Gurgaon-based insurance company InsuranceDekho has recently launched pet insurance to its product portfolio, whereby which pet owners will get comprehensive coverage for a host of breed of dogs. InsuranceDekho has partnered with Future Generali India Insurance Company to offer a unique dog health cover and is also in the process of tying up with other insurers, the company said in a statement on Monday, August 1.
InsuranceDekho under their dog health insurance plans offers comprehensive coverage for over 25 breeds of dogs, aged six months to 10 years. With this pet insurance plan, financial assistance is offered for expenses incurred by pet parents towards hospitalisation (including pre and post hospitalisation), treatment of terminal illness, and surgery, subject to certain terms and conditions which may vary from one insurance provider to another, the company said.
The pet insurance policy as of now has a starting premium of about Rs 324 annually, it added. The pet insurance plan has been launched on the basis of rising pet owners in India. “Post covid, there has been a wave of pet parenting with millennials making up 31 per cent, baby boomers 29 per cent, Gen Xers 26 per cent, and Genz and Builder generations making up the rest of the pet owner market in India,” said InsuranceDekho in a press release.
It is estimated that pet insurance (including cattle) in India will witness an increase of at least 14 per cent to achieve $490 million at the end of the year 2022, said the company. Globally, the pet insurance market is anticipated to reach USD $32.7 billion by 2030.
Commenting on the launch Ankit Agrawal, co-founder and CEO of InsuranceDekho, said, “We are aware that pets and their human parents share a close bond, and that even dogs occasionally find themselves in unexpected predicaments. We have launched Pet Insurance to help pet parents protect their furry babies in these trying times.”
“India has an estimated pet population of 32 million pets growing at 12 per cent yearly, with dogs making up almost 85 per cent of the total population. We can infer that the number of dogs insured in India is also on the rise, giving us an immense opportunity to grow in the dog health insurance category,” said Agrawal.
InsuranceDekho organised an event for the pets on the day of the launch, the company said. “On the day of the launch, the company hosted a special launch event attended by four-pawed friends from various daycares and animal shelters. During the event, the dogs cum special guests of the day participated in fun events with the company employees and beautifully illustrated the meaning of the ‘coexistence’ of different beings in the world,” it said.
InsuranceDekho, incorporated in 2016, clocked a business of over Rs 1000 crore in premium in FY22. It enables its consumers to compare different insurance policies based on their requirements and helps them purchase the most suitable plan as per their needs.
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