Star Health and Allied Insurance
Star Health and Allied Insurance Company Limited (Star Health) started its operations in the year 2006 and now has a capital base of Rs. 549 crores. V Jagannathan is the Chairman and Managing Director of Star Health & Allied Insurance Company.
It is the first insurance company to launch a specialty policy for people suffering from cardiac ailments. It has been adjudged the winner at the BFSI Leadership Summit Award under the nomination category 'Best Claim Settlement process' in 2015. In 2014, the company has been adjudged the winner of "Most Promising Health Insurance company of 2014" award instituted by Worldwide Achievers.
Star Health Insurance Product Portfolio
Star Health Health Plans:
Star health is a pioneering brand in health insurance. The array of products that it has put up in market is truly, promising. Innovative and customised products is their key strength.
- Family Health Optima Insurance Plan: The Family Health Optima cover from Star Health is a health insurance plan that gives protection for the entire family on payment of a single premium under a single sum insured. The single sum insured covers all family members and provides wider coverage at an affordable premium.
- Senior Citizens Red Carpet Health Insurance Policy: The Senior Citizens Red Carpet Health Insurance Policy is aimed specifically at senior citizens providing cover to anyone from the age of 60, permitting entry up to the age of 75 with continuing cover thereafter till lifetime. The policy comes with guaranteed lifetime renewals.
- Star Comprehensive Insurance Policy: The comprehensive insurance policy offers exhaustive benefits for the entire family against the financial burden of rising medical costs. There are no sub-limits or caps in the policy. It provides cover for over 400 day care procedures and automatic restoration of entire sum insured by 100%.
- Medi-Classic Insurance Policy (Individual): The health insurance policy provides reimbursement of hospitalisation expenses as a result of illness, disease, sickness and/or accidental injuries. It offers automatic restoration of entire sum insured by 200%. The plan also covers 101 day care procedures that do not need overnight stay in the hospital.
- Star Health Gain Insurance Policy: The policy has a very low premium and offers cover for in-patient as well as out-patient treatments in a hospital. This health insurance policy covers both, the individual and the family. It has fixed premium across all range of sum insured and age groups and has significant tax benefits.
- Super Surplus Insurance Policy: The plan offers much larger coverage than basic traditional plans. It is a top up policy providing higher sum insured at a very affordable premium. There is no need of pre-acceptance medical screening.
- Star Unique Health Insurance Policy: The policy is a double benefit health plan offering unique benefits like coverage for future ailments and diseases as well as pre-existing diseases and conditions. It covers pre, post and in-patient hospitalisation expenses. No pre-acceptance medical screening is required for the policy.
- Diabetes Safe Insurance Policy: The specially designed policy provides cover for complications related to Type I and type II diabetes including regular hospitalisation. The policy can be taken on individual and family floater basis. The plan covers more than 400 day care procedures that do not need overnight hospitalisation.
- Star Cardiac Care Insurance Policy: As the name suggests, the Star Cardiac Care Insurance Policy is a specialised mediclaim policy providing cover for cardiac ailments. It has the unique distinction of being India’s first health policy for persons who have undergone angioplasty or bypass surgery. It also covers regular hospitalisation expenses for the insured.
- Star Wedding Gift Insurance: The Star Wedding Gift Insurance covers normal as well as caesarean delivery related expenses. It covers regular hospitalisation and also provides cover for a newborn baby. There is a choice of policy term from 1 or 2 years.
- Star Micro Health Insurance: The Micro Health Insurance – Individual policy covers individuals between the ages of 5 and 50 years, residing in India in places where population as per the latest census is not more than 5 lakh. It covers treatments in hospitals and nursing homes as in-patients. The plan offers affordable healthcare protection covering hospitalisation expenses up to a specified limit.
- Star Net Plus: The special policy from Star Health ensures that care reaches those who need it the most. It is the first policy in India to cover HIV positive individuals. Any governmental agency, NGO or registered society that is serving the HIV positive people can propose their members/beneficiaries for this policy.
- Star Student Care: The student care policy can be availed by schools, colleges and research institutions. It offers cover for educational grant for children on accidental death and permanent total disability of the parent who is the bread winner. Students between the age of 3 and 18 years can be covered under School Student Care Insurance and those between the age of 15 and 25 years under College Student Care Insurance.
- Star Care Insurance Policy: Star Care is a health insurance policy that gives protection for individuals as well as the entire family, on payment of a single premium under a single sum insured. It covers both pre and post hospitalisation expenses, and includes hospital cash benefit if treatment takes place in a government hospital.
- Star Criticare Plus Insurance Policy: The plan provides reimbursement of hospitalisation expenses incurred as a result of illness, disease, sickness and/or accidental injuries. It also provides a lump sum amount if the insured person is diagnosed with a major illness from any of the 9 specified critical illnesses for the first time during the policy term.
