Last year, Delhi-based Rohan Kohli spent nearly Rs. 30,000 on the surgery of his German Shepherd, Duke, who ate a plastic bottle, resulting in a life-threatening case of gastro-intestinal blockage. It was then that Rohan decided to buy a dog health insurance for Duke. Dog health insurance in India is beginning to take off and will soon thrive for sure. Given the rising cost of grooming and medical care for pet dogs, it may be time to cover the risks.
Read to know what the insurance costs look like and what more is included in dog health insurance in India.
What is dog health insurance ?
For many of us, our dogs are our family. When we adopt a dog, we do everything possible to give them the best life we can.
From providing healthy food, good training, enough space to run and be fit to showering them with love and attention, we make every effort to take care of them.
So why not get them covered in the circle of protection that dog health insurance offers.
Dog health insurance policy is one of the latest insurance schemes introduced in India.
A pet dog health insurance plan medically covers your sick or injured dog so you can concentrate on his recovery instead of worrying about the treatment cost.
With a dog health insurance policy, you can give your dog the best medical care while eliminating risk of high expenditure from unexpected, and expensive, veterinary bills.
Some insurance policies don’t just act as a dog health insurance, but also offer support in case your dog goes missing.
Quite a few dog insurance plans also cover death or loss of the dog that is insured.
What are the benefits of insuring your dog ?
Dog health insurance in India is provided by authentic and renowned insurers who offer different schemes in terms of dog insurance, whose features and benefits can be summed up as follows:
- IRDA approved – All the dog insurance plans are approved and authorized by IRDA – The Insurance Regulatory and Development Authority.
- Customized plans – Customized dog insurance plans are available for your dog. You can customize your plan online and request a quote by filling up a form with minimum details like name and age of your pet dog, and your contact number.
- Sum Assured – Normally, the sum guaranteed (assured amount) for dog insurance, ranges from Rs. 15,000 to Rs. 30,000. However, this depends on the breed, size, age and other related factors.
- Third Party Liability – Some dog insurance schemes provide third party liability cover, in events that your dog bites/ attacks a third party or causes damage to third party property.
- Premium – Generally, the premium to be paid for the dog insurance policy in India is equal to 3% – 5% of the sum assured, which is approx. Rs. 200 – 350 a month depending on the opted cover plan.
- Add-On Cover – Some insurance policies offer add-on covers along with the base policy, such as for the loss of show entry fee. This cover is offered to waive off the entry fee for dog shows when the dog cannot make it to the show due to an injury or illness.
What are the types of dog insurance in India ?
Basically, there are three types of dog insurance cover –
Lifetime cover – Lifetime cover is the most common cover which protects your dog against a long-term illness or chronic condition. This covers diseases such as arthritis, eczema, etc. If you opt for a lifetime dog insurance policy, you will receive a specified amount each year towards the treatment of your pet dog.
Time-limited cover – Time limited dog insurance policy offers financial protection to a pet dog only for a specific period after the dog catches an illness or suffers an injury.
Money-limit cover – Money-limit plan offers financial benefits to dog parents to meet the medical expenses of their sick or injured dog. There is no time limit for this plan and it can be used until the money limit is reached.
What do dog health insurance plans cover ?
Dog insurances typically focus on providing enough cover in case of any medical issues with the dog.
The policies and plans generally cover treatment costs of specific diseases as well as surgeries, post-surgery care, hospitalization or death due to illnesses.
The dog insurance policies have a minimum one-year term and typically cover dogs, including indigenous origin, cross-breeds, exotic breeds, pedigree and non-pedigree breeds, from 3 months to 10 years of age.
Depending on the nature of the policy, the various dog insurance policies may cover the following:
- Death due to accident
- Develop an illness while the policy is in effect
- Treatment expenses
- Accident while in transit (via rail, air or road)
- Loss/ theft of the pet
- Accidental poisoning
- Third Party liability
Who provides dog health insurance in India ?
The top 5 companies that offer dog insurance in India are – The New India Assurance Co. Ltd. , United India Insurance, Oriental Insurance, Vetina Pawtect, and Bajaj Allianz endorsed by TATA Capital and Toffee Pet Insurance.
The insurers such as New India Assurance, United India Insurance and Oriental Insurance are veterans in the industry who have been selling pet insurance for years.
However, lately, new players like Vetina Healthcare and Bajaj Allianz started offering insurance for dogs only a few years ago.
Vetina Healthcare launched Pawtect medical cover in 2018 in collaboration with Digit Insurance, while Bajaj Allianz General Insurance introduced its insurance for dogs scheme in August 2020.
In India, though the public domain insurance companies offer only protection against death, the private companies are covering both death and disease.
In an interview, the Chief Technical Officer of Bajaj Allianz, Mr. T.A.Ramalingamhad said, “Since 85% of Indian pet market is ruled by dogs, our renowned insurance company decided to start with covers for dogs. We offer two primary covers for surgeries and hospitalisation, while there are six optional covers or riders, including OPD, terminal diseases care, lost or stolen dogs, and third-party liability.”
If we do a comparison, one would find that Pawtect does not cover stolen or lost dogs and has no OPD cover.
However, Oriental, besides death due to accident or disease, also covers entry fees for show dogs, and worldwide transit, and its coverage is similar to that of New India Assurance.
How to avail dog insurance in India online ?
To avail dog insurance in India online, you can visit the specific company’s website and login to the pet insurance page and here you can request a quote from an insurer.
Once you read through the policy synopsis, you can fill up the online form with basic details such as your dog’s name, age, breed, and your name and contact number.
You can also book a call back from the insurance company by clicking on the “Request Call Back” tab.
Be sure to read and clarify the terms and conditions of the policy before opting for it.
Insurance for dog in India is now picking up as care and concern for our furry companions is growing stronger. All I can say is, this kind gesture marks the successful transition of Indians from dog owners to dog parents.
With higher disposable incomes, an increasing number of people are caring and spending on their four-legged family members.
Additionally, dogs as pets have been counted to be 2 crores 15 lakhs in 2020.
Little wonder then that India is the fastest growing pet care market in the world, according to Petex India – India’s Premier Pet Industry Expo. Statistics say, the pet industry is expected to grow at 14% a year to reach $500 million by year 2022.
This may also be the reason that dog insurance, a thriving industry abroad, is beginning to gain momentum in India.
Tarun Mathur, Co-founder and Chief Business Officer at Policybazaar says, “There has always been insurance for cattle and livestock, but with people spending Rs. 70,000 – 80,000 a year on dogs, insurance for these pets is now picking up.”
So, now that you know the benefits of insuring your furry family member, do take a look at the various covers of insurance for dog in India and choose the best one to help protect your pet from the unexpected.
“To those who give us companionship and unconditional love, let’s protect them and be their guardian angels.”
Share this very informative blog post with all the dog lovers out there.