Korean Herald Tuesday Dec 4th
Man`s best friend gets medical plan
The countrys second-ever insurance product for pet dogs comes out today.
Hyundai Marine and Fire Insurance said the pet insurance will cover veterinary costs if the dog becomes ill or is injured in an accident.
The policy will also cover damage caused by the dog, as well as funeral costs if it dies, the company said.
We have developed the pet insurance product, as there are more pet owners with a rising income, and a strict animal-protection law is set to take effect next year, a Hyundai official said.
About 10 million people, or one of every five Koreans, have pets, according to estimates by the Korea Kennel Club.
Despite the increasing number of pet owners in Korea, there was no pet insurance.
There had been a policy for pet dogs, but it was scrapped earlier this year, as pet lovers shunned the products high premiums.
Pets aged 6 months to eight years old are eligible for the insurance, with the annual premium ranging from 300,000 won to 500,000 won ($323 to $538) depending on age and breed.
Under the happiness plan, a subscriber can annually receive 60 percent of medical expenses of up to 3 million won annually, while the relief plan will cover 80 percent of medical expenses of up to 5 million won.
The happiness plan and relief plan also cover 10 million won and 20 million won, respectively, of expenses caused by ones dog for which one may be legally liable.
Both programs pay out 200,000 won in the event of a pet dying of illnesses or an accident.
By Jin Hyun-joo
(
hjjin@heraldm.com)
