National Pet Day 2024: Insurance policies for your cats & dogs, coverage options and more
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
National Pet Day 2024: Pet insurance is suitable for pet owners who seek peace of mind, confident that their beloved animals are covered for medical expenses. Here are details on the policies on offer and what they cover.
National Pet Day is celebrated on April 11 every year. For many, pets are not just animals but cherished family members, deserving of the best care and attention. However, as any pet owner knows, unforeseen medical expenses can quickly accumulate, leading to financial strain and emotional stress.
Recognising this need, HDFC ERGO General Insurance has unveiled a new solution — Paws & Claws, a comprehensive insurance plan tailored specifically for pet dogs and cats.
Paws & Claws aims to provide end-to-end pet care, covering everything from diagnostic procedures to medications.
This policy offers flexibility, allowing pet owners to include up to five pets under a single policy, with an option for commercial breeders to cover up to 10 pets aged between six months to five years, renewable for up to seven years.
While HDFC ERGO’s Paws & Claws stands out as a comprehensive option, several other insurance providers in India also offer various pet insurance policies.
Here are some insurance policies available for pets in India:
Insurer
|
Eligibility
|
Key benefits
|
Bajaj Allianz General Insurance Company Limited
|
Entry Age: 3 months to 7 years (depending on size of dog)
Exit Age: 6 years to 10 years
|
● Mortality Benefit
● Surgery Expenses
● Third Party Liability Cover
● Theft/Loss/Straying Cover
|
The New India Assurance Company Limited
|
8 weeks to 8 years
|
● Covered for Death due to accident and/or diseases
● Lost or stolen dogs (due to burglary or house break)
● Liability for personal injuries and damage to property
|
Oriental Insurance Company Limited
|
8 weeks to 8 years
|
● Death by accident in transit
● Lost or stolen dogs
● Loss of value resultant upon an accident
|
(Source: Policybazaar)
Parthanil Ghosh, President Retail Business at HDFC ERGO General Insurance, emphasised the importance of pet insurance for comprehensive medical care without financial worries.
He suggests that pet insurance is suitable for pet owners who seek peace of mind, knowing their pets are covered for medical expenses.
Vivek Chaturvedi, CMO and Head of Direct Sales at Digit General Insurance, breaks down the coverage options available under pet insurance plans:
OPD cover
An OPD cover aids in paying for expenses incurred at a veterinary clinic. There are various illnesses a pet can be susceptible to.
These include ear or skin infections, respiratory issues, infections due to common viruses, bacteria, parasites, among others. All such common illnesses may require pet owners to visit a vet clinic. Expenses occurring out of such visits can be met by taking an OPD cover.
Specific illness cover
Just like humans, a pet animal can also be prone to various serious illnesses, treatment of which could be expensive.
A specific illness cover can provide coverage to various ailments such as benign tumours, gall bladder stones, hepatitis, cataracts, among others. This also covers expenses related to diagnostic procedures, medications, chemotherapy, dialysis, blood transfusions, among other medical necessities.
Critical illness cover
One can also take a critical illness cover for pets to cover more serious illnesses and conditions.
Under this cover, the insurer pays up a lump sum amount up to the sum insured if the pet is diagnosed with any of the eight critical illnesses, including heart disorders, malignant tumours, renal or kidney failure, liver failure, cirrhosis, pulmonary fibrosis, and radial nerve paralysis.
The illnesses covered can vary from insurer to insurer.
Third-party liability cover
A non-health cover that is often available under a pet insurance cover is the third-party liability cover.
This cover serves to protect pet parents from any legal liability to pay for damages in case of any third-party civil claims of bodily injury or property damage resulting from any unruly behaviour of the pet.
Who should buy and how much coverage?
According to Chaturvedi, CMO and Head of Direct Sales at Digit General Insurance, as pets age, they may become prone to common diseases. So, opting for pet insurance coverage can mitigate the financial burden of health-related expenses.
“The sum insured may vary based on healthcare expenses in the city and the pet’s age. Typically, pet owners can secure coverage starting from ₹40,000, up to ₹1.5 lakh. However, this varies among insurers. It’s essential to note that the premium depends on factors such as the chosen plan type, pedigree, age, breed, and selected sum insured,” he told CNBC-TV18.com.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow