Bajaj’s pet dog insurance: the ideal paw-licy for your furry friend?

 

There are very few times when my profession has a happy overlap with one of the things I love the most in this world-Dogs. So far, it has been restricted to happy coincidences of me visiting clients at their residence and them having pet dogs at home. Today is one such other incident where I will be briefly reviewing the newly launched Pet Insurance product for dogs by Bajaj Allianz General Insurance Company Ltd.

So far, the Indian market has not been very active on this front. It is very common in western countries to get pet insurance, but in India, such offerings were limited to companies like New India Assurance, United India Assurance, Digit, etc. to name a few. While the pet and pet care industry is growing each year, pet healthcare costs are also quite substantial. The launch of a dog insurance policy from such a huge private player in the insurance industry is a welcome move.

Before we jump to the features, let us briefly understand the routine costs associated with a pet dog. Adopted or purchased (I am a thorough advocate of adoption- adopt, don’t shop!), there are first time as well as routine vaccinations, deworming, etc. expenses that start pretty much from the word go. These can cost a few thousands of rupees each year, with local Indian breeds having much lesser expense and more exotic and crossbred ones demanding a higher expense. Add to this any illness or accident that your dog may get into (God forbid!), the medical charges for the same can again be upwards of Rs. 5,000-10,000 depending on the severity of the condition, age of the dog, breed of the dog and what level of health care you wish to provide for your furry friend. With age, certain breeds are more prone to illnesses and pet lovers go to great lengths to cure or give comfort to their canine babies. Added to this are food expenses, pet care and grooming charges, attendant charges, boarding charges for when you are travelling, etc. While this product does not cover all these expenses, there are some for which one may fall back on it. Lets now look at the features:

Based on their product brochure and our interaction with an agent associated with the company, the plan currently covers 20+ specified breeds and an option for “others” which they may consider from time to time. These cover almost all breeds that Indians have as pets. Dogs between the ages of 3 months to 4 years are currently admitted to this plan and it provides cover till ages up to 6-10 years, depending on the breed, with zero waiting period in case of injury/mortality in case of accidents.

A medical check-up is not mandatory unless the cases are exceptional or the applicant wishes to waive off the waiting period of 90 days for non-accident related claims and due to certain specific illnesses. Documentation includes the form, declaration about regular vaccination being done, certificate from the Kennel Club of India in case of coverage and add-ons pertaining to certain pedigrees, purchase proof if applying for a higher sum assured than provided by the company for certain breeds, identification photographs of the dog and details of the RFID chip if your dog has one.

Coverage includes surgery expenses up to fifty thousand rupees, fracture coverage of five thousand rupees, hospitalisation expenses of up to 4 days with maximum coverage of Rs. 2,500 per day. There is a 5% discount in case of the dog being RFID tagged. The premium for this basic coverage is between approximately Rs. 600-1500 on an average depending on the breed and age of the dog and the status of neutering. Add on coverages include a death coverage of up to the purchase value of the dog, a terminal illness coverage of Rs. 30,000, OPD expense coverage of up to Rs. 80,000, theft/loss/straying cover of Rs. 5,000, third party liability coverage of five or ten lakhs, long term care cover for Rs. 25,000 for certain degenerative illnesses. A cremation cost of Rs. 3,000 is also paid out in case of opting for mortality coverage. These add-ons push up the premium by a few thousand and the most comprehensive coverages for exotic pedigrees may go upwards of ten thousand rupees annually.

While the product is sure to be a boon to pet owners, how practical are the sum assured levels and how easy it is to claim for the same will have to be observed over the next few months. This is sure to encourage taking care of old and ill pets to some extent and will hopefully reduce abandonment cases. Like any product, the actual feasibility and ease of use will only show after some time passes by, but such a product coming from Bajaj is sure to draw many pet owners to buy this policy.