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Star Health General Insurance
Overview Star Health and Allied Insurance Co. Ltd. is an India-based insurer that started its operations in the Insurance domain in 2006. With its best interest in the Health Insurance sub-domain, the company offers a range of insurance policies, including Health Insurance, Personal Accident Insurance, and Overseas Mediclaim Policy as the key product categories. Star Health Insurance is India’s first standalone insurance company that provides hassle-free and direct claim settlement facilities.
Accident Care Plans
1. Accident Care Individual Insurance Policy This maximum care policy by Star Health Insurance Company provides cover in the event of unexpected accidents. Features: This policy provides cover for Accidental Death, Permanent Disability and Temporary Disablement. Compensation offered for Permanent Total Disablement is 150% of the sum insured amount. It also offers enhanced weekly compensation up to Rs. 15,000 per week (for a maximum period of 100 weeks). Educational grant is provided for dependent children. Cumulative bonus accrues for each completed year at the rate of 5% per annum on sum insured, up to a maximum of 50%. The bonus is not applicable on additional and optional benefits. This policy comes with lifelong renewability. Eligibility: Any person between the ages of 18 and 70 years (at the time of entry) can opt for this accident insurance. Dependent children are covered under the policy from the age of 5 months. Policy benefits are applicable individually for each person covered under family. 2. Student Care Star Health Insurance scheme for college and school students. There are 2 plans available under Student Care: i. College Student Care Insurance Policy ii. School Student Care Insurance Policy Features: It provides cover against death and permanent disability of students, hospitalisation expenses and education expenses incurred by students who are not in a position to pay back owing to any injury. The company provides cover up to Rs. 50,000 for school students and up to Rs. 1 lakh for college students in case of death and permanent disability. The sum insured can be increased at certain additional costs. Eligibility: Under School Student Care Insurance: Students between the ages of 3 years to 18 years. Under College Student Care Insurance: Students between the ages of 15 years to 25 years. Other research institutions may also avail this policy.
How to Apply for Star Health Insurance Plan?
Health insurance plans offered by the company can be applied to through multiple channels like: Individuals wishing to buy star health insurance plans can simply call the Sales helpline of the company and speak to the customer service representative. They can provide their name and mobile number on the website of the company and request for a call back. Lastly, customers may also visit the company’s branches or get in touch with an agent to buy the plans required.
Star Health General Insurance Overview
Star health insurance increased premium collection by 36.5% at close of FY16 Star Health Insurance Company with headquarter in Chennai has recorded a premium collection of 2008 crore at the close of FY16 – 36.5% increase from Rs 1,470 crore during the previous year. According to the company’s Chairman, V Jagannathan Star Health Insurance Company has also made a pre-tax profit of Rs. 120 crore, including an underwriting profit (earned premium after paying losses and deducting administrative expenses.) of about Rs. 40 crore. It is also reported that the new business has increased the company’s earning by Rs 500 crore. The new fiscal year will also expand the company’s promotion in the market and it will increase its footprint in northern India to maintain its growth nationwide. Star Health Insurance to raise over Rs. 200 Crore through Private Equity One of the foremost private-sector insurers, Star Health and Allied Insurance Company recently had a tie-up with two major public sector banks. Now, the company is looking forward to raising funds via private equity and is going through the FDI route. The amount to be raised ranges from Rs. 200 Crore to 250 Crore. Managing director and CEO of Star Health Insurance, Mr. V Jagannathan said in a conversation that the company has got its management expenses reduced, whereas the number of claims as well as the procurement cost is still the same. The company has managed to make the profit in the previous financial year, which makes them set a target of Rs. 2,800 Crore GWP in the coming fiscal. Star Health Insurance has partnered with Bank of India and Bank of Baroda, aiming at utilizing the banking channel in the best way possible to make the most of it. This is the first time the health insurance company is looking forward to entering into this area. It has never underwritten group health insurance while in case it ever does, it makes sure to get the profit. 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.
Why Star Health Insurance?
