Pet Insurance

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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 medical insurance is essentially a risk mitigation strategy for guarding against significant medical expenditure for treatment of sick or injured pets. With the recent developments in the field of veterinary medicine the life expectancy of pets has increased, so did the cost of medical treatment. This has widened the market for pet insurance. Nowadays customized pet plan insurance programs are available for animals like cats and dogs.

It may be noted that Claes Virgin wrote the world's first policy on pet insurance in 1890. Pet insurance policies worldwide are also available for livestock and animals like horses.

Pet care insurance in India is still at a nascent stage. Most of the clients come from the super rich sections of society. However, the insurers foresee a huge untapped potential in this sector, in the coming years. Pet insurers put the number of pets at over 4 million, counted across 27 main Indian metros. The value of the Indian pet industry is estimated at above Rs 400 crore. Industry insiders in India expect pet insurance business to boom with the increased public awareness about the concerned schemes.

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.

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