Gurgaon-based insurance company InsuranceDekho has recently launched pet insurance in its product portfolio, under which pet owners will get comprehensive coverage for many breeds of dogs. InsuranceDekho has partnered with Future General India Insurance Company to offer a unique dog health cover and is in the process of tie-up with other insurers, the company said in a statement on Monday, August 1. said
InsuranceDekho offers comprehensive coverage for dogs of more than 25 breeds, ranging in age from six months to 10 years, under their dog health insurance plan. With this pet insurance plan, pet parents are offered financial assistance for hospitalization (including pre-hospitalization and post-hospitalization), terminal illness treatment, and surgery expenses. is, subject to certain terms and conditions that may vary from one insurance provider to another, the company said.
It added that the initial premium for a pet insurance policy so far is around Rs 324 per annum. The pet insurance plan has been launched based on the growing number of pet owners in India. “Post-Covid, there has been a wave of pet ownership with Millennials accounting for 31 percent, Baby Boomers 29 percent, Gen Xers 26 percent, and the Genz and Builder generations making up the rest of the pet ownership market in India” . Insurance Dekho said in a press release.
The company said that it is estimated that pet insurance (including livestock) in India will witness a growth of at least 14% to reach $490 million by the end of 2022. Globally, the pet insurance market is expected to reach USD $32.7 billion by 2030.
Commenting on the launch, Ankit Agarwal, Co-Founder and CEO of Insurance Dekho said, “We know that pets and their human parents share a deep bond, and that even dogs sometimes find themselves in unexpected situations. I get it. We launched pet insurance to help pet parents protect their beloved children during these difficult times.”
“With an estimated 32 million pet population in India growing at a rate of 12 per cent per annum, dogs constitute about 85 per cent of the total population. We can estimate that the number of insured dogs in India is also increasing. The growth is increasing, which gives us immense opportunity to grow in the dog health insurance category,” said Agarwal.
InsuranceDekho organized an event for pets on the launch day, 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 of the day and special guests from the company’s employees Participated in fun activities together and beautifully explained the meaning of ‘co-existence’ of different beings in the world.
InsuranceDekho, which joined in 2016, did over Rs 1,000 crore in premiums in FY22. It enables its customers to compare different insurance policies based on their needs and helps them buy the most suitable plan as per their needs.
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