NongHyup Insurance announced on the 22nd that it has launched a mobile-only pet insurance product, 'NH Direct Pet and Me Insurance,' to strengthen coverage for actual medical expenses in response to the rising costs of pet care.
The product is composed of collaterals that have a high frequency of actual claims, including injury and illness treatment, dental disease, foreign body removal, and MRI/CT scans. In particular, for the injury and illness treatment collateral, it covers up to 300,000 won for non-surgical treatments, 2.5 million won for surgical treatments, and a maximum of 20 million won annually.
Various discount programs have been established to alleviate the burden of insurance premiums. Discounts of up to 7% are available, including 3% for multiple pets, 2% for submitting an animal registration certificate, and 2% for existing NongHyup Insurance long-term policyholders.
Enrollment is possible through the NongHyup Insurance mobile website or app. Pets between 3 months and 10 years old can be enrolled, and the insurance period lasts up to 20 years. If the policyholder re-enrolls before the maturity, the contract can be extended annually, providing coverage until the pet reaches 20 years old.
Insurance premiums vary by plan, ranging from 18,300 won to 43,400 won per month for dogs and from 16,000 won to 41,200 won for cats.
Song Chun-soo, the CEO of NongHyup Insurance, said, "We launched a new pet insurance product in line with the increase in the population of pet owners," and added, "This is a non-contact exclusive product that provides substantial medical expense coverage to reduce the burden on customers."