This Nilgai needs a health insurance- Watch the video

Saw the Nilgai? Now tell me do you have a pet home? Do you love it?

I know people who treat their pets like their own baby. Now if you are one of them then you would enjoy this-

I am sure once in a while you have seen your little pet falling sick. So we will now talk, about taking care of your pet when it is sick or hurt. You don’t let it simply die, do you? You take it to a doctor. But problem arises when the cost of treatment sky rockets. That’s why we have something called a pet insurance. You haven’t heard of it, right? Neither did I a few days back. But it does exist.

It all goes back to the year 1890 when the first pet insurance was written by Claes Virgin. Virgin was the founder of Länsförsäkrings Alliance. At that time he focused on horses and livestock. In 1947 the first pet insurance policy was sold in UK. As of 2009, Britain has the second-highest level of pet insurance in the world (23%), behind only Sweden. In 1982, the first pet insurance policy was sold in the United States, and issued to television’s Lassie by Veterinary Pet Insurance (VPI). So that’s how it all began.

As of today the pet insurance industry has evolved many folds.

Pet insurance covers your pet cat or dog’s unexpected illness, accidents or injuries. In UK it may so happen that the insurance company may pay 100% of the medical cost. However it may also happen that a UK might choose to discount its policy thus offering customers a chance to pay the excess just like in case of motor insurance.

In US and Canada companies may pay off the benefit schedule or a percentage of the vet’s cost depending on the company’s policy.

Previously, most pet insurance plans did not pay for preventative care like vaccinations or elective procedures such as neutering. However these days some companies in Canada, the United Kingdom, and the United States are offering routine-care coverage, sometimes called comprehensive coverage. Dental care, prescription drugs and alternative treatments, such as physiotherapy and acupuncture, are also covered by some providers.

In India pet insurance is still in the nascent stage. Companies mainly provide insurance on cattle and livestock. Some of these companies are New India Assurance, Future Generali, Bajaj Allianz General and Oriental Insurance. This market comprises mainly of dog insurance and this benefit is availed mainly by the rich and the super rich. Some even feel that the policies are too basic in India and it does not make sense to take a policy of 25000/- to cover a dog worth 500000/-.

Whatever it is, I will say that unfortunate events do happen. They are unpredictable and hence we who love pets should opt for a policy. Our pets may fall sick any time. Thus prevention is always better than cure.

Sankha Chatterjee   sankha@rupeefy.com

Why Travel Insurance is important..Case study 1

Falkland-Islands_VP8DNT

John and his wife had been waiting for this day since four years now. Finally their dream seemed to be coming true. They have won two tickets to that one place they always wanted to go..Falkland Island.

So they started, it was March 15th 2013. ‘It’s gonna be a week on this cruise isn’t it?’ asked Maria, John’s wife. ‘Yes, my dear’ replied John while lighting his cigar. ‘John, doctors have told you not to smoke, why don’t you listen? Now this is going to make you sick.’

‘Nothing is going to happen,’ said John with a smile.

A week went by finally the ship stopped at the Falkland Island. The duo was about to get down when John suddenly fainted. He had a COPD and Atrial Fib. Nervous Maria shouted for help. Help did come, very quickly and John was transferred to Santiago in an air ambulance. From there he was finally brought back to his home hospital at Miami, Florida. Maria was anxious not only for her husband’s health but also the medical expenses. However the entire air ambulance charges which were over $50,000 were paid by the travel insurance company.

‘John is now recovering…the insurance company brought great relief to us’, said Maria with a sigh of relief

Picture courtesy: Dxing

What happens if your nominee does not know about your insurance policy?

what happens if your nominee does not know about your insurance policyWow that’s a good question isn’t it?

First let me tell you who a nominee is.

If you have a life insurance your nominee is the person who will receive the money if you die during the term of the policy.

So what will you tell him?

  1. Tell him that he is the nominee!
  2. Is there an additional nominee? Tell him that too.
  3. To claim the insurance money usually he/she will need your policy contract, a claim form and a death certificate.
  4. At times additional documents might be presented to the insurance company which includes an FIR, a physician’s report or a post-mortem certificate depending on the circumstances of your death.
  5. If you die within the first 3 years of the policy then he should be prepared to bring medical attendant’s certificate, a burial or cremation certificate, a certificate from the deceased’s workplace, and a police report in case of an accidental death. 

The list mentioned above, is not exhaustive but still useful.

Just to keep you posted these days you get insurance when you go for a credit card. Reserve bank of India has prescribed certain rules regarding this in its master circular issued on July 2, 2012.

Where banks are offering you (credit card holder) insurance coverage in tie up with insurance companies they can take the details of your nominee/s for such insurance coverage in respect of accidental, disablement and death benefits. It is the duty of the bank to ensure that the insurance companies are keeping a record of the insured. They can also issue letters notifying you about the name, address and telephone number of the insurance companies.

I suggest you tell your nominee/s what I just told you and that can help your loved ones when you won’t be around.