Star Health and Allied Insurance
About Star Health and Allied Insurance Company Overview
Star Health and Allied Insurance Company Limited (Star Health) has 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 and Allied Insurance Product Portfolio
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 customized products is their key strength.
- Star Care Insurance Policy
- Star Comprehensive Insurance Policy
- Family Health Optima Insurance Plan
- Mediclassic Insurance Policy (Individual)
- Senior Citizens Red Carpet Health Insurance Policy
- Super Surplus Insurance Policy
- Star Health Gain Insurance Policy
- Star Criticare Plus Insurance Policy
- Star Cardiac Care Insurance Policy
- Star Unique Health Insurance Policy
- Star Wedding Gift Insurance
- Diabetes Safe Insurance Policy
- Star Family Delite Insurance Policy
- Star Netplus
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 traveling with confidence either abroad or domestic thereby ensuring you a complete hassle free travel with peace of mind.
- Star Travel Protect Insurance Policy
- Star Family Travel Protect Insurance Policy
- Star Student Travel Protect Insurance Policy
- Star Corporate Travel Protect Insurance Policy
A personal accident policy is essential for us to have. It gives us an all-round 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.
It is advisable to compare all Star Health insurance plans from other General insurance companies in India to choose the best health insurance plan that suits you the most.
Star Health And Allied Distribution Network:
Star Health & Allied Insurance Company provides for its customers easy channels of access to its products through its 24x7 call center 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 2017-18December 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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