Emerging Category: Pet Insurance in India

For most people across the world, the COVID-19 pandemic has brought about some significant changes in their lives and that of those around them. If you ask someone to give it a quick thought, most people will likely bring up the changes in the way they worked. For example, many of them have switched to working from home for the most part, if not completely. Working from home during the pandemic meant that more people were craving interaction and had the space to accommodate more loving relationships in their lives or felt the need for one. Given the unique circumstances, it is no surprise that a significant number of people chose to become pet parents.

The Responsibilities of Adopting a Pet

Having a pet is not the easiest responsibility there is. In fact, many people may not even realise that it is a responsibility and not a right. Whether you get a puppy or a kitten that is barely weeks old, or a full-grown dog, cat, or bird, you will have to take care of all their needs. Irrespective of how old your pet gets, they will depend on you for their basic needs such as food, shelter, grooming, and healthcare. Thus, it is extremely important for new pet parents to fully understand the responsibility they will be shouldering in their new role. In addition to the basics, your pets may also need healthcare when they fall sick or encounter a mishap. Pets, like humans, are prone to healthcare issues all their lives. Depending on the lifestyle, the risk can increase as they grow older. Furthermore, pets can also be prone to accidents. The cost of healthcare associated with both these factors can be pretty high. This would possibly be an unplanned cost that comes in addition with the cost of their routine necessities. Coping with such expenses, since they are unforeseen, can certainly take a toll on your short-term finances. However, since your pet depends on you completely, these costs are unavoidable. Rather than dealing with any dilemmas when faced with such a situation, it is better to stay prepared for them. This may allow you to focus on spending quality time with your pet and offering them the best you can.

The Rise of Pet Insurance

As the number of pet owners started to increase in recent years owing to the unique circumstances created by the pandemic, it is quite natural for awareness about pet insurance to increase. You can buy dog insurance or cat insurance easily for your pet. These policies are available online or you can consult your insurance agent or insurance provider company to buy them offline. However, remember that this category of insurance can still be considered emerging in India. You may notice this in the fact that not all insurance providers may have a readily available pet insurance plan. Moreover, there may be some limitations to what they have to offer. For example, dog insurance is quite readily available with most insurance providers in the country. This allows you to get insurance for your fur baby based on their breed. Choosing the right pet insurance for dogs is a process where you get a clear idea of the policy available before making the choice. Another commonly available insurance option for pets is cat insurance. Cats are another common pet and you may be able to get an insurance policy for them online. However, if you have any exotic pets (ones that are legally allowed) it may not be easy to get the best pet insurance for them. However, you may consult with an insurance broker or the insurance company of your choice to find a suitable policy.

When Buying Pet Insurance

Here are some things you may want to take note of when buying pet insurance.

1. The policy may not cover pre-existing conditions or have a waiting period before providing this coverage.
2. There are several factors affecting the premium costs of pet insurance policies. This may include the age of your pet, the breed, any policy customisation you may make, and more.
3. Most insurance plans for pets may include a third-party liability cover.
4. Other common inclusions may be accidental death or death due to any covered ailment.
5. Congenital defects may not be covered by the policy.
6. Surgeries that are not considered a necessity may not be covered. This includes cosmetic surgeries or grooming.
7. Dental surgery, unless brought on due to an accident, may not be covered.

The rise of pet insurance in India signals a rise in the number of pet parents and their understanding of the needs of their pets. Know that all pet insurance plans may vary slightly from one another. It is best to go through the policy document or consult your insurance provider. *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.