Pink individuals of the katydid species Amblycorypha oblongifolia are a relatively uncommon but natural phenomenon with a long history of research.
It looks from popular press accounts (Science Friday, Scientific American) that the pink coloration may be caused by a dominant allele (!), and is only rare because of a high selection pressure against pink individuals (i.e. they're much less good at hiding among leaves, and are eaten before they can reproduce).
Photo by Richard Whitby, via flickr.com/blueboat2 (cc-by-sa 2.0)