Apart from insurance for human beings (life insurance, health insurance, and others) or for properties (car insurance, home insurance, and others), there are even arrangements for insurance for pet animals .Pet insurance is slowly but surely catching up in India. Pet Insurance schemes essentially pay for the veterinary costs in case one's pet falls sick or suffers an accident or injury. Some pet plan insurance products also make payments for loss or death of the insured pet.
Pet Insurance is the insurance which pays the veterinary costs if one's pet is ill, injured due to an accident, or in case it has died, or is lost or stolen (all payment towards a claim have to be made by the pet owner). It does not cover veterinary treatment like vaccination and neutering.
Pet insurance largely means insurance for dogs and cats, with some special insurance available for horses. (Insurance agency like Veterinary Pet Insurance in US covers other exotic animals also like chameleons and turtles). Such insurance are more practiced in developed countries and insurance cover policies differ from company to company.
Nature of Pet Insurance Policies :
Generally pet insurance policies limit the (insurance) amount payable by either:
• capping the total sum payable annually
• placing limit per illness or accident
• placing cap per claim (after limiting the claim period to a year)
In India the concept of pet insurance is still not very popular unlike other forms of insurance. There are a few insurance agencies in India that provide pet insurance such as: Oriental Insurance, United India
Insurance, and National Insurance .
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.
Usually the premium for pet insurance varies between three to five percent of the amount insured in India. Pet medical insurance plans in India normally provide coverage for death from disease, disability and sickness. Insurance coverage is also extended for public liability and accidental death of pets.
