The insurance is being offered by Animal Friends Insurance (AFI), which came up with the idea after statistics showed that vegetarians were less likely to suffer from chronic illness than meat-eaters.

The policy, which is underwritten by Liverpool Victoria Life Company, gives vegetarians a 25% discount for the first year, and any profits made from the sale are donated to animal welfare groups.

Elaine Fairfax, who founded AFI with her husband Chris, said: "Epidemiological evidence indicates that vegetarians suffer less from chronic disease but the insurance industry has not yet recognised this."

She said the industry had been very quick to put up premiums because of the negative affects of smoking, but it had not yet cut premiums to reflect the positive affects of being a vegetarian.

Research carried out by the Oxford Vegetarian Society found that vegetarians are 30% less likely to develop heart disease and 39% less likely to develop cancer than meat-eaters.

The insurance, which is aimed at the UK's four million vegetarians, has been launched in association with the Vegetarian Society in time for National Vegetarian Week, which starts on Monday.

AFI also sells motor, travel, pet, commercial and critical illness insurance, and all profits made by the group are donated to charities such as the Born Free Foundation, Compassion in World Farming, and The Vegetarian Society.