Go Digit General Insurance, one of India’s fastest-growing insurance companies, after providing insurance cover for motor, health, travel, property, marine, liability, among others, and serving 3.5 crore customers#, announced it has partnered with Vetina Healthcare LLP (who will act as a Group Manager) to extend comprehensive pet insurance coverage for dogs to members of Vetina Family.
EVOLVING PET DOGS POPULATION IN INDIAIndia pet dogs population: Over 1 crore.1Fastest growing dog population in the world.16th largest pet dogs population in the world.1 Dogs most common pets in India, with 34% of pet owners adopting dogs as pets.2DINKWAD COUPLES: THE EMERGING TRENDDouble-income-no-kids (DINK) lifestyle is prevalent in nearly 42% rural and 22% urban families3, many of whom are turning towards becoming double-income-no-kids-with-a-dog (DINKWAD) couples.THE PROBLEM OF AWARENESSDespite being pet dog owners, the awareness related to different zoonotic diseases or conditions pet can develop remains very low, making pets susceptible to various infections and diseases.443.33% pet owners pointed high cost of treatment as one of the major constraints faced in prevention of diseases in pet dogs, while 36.25% pet owners pointed out non-availability of good insurance coverage for dogs as one of the major constraints.41Source: Pet Secure; 2Source: Rakuten Insights; 3Source: India Census 2011; 4Source: Journal of Animal Health and Production Report 2017
The product will provide comprehensive coverage to pet dogs that are one of the most common pets in India, a market with one of fastest growing dog population in the world. The plan will provide ultimate protection to furry companions and will provide a combination of different coverages like OPD expenses, critical and specific illness cover, and third-party liability. A comprehensive policy will cover different surgeries, hospitalisation, medications, vet fees, diagnostic procedures, among others.
The policy will be extended to 847 different dog breeds, including pure, cross and indie breeds. The Sum Insured will range from Rs 40,000 to Rs 1.5 lakh and will be available for pets aged between 12 weeks to 10 years. The premium will begin from Rs 1,879* and will be based on the pedigree, age, breed, sum insured, and the plan opted for the pet.
The Double Income No Kids lifestyle, often referred to as the DINK couples, has been prevalent in India. According to Census data of 2011, the DINK lifestyle is prevalent in nearly 42% rural and 22% urban families. An extension of this lifestyle is now the DINKWAD (double income no kids with a dog) couples as many millennials are now looking at adopting a pet and becoming dog parents instead of having children.
Commenting on the newly launched plan, Vivek Chaturvedi, CMO and Head of Direct Sales at Go Digit General Insurance said, “Pets are now treated as family members and many people now adopting the DINKWAD lifestyle is a testimony of that. However, pets, too, are prone to various health issues and medical complications, treatments for which can be expensive. Our Digit Pet Insurance Policy offering is designed to provide a 360-degree comprehensive coverage to pets and gives the pet owners flexibility to choose covers that are most relevant to them.”
Commenting on the partnership, Prakash Khaire, Designated Partner, Vetina Healthcare LLP, said, “We are thrilled to announce that Vetina will act as Group Manager for extending Digit’s pet insurance offering to the furry members of Vetina family. Our commitment to protecting what matters most extends to our beloved pets. We understand the profound bond between families and their pets, and our goal is to provide peace of mind by extending Digit’s comprehensive cover for their well-being.”
In this partnership, four different types of covers under Digit Pet Insurance can be opted under different combinations^ by Vetina customers. The OPD Cover will pay for any expenses related to various treatments at a veterinary clinic and will cover up to 20 different types of most commonly occurring illnesses. The Specific Illness Cover will cover up to 41 specific illnesses ranging from benign tumours, gall bladder stones, hepatitis, cataract, among others, and will also cover expenses related to diagnostic procedures, medications, chemotherapy, dialysis, blood transfusion, among others.
Under the Critical Illness cover, the insurer will pay a lump sum amount if the pet is diagnosed with any of the eight critical illnesses like any type of heart disorders, all malignant tumours, renal or kidney failure, liver failure, cirrhosis, pulmonary fibrosis and radial nerve paralysis. The Third-Party Liability cover will protect pet parents from any legal liability to pay for any damages towards third-party civil claims of bodily injury or property damage caused due to unruly behaviour of the pet.
Sum Insured for OPD and third-party liability cover will be part of the specific illness cover and the sum insured for critical illness will be over and above the specific illness cover. To claim reimbursement, one would need to intimate the insurer within 24 hours of admission or from the onset of an event that may lead to a claim and submit the documents within 30 days to get the claim reimbursed.
Notes
*Premium exclusive of GST for mixed/indie pedigree dog aged 3 months to 1 year for coverage of specific illness, critical illness and third-party liability; #Count of customers from inception till 31st December 2022; ^The combination suggested herein are just out of permutation of various coverages under Digit Pet Insurance options for customer convenience.
About Digit Insurance
Go Digit General Insurance Limited has won the Domestic General Insurer of the Year – India award and Customer Service Initiative of the Year – India award at Insurance Asia Awards 2022. The company has been certified as a Great Place to Work for the period December 2022–December 2023. It has also won “Best Use of Technology to Enhance Customer Experience in InsurTech” award at the Quantic India CX Excellence Awards 2022.
Digit Insurance was one of the first insurers in India to offer customization of coverage scope and coverage period, and one of the first to offer group illness insurance covering COVID-19 hospitalization costs owing to its technological capabilities and predictive underwriting abilities.
About Vetina Healthcare
Vetina Healthcare LLP is a leading provider of comprehensive animal healthcare solutions. With a passionate team of veterinarians, specialists, and animal enthusiasts, Vetina is dedicated towards ensuring the well-being and happiness of furry, feathered, and scaled companions. It strives to deliver the highest quality of healthcare tailored to the unique needs of each animal. Vetina Healthcare believes that healthy pets make happy homes, and it is committed to being the trusted partner in pet’s journey towards optimal health and vitality.
Disclaimer:
The Company Go Digit General Insurance Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares (the “Equity Shares”) and in this regard has re-submitted an amended and restated draft red herring prospectus dated March 30, 2023 (“DRHP”) with the SEBI.
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