PET INSURANCE

~BECAUSE PETS ARE FAMILY TOO

 INTRODUCTION
• Pet insurance is an insurance policy bought by a pet owner which helps to
lessen the overall costs of expensive veterinary bills. This coverage is
similar to health insurance policies for humans. Pet insurance will cover,
either entirely or in part, the often expensive veterinary procedures. 
Evaluating and comparing pet insurance plans is necessary in order to find
the right plan for you.
• As with human health insurance, there is usually a deductible, which is an
out-of-pocket expense before the coverage begins. Most providers will
base the amount of the insurance premium on the average cost of
veterinary care in the owner’s region. Also, the policy may not cover all
veterinary procedures.
 FEATURES :
• Customized plans – Customized pet insurance plans are available for pets such as
dogs, cats, birds, etc.
• IRDA approved – The pet insurance plans are approved by IRDA (Insurance Regulatory
and Development Authority). There are various types of pet insurance schemes that
fall under this plan, such as: cattle insurance, dog insurance, horse insurance, cat
insurance, etc.
• Sum Assured – Generally, the sum assured for pet insurance products like dog
insurance, ranges from Rs. 15,000 to Rs. 30,000. This depends on the breed and other
related factors.
• Add-On Cover – Some insurance providers (e.g.: Future Generali) offer add-on covers
for the base policy, such as for the loss of show entry fee. This cover is offered for the
forfeit of entry fee for dog shows when the pet cannot make it to the show due to an
injury or illness.
• Third Party Liability – Some pet insurance policies offer third party liability cover, in
the event that your pet bites/ attacks a third party or causes damage to third party
property.
 TYPES :
• Lifetime cover:  Lifetime cover protects the pet and its owners against any
critical/ long-term illness. This includes diseases such as eczema, arthritis,
etc. The policyholder who opts for a lifetime pet insurance policy, will
receive a specified amount each year towards treatment of the pet. 
• Time-limited cover: Time limited pet insurance policy offers financial
protection to a pet only for a specific period after a pet has contracted an
illness or suffered an injury.
•  Money-limit cover: Money-limit cover offers financial benefits to pet
owners to meet the medical expenses of their pets. There is no time limit
for this policy and it can be used until the money limit is reached.
 POLICY COVERED IN INDIA
• Oriental Insurance, a premier Indian insurance company, provides insurance for dogs, horses
and elephants. Currently the other key players in the Indian pet insurance market are United
India Insurance Co, National Insurance Co, Bajaj Allianz General Insurance and New India
Assurance Co.
• POLICY COVER:
• Dogs in the age group of 8 weeks to 8 years are insured.
• Dogs of indigenous origin, cross-bred and exotic breeds are covered under the scheme.
• Valuation to be done by qualified Veterinary Doctor at the time of proposing the insurance.
• Insured dogs must be suitably identified by one of the following methods :
• --- Tattooing
• --- Nose Print
• --- Photography
• Normal identification marks and breed, sex, age etc., should be clearly described in the
Veterinary Certificate. Cost of identification is to be borne by insured only.
• Detailed pedigree record, kennel club record should be submitted along with Vet. Certificate.
• The basic premium rate is 5% of sum insured.
• Indemnity: : Company to bear 80% of the claim amount and insured to bear 20% of
the claim amount which would be ascertained on the basis of Market Value as
certified by Veterinary Doctor or Insured Value whichever is less.

• Documents to Effect insurance

1. Proposal Form
2. Veterinary Health Certificate from a qualified Veterinarian.
3. Kennel Club Certificate / Photograph/ tattooing
 EXCLUSIONS:
• Pre-existing illness or injury - Anything that relates in any way to something your pet
had or showed signs of having before the policy started. This usually includes illnesses
and injuries that can happen again, or may appear in different parts of your pet’s body.
For example, if your pet had an ear infection before you took out your current policy,
your insurance will probably not cover the cost of treatment for any future infections in
either ear, regardless of whether or not you made a claim under an old policy.
• Waiting period - A period at the start of the policy when veterinary treatment is not
covered, typically the first 14 days. Insurance starts for illnesses that first show signs or
happen after this time. Some policies have a similar period, or less, for injuries.
• Routine and preventative treatment - Vaccinations, spaying, castration, flea, worm and
tick treatments, grooming, claw clipping and teeth maintenance. Any costs arising from
these treatments may also not be covered.

• Pregnancy and giving birth - Anything to do with pregnancy, giving birth and treatment
of any offspring is not usually covered.
FAILURE OF PET INSURANCE :
• A large number of people do not get their pets registered in India.
• Majority of policies are dog oriented, other animals like elephants, cows, buffalos,
cats, sheep, horses etc. are also insured by different companies.
• Pet sector is not organized in India. There is no proper care and vaccination for
pets, due to which the death rate is high. Such high mortality rate repels the
insurance companies.
• Lack of consumer awareness and unorganized practices in the segment is a major
reason for dog insurance not taking off.
• There is a difference in ‘pet buying procedure’ in India and abroad-microchip
• Most pet insurance plans overseas include insurance cover for veterinarian bills,
which contributes towards major expenses.
List of Companies Offering Pet Insurance :

1. New India Insurance : Offers dog insurance scheme wherein dogs

between the ages of 8 weeks to 8 years can be insured.

2. United India Insurance : This insurance provider offers pet

insurance for all exotic and indigenous breed of animals.

3. Oriental Insurance : This leading Indian Insurance provider offers

insurance coverage for horse, dogs and elephants.
 FUTURE PROSPECTS
• According to a research conducted by Research and Consultancy
Enterprise (RACE) of Institute off Management Technology (IMT),
Ghaziabad, there are about 2.2 million dogs in the Indian household with
the population increasing by 26% every year.
• The total pets are estimated to be around 4 million in India by experts.
Intentionally, pet insurance market seems to be experiencing a steady
growth of about 10-15%.
• Better policy cover including hospital charges.
• Improving marketing strategies-Joining with Kennel clubs.