Have you Insured the Dog You Love?

Dog is the most-loved pet. They are considered as loyal companions of the human beings. That`s why the dogs were admitted in the police and the army. The quality of their loyalty and bravery considered the asset towards the entry to the forces viz. Police and the Army. In the hour of peril, these dogs had shown the loyally to the human companion, may be his officer and helped him in the event of any danger. 

In the ancient mythology of the Mahabharata, Yudhisthira, the king of the Pandavas was accompanied by his loyal dog all the way to heaven! In the medieval cosmology, the dogs are associated with the Saturn planet. 

If you have a dog or any other animal, make sure you take proper care of him. In the event of any disease to the pet, any accident or distress, immediately take them to a veterinary doctor.  

If we consider the pet population, which has grown to more than 10 million in the year 2014 which has ranked India as the fastest growing pet market in the globe. The industry has touched the mark of the $ 800 million plus. Here comes the idea of the insurance that takes care of the loving pet "DOG". 

The Public Sector Insurers provide the insurance policies for animal and birds. So, the coverage of animal viz. dogs, cats, horse, rabbits and pigs at present is in the list of pet animals to be insured by the insuring companies. The coverage includes the death due to illness, accident, poisoning, may be any disability. May be liability of personal injury or damage of the property. The age of the pet is from 8 weeks to 8 years.  The other risks are also covered as lost or stolen and the risk of the breeds.

In the policy, sum insured is the guarantee to reimbursement of the cost of the dog for which the premium is approximately five percent of the sum assured. 

The New India Assurance Company Limited has a scheme to insure your pet. Pet insurance policies in India, mostly are more “animal/bird" policies provided by public sector insurers. These cover animals like dogs, cats, horse, rabbits and pigs. For instance, the dog insurance covers all kinds of dogs including exotic dogs, from 8-weekolds to 8-year-olds. It covers death due to accident, illness, poisoning, permanent disability, liability of personal injury or property damage. The insurance has add-on benefits that can cover lost or stolen dogs and breeding risk amongst others.

Buying insurance requires a proposal form to be filled, veterinary health certificate providing unique identification through a tattoo or nose print. The sum insured in such policies is the replacement cost of the dog, and the premium is around 5 percent of the sum insured. 

Insurance companies usually bear 80 percent of the sum insured (market value certified by a veterinary doctor) and 20 percent  is borne by the owner or parent of the pet. Most of the policies currently available cover replacement costs, but not care and wellness-related expenses, largely due to the lack of a big market, and also an organized network of healthcare providers.

To cover the major health care expenses, the pet insurance safe guard the future of the pet. It also covers the doctor fee, veterinary hospital treatment, routine check-up etc. 

It is a good gesture to welcome a pet as family member to get insured as new family member by taking care of any detail which is required. One should always be aware of the claims etc. In the coming years, if any problem comes in between that can be resolved also. 

People who keep dog as pet are always ready to spend towards the healthcare of the animal which comes to Rs.5000 to Rs.15000 for vaccination, deworming, tick treatment and Minor Illness etc.  Here comes the main issue that the average age of a dog is 13 years and the lifetime expenses towards the healthcare may be from Rs.2 to 3 lacs.