temporary cover
  • Lifetime insurance
  • Cash-limit protection

With lifelong cover, the pet owner might receive lifetime protection against serious illnesses like eczema, arthritis, cancer, diabetes, etc.

On the other hand, money-limit coverage gives pet owners financial security so they can handle some of the costs associated with their pet’s treatment. Since there are no time-bound limitations on this plan, it may be used indefinitely up to the policy’s financial limit.

What are the inclusions of a Pet Insurance Policy:

  • Accidental loss of the animal
  • Illnesses that develop in the pet while the coverage is in effect
  • The price of the treatment
  • Accidents happen while moving the pet by rail, road, air, etc., during transit.
  • Stealing a pet
  • Liabilities of Third Parties, etc.

What are the exclusions of a Pet Insurance Policy:

  • Intentional malicious damage to the animal
  • Injury brought on by mistreating or ignoring the animal
  • Pet harm or passing away as a result of hostilities, war, military upheaval, etc.
  • Disease-related causes of a pet passing away, such as rabies, viral hepatitis, enteritis, leptospirosis, etc.
  • Illnesses that were present in the animal before purchasing the insurance.

To Sum Up,

You now have a basic understanding of insurance for pets in India and the associated topics. There are various policies that offer protection for your pet and ensure its health, as was discussed in the blog post above.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

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.