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It functions more like property insurance than health insurance.
India has an estimated pet population of 28–29 million, according to industry estimates, with dogs making up the bulk of pet ownership.
Pet insurance helps reduce the financial risk of unexpected veterinary costs. The right coverage plan can buy you priceless peace of mind,
and empower you to do the right thing for your dog or cat.

Indians have taken notice of the rising cost of veterinary care. More than 1.3 million pets were covered under a pet insurance policy in 2021
in the India, at a collective cost of 2 cores. It’s a relatively new industry:
Finding the best pet insurance depends a lot on what your pet situation is and what kind of coverage you’re looking for. Despite its growing popularity,
only 3 companies offer pet insurance in India, Here’s what you need to know.

When’s the best time to buy?
1 out of 3 pets will need emergency medical treatment in their lifetime, which is why many veterinarians recommend enrolling in
coverage sooner rather than later. In fact, most people buy pet insurance within 6 months after adopting. No pet insurance company
will cover a pre-existing condition, so it’s important to enroll before any issues arise.

Advantages of Pet Insurance
You love your pet like a member of the family, but the insurance industry sees Fido or Fluffy more as property. That’s why pet insurance functions more
like property insurance than health insurance. Still, before you remind somebody that your pet isn’t a piece of property, understand that this
designation works in your favor. Reading and comprehending the policy is a cakewalk compared with health insurance policies written for humans.
Consider these advantages:

Choice of Vet: As long as the vet is licensed, pet insurers won’t tell you whom you can and can’t see. There are no out-of-network doctors such as
those your own health insurance policy probably dictates.

Simple Policies: Most companies have only three tiers from which to choose. There is accident-only, or basic, coverage; accident and illness, or
comprehensive, coverage; and wellness coverage, which is for preventative procedures.

Cheap Premiums: Insurance costs vary with coverage and policy Of course, the cost depends on a host of variables, including breed and age of the animal,
where you live, and the options you choose as part of your policy.

What affects your pet insurance premiums?
The average cost of pet insurance depends on your pet, the coverage you buy and where you live. Insurers will also look at:

Species: Dogs cost more to insure than cats, and male animals generally come with larger premiums.
Breed: Larger pets generally cost more to insure because they tend to have shorter life spans and develop more health issues.
Age: Younger pets are cheaper to insure, as they usually have minimal health issues in their early years.
Location: Premiums vary according to state and Pin code, with more densely populated areas carrying higher insurance costs.

Most plans also let you purchase “endorsements,” or add-ons, which enhance your core coverage and increase your monthly premium. Common endorsements
include exam fees, routine checkups or prescription food.

Why Would I 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.

Why Would I 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.

What Does Pet Insurance Actually Cover?
The best pet insurance plans can provide substantial coverage for the most expensive health treatment and diagnostics.

However, depending on your insurance plan, your policy may not cover every condition/expense your pet has. This is why it’s so important to find a
plan that covers your pet’s breed-specific health risks.

Pet Insurance Inclusions
Unexpected injuries/accidents,
Unexpected illnesses (like cancer, gluacoma, hip dysplasia, parvovirus, and more)
Surgery (like cruciate ligament tears, cataracts, and more)
Medication and Hospitalization Cover
Tests/diagnostics (like x-rays, blood tests, MRIs, and more)
OPD Cover
Lost or stolen dogs

In general, most pet insurance plans will cover expenses in the above categories as long as they are not related to a pre-existing condition.
The details will depend on the type of coverage (see the chart below) and the provider you choose.

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

Eligibility for Pet Insurance
Depending on the insurer, you can buy pet insurance for pets aged between 2 months to 10 years.

In the case of dogs, canine insurance can be bought for indigenous, cross-bred as well as exotic dogs. Please note that depending on the age,
breed and size of the dog, the premium of the insurance plan will vary.

Pet Insurance Providers in India
The following companies provide various insurance policies for pets in India:

The New India Assurance Company Limited
Go Digit General Insurance Limited
Bajaj Allianz General Insurance Company Limited

KEY TAKEAWAYS

  1. Pet insurance functions more like property insurance than health insurance.
  2. Unlike health insurance, the policyholder must pay for their pet’s healthcare directly, then be reimbursed by the insurance provider.
  3. Pet insurance never covers preexisting conditions.
  4. Pet insurance is usually only financially rewarding in the event of serious health mishaps that bring steep veterinary bills.