- Star Family Delite Insurance Policy: The Family Delite Insurance plan is an affordable health insurance policy for the entire family. This policy is available on a floater basis where family includes the insured, spouse and dependent children. It covers pre and post hospitalisation expenses and also covers specific day care procedures.
Travel abroad is fun but comes with its share of hazards. Some common things that happen during travelling are loss of passport, baggage theft or in worst case scenario your health takes a beating. Imagine being stranded in a foreign country and no one to fall back on! It certainly makes your situation messy and adds to the woes. That’s why buying a Star Health Travel Insurance plan is a good idea before travelling abroad. Let the policy worry about these situations as you embark on your dream vacation.
Star Health plans give you the benefit of travelling with confidence either abroad or in India, thereby ensuring you a complete hassle free travel with peace of mind.
- Star Travel Protect Insurance Policy: The policy provides coverage for a host of contingencies during international travel on business or holiday. Any individual who is a permanent resident of India above the age of 6 months travelling abroad for work or leisure can take this overseas travel insurance. Individuals above 65 years of age are required to undergo medical screening.
- Star Family Travel Protect Insurance Policy: The overseas travel insurance plan insures the entire family. It covers emergency medical expenses including medical evacuation and transportation of mortal remains, dental emergency expenses following an accident, loss or delay of checked-in baggage, loss of passport, trip cancellation, flight delay, missed departure/connection and hijack distress. It also provides cover for legal liability for bodily injury or property damage to third party.
- Star Student Travel Protect Insurance Policy: A policy aimed at students going abroad for studies, it covers emergency medical expenses including medical evacuation and transportation of mortal remains, dental expenses following an accident, and loss of checked in baggage and/or passport. The maximum coverage period is 365 days which is further extendable by another 365 days.
- Star Corporate Travel Protect Insurance Policy: This travel protect insurance policy is designed for corporate executives who travel abroad frequently and covers a range of emergencies. The corporate travel insurance plan is available for travel worldwide and comes with sum insured limit options of USD 100000, 250000 and 500000.
A personal accident policy is essential for us to have. It gives us a comprehensive cover in case of death or disability. It ensures that no matter what, you or your family will not be stranded and your financial capability shall not be compromised.
- Accident Care Individual Insurance Policy: The Accident Care Individual Insurance policy offers protection from accidents to the insured and his/her family. The policy benefits are applicable individually for each person covered under family. It provides cover for accidental death, permanent disability and temporary disablement and comes with lifelong renewal.
It is advisable to compare all Star Health insurance plans with plans from other general insurance companies in India to choose the best health insurance plan that suits you the most.
Star Health Distribution Network:
Star Health & Allied Insurance Company provides for its customers easy channels of access to its products through its 24x7 call centre and a transactional website.
Star Health and Allied Insurance - Latest News
Star Health is planning to raise Rs 325 crore by FY 2015-16; eyes Rs 3,500 crore in total premium by FY 2017-18
December 6, 2015: Star Health and Allied Insurance is planning to raise Rs 325 crore by the end of this financial year 2015-16 and is aiming to collect a total premium of Rs 3,500 crore by FY 2017-18. According to Star Health and Allied Insurance Chairman and Managing Director Jagannathan, Star Health has already collected Rs 1,100 crore till November 30 and has set the target of Rs 2,000 crore in total premium during FY 2015-16. It has set a target of Rs 2,750 crore for the FY 2016-17.
The private health insurer has 910 branches across the country and is planning to further expand its presence. To finance its expansion plan, it is planning to raise Rs 325 crore through fresh private equity placement. The company is in talks with JM Financial and expects the fund-raising to be completed by FY 2015-16.
According to Jagannathan, the company is planning to relaunch a few of its products with some alterations. He also said that even though the company is looking at the online distribution channel, it will always remain focused on agency model as it feels that agents do a better job with their personalised touch. Star Health and Allied Insurance, which is India's first stand-alone health insurance company, started its operations in 2006 and it deals in mediclaim, personal accident and overseas travel insurance.
Star Health and Allied Insurance Co. expects to report its maiden profits by the end of financial year 2015-16 by achieving ‘under-writing profits’ of around Rs. 100 crore. ‘Underwriting profit’ refers to the remaining premium after paying off losses and deducting administrative expenses. It does not include any investment income earned from held premiums. According to Senior Vice President, Marketing and Sales, Anand Roy, the company has already reported profits for the first half of this financial year. The company also expects its premium collections to grow by 36% to reach Rs. 2,000 crore by end of this fiscal.
At present, Star Health has 24 products covering health, travel and personal accident segments. It has also applied to Insurance Regulatory and Development Authority of India (IRDAI) seeking clearances for adding two tweaked offerings to its existing portfolio. The insurer has a settlement ratio of 93% with retail insurance accounting for 95% of its business and the remaining 5% coming from corporates.
According to Roy, Star Health is also planning to raise Rs. 300 crore through fresh placement of shares with a private equity investor. The fund-raising exercise is expected to be complete by FY 2015-16. The company has recently raised Rs. 80 crore through a rights issue.
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