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Pet Insurance Plans For Dogs and Cats in India: How Are We Catching Up?

Aug 28, 2020 2:46 PM 3 min read

Own a pet?  

Ok. A cat? Dog? Horse? 

Chick? (Duck?) 

C’mon we’re from the F.R.I.E.N.D.S generation so you better let this one go! 

Got insurance for your bud?   

Well it’s a thing now.

Was a popular one in the West at least. 

But now picking up in India too.

The latest one to jump on the bandwagon is Bajaj Allianz General Insurance when yesterday, on International Dog Day, the Indian private non-life insurer launched a policy specifically to cover your pet dog.



Pet Insurance Plans in India

Owning a pet and taking fitting care of it can be a costly affair. Even routine healthcare costs like vaccination, deworming, tick treatment can amount to anywhere between ₹5,000 ($67) to ₹10,000 ($134) per annum. Treatment for major illnesses such as cancer or heart disease can run into lakhs.

Having recognised these needs and given the fact that a lot of pet owners now prefer rare exotic breeds which require specialised care, multiple insurance companies in India are now offering pet insurance. 

Check out New India, United India, Oriental Insurance, Bajaj Allianz, Vetina’s Pawtect (aww).   


How Does it Work? 

Much like any other insurance scheme, a pet insurance is a risk-mitigating product that covers unexpected expenses related to pets - ranging from veterinary bills, loss/theft of the pet, accidental poisoning, permanent disability, third-party liabilities, accident while on rail/road/air etc.



Pet Insurance Plans For Dogs and Cats in India: How Are We Catching Up?


Which Animals are Covered Under Pet Insurance in India?

Depending on the offering of a particular company, pet insurances cover dogs, cats, birds, horses, rabbits, elephants etc. Some of these also include cattle.


Terms of Pet Insurance Plans

Akin to any other insurance policy, there’s an age limit applicable when applying for a pet insurance. 

In the case of cats and dogs, the limit is between eight weeks-eight years. For cows, it is two-ten years, for goats/sheep, it’s between one-seven years. 

One has to provide a veterinary certificate for identification of a pet while applying.

Insurance companies usually bear 80% of the sum insured (market value certified by a veterinary doctor) and 20% is borne by the owner or parent of the pet. 


Pet Insurance Premium Size

Typically the insurance premium size ranges between 3% and 5% of the sum assured, but it might vary depending upon factors such as the age of the pet, size of the sum assured, breed, third-party liability coverage, accidental rider, death rider, accidental-death rider, disability rider, etc. 

The sum assured for pet insurance products like dog insurance ranges from ₹15,000 ($202) to ₹30,000 ($404), depending on the breed and other related factors.

Again, like in the case of most other insurance policies pets best insurance, the key would be to begin early...when pre-existing conditions are low.


Things to Keep in Mind Before Applying For a Pet Insurance in India

A few things that one must keep in mind when applying for a pet insurance are:

  1. Whether the plan is IRDA approved or not
  2. The sum assured, and the capping for specific risks 
  3. Whether third-party liabilities risk is covered or not
  4. Verify the list of ailments covered - the inclusions and exclusions. Some insurance companies may not include injuries/diseases due to manhandling/poor upkeep of pets or pre-existing illnesses. Death due to rabies, Hepatitis, Enteritis, Leptospirosis are often left out

As per this report, India’s pet market is estimated at more than $800m, and is expected to register strong double-digit retail value growth in the coming years. On an average, six lakh pets are adopted every year.

With the rise in pet ownership and an increased awareness about pet health, more and more people are being driven to opt for pet insurance cover. Needless to say, the opportunities for growth and diversification are many. 


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