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What is a pet insurance policy and how is it beneficial for your adorable pet? Details here

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What is a pet insurance policy and how is it beneficial for your adorable pet? Details here

Representational image. AFP

A pet insurance policy promises to provide for the general health and welfare of your pets by covering the cost of medical care. Similar to health insurance for people, these plans cover the cost of veterinary care for animals in case they get sick or are injured. After pet food and veterinary care, more general insurance providers are now venturing into the pet insurance market. Pet insurance plans are being offered by companies like Bajaj Allianz General Insurance, Digit Insurance, and Future Generali Insurance.

What are the benefits?

Your pets’ major diseases, surgeries, and hospitalisation costs are covered by a pet insurance policy. In addition to making OPD (Outpatient Department) coverage easier, it also covers your pet’s death due to an illness or accident. Third-party liability insurance is another crucial protection offered by such policies. In the event that your pet attacks someone or damages their vehicles or property, third-party liability insurance will shield you from the subsequent financial loss. Additionally, the policy compensates for any costs paid if your dog or cat is stolen or lost.

Insurers normally get a waiting time of 15–30 days before the cover begins, and the pet’s age restriction is eight weeks to eight years with the exception of Bajaj Allianz, who has entry and exit ages ranging from 3 months to 10 years. Each insurer also charges a co-pay or deductible which is 10 percent for hospitalisation and surgery for Bajaj Allianz. In the case of Oriental and New India Assurance, it is 20 percent of the pet’s market value or total insured.

Your choice of insurer, and your pet’s age, size, and breed all influence how much pet insurance will cost you. In addition to these, the cost of your plan will also depend on the health of your pet and the amount of insurance you choose. The initial premium is Rs 300.

India is thought to have one of the world’s fastest-expanding pet care industries. According to Statista, the number of dogs kept as pets increased from 12.6 million in 2014 to 21.4 million in 2019 and is projected to reach over 31 million by the end of 2023.

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Pet News 2Dayhttps://petnews2day.com
About the editor Hey there! I'm proud to be the editor of Pet News 2Day. With a lifetime of experience and a genuine love for animals, I bring a wealth of knowledge and passion to my role. Experience and Expertise Animals have always been a central part of my life. I'm not only the owner of a top-notch dog grooming business in, but I also have a diverse and happy family of my own. We have five adorable dogs, six charming cats, a wise old tortoise, four adorable guinea pigs, two bouncy rabbits, and even a lively flock of chickens. Needless to say, my home is a haven for animal love! Credibility What sets me apart as a credible editor is my hands-on experience and dedication. Through running my grooming business, I've developed a deep understanding of various dog breeds and their needs. I take pride in delivering exceptional grooming services and ensuring each furry client feels comfortable and cared for. Commitment to Animal Welfare But my passion extends beyond my business. Fostering dogs until they find their forever homes is something I'm truly committed to. It's an incredibly rewarding experience, knowing that I'm making a difference in their lives. Additionally, I've volunteered at animal rescue centers across the globe, helping animals in need and gaining a global perspective on animal welfare. Trusted Source I believe that my diverse experiences, from running a successful grooming business to fostering and volunteering, make me a credible editor in the field of pet journalism. I strive to provide accurate and informative content, sharing insights into pet ownership, behavior, and care. My genuine love for animals drives me to be a trusted source for pet-related information, and I'm honored to share my knowledge and passion with readers like you.
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