Star Health Insurance offers an array of affordable health insurance policies in order to make them an easy buy for every individual. The company operates nationwide through over 290 branches while its policyholders or customers are provided with over 8200 network hospitals. Star Health offers health insurance in multiple variants along with certain extra benefits, such as: India’s first stand-alone health insurance company Cashless hospitalization and reimbursement facility in our large network base with more than 8200 hospitals across india W.H.O award of excellence 2017 from the former honorable President of India Shri Pranab Mukherjee Best health insurance provider of the year – business today, money today financial awards 2016-2017 Pan India presence with more than 350 branch offices Hassle-free and customer-friendly direct claim settlement without intervention of TPA Rated best claim settlement insurer – Hindustan MaRS Survey
Overseas Travel Plans
1. Star Travel Protect Insurance Policy This policy from Star Health Insurance Company is meant for individuals travelling abroad and offers a range of benefits. It is quickly approved so that the policyholder can undertake travel at a short notice Features: Covers emergency medical expenses which include medical evacuation and transportation of mortal remains. Includes dental emergency expenses due to an accident. Provides compensation caused by accidental injuries. Offers cover for loss of checked-in baggage, delay of checked-in baggage, loss of passport, trip cancellation, flight delay, missed flight / connection and distress due to hijacking. Includes a Personal Accident Cover. Covers any legal liability that may arise due to bodily injury or property damage caused to a third party. Eligibility: Any individual who is a permanent resident of India travelling overseas for work or leisure. For persons above 6 months of age. 2. Star Corporate Travel Protect Insurance Policy This travel insurance policy is aimed at overseas business travellers. Features: Designed for corporate executives who travel abroad frequently. Covers emergency medical expenses including medical evacuation and repatriation of mortal remains. Covers dental emergency expenses arising due to an accident. Offers cover for loss of checked-in baggage, delay of checked-in baggage, loss of passport, trip cancellation, flight delay, missed departure / connection and hijack distress. Includes a Personal Accident Cover. Provides cover for any legal liability that may arise due to bodily injury or property damage caused to a third party. Covers travel expenses of sending a substitute employee if the insured employee falls sick or is injured due to an accident (provided these are covered under the policy). Eligibility: All corporate executives residing in India and travelling abroad on business purposes. For persons above 18 years of age. Medical tests may be required for persons above the age of 65 years and those with adverse medical history. 3. Star Student Travel Protect Insurance Policy This insurance policy has been specifically designed to assist students who are going to foreign countries for further studies. Features: Covers emergency medical expenses including medical evacuation and transportation of mortal remains. Includes dental emergency expenses arising due to an accident. Provides cover for loss of checked-in baggage, loss of passport. Maximum coverage period is 365 days. It can be further extended by another 365 days. Compassionate benefits include a visit of one immediate family member in case of hospitalisation, repatriation because of medical reasons or death of a family member resulting in interruption in study, and reimbursement of tuition fee of the remaining period in the event of death of the sponsor. Covers legal liability in case of bodily injury or property damage caused to third parties and cost of bail bond because of wrongful arrest or detention. Eligibility: All types of students covered who are going abroad for studies.
Star Health Insurance – FAQs
1. How to pay premium? What are the modes of payment available? Star Health Insurance offers a total online solution for the users. They provide two options for paying the premium. Direct Debit – Use the Star Health Insurance online payment gateway to pay the premium amount through credit card, debit cards and NEFT. Auto Debit – You can opt for automatic debit at the time of policy purchase. Alternatively, you can request for the same by contacting helpdesk. 2. How can I check my Star Health Insurance policy status? Only registered users can login to the e-portal, with valid username and password to check the Star Health Insurance policy status. If you are not, then simply follow the steps mentioned in the “Register Now” section to create an account. Once done, you can login to the e-portal. 3. What is the Star Health Insurance policy renewal process? You can renew Star Health Insurance online as well as offline. Star Health Insurance online mode involves payment via debit/credit card or net banking if you have an online account. Offline mode involves auto-debit or cash/cheque deposit at any of the Star Health Insurance Company branches in your city. 4. What is the company’s process to settle Star Health Insurance claim? Star Health Insurance Company settles claims within 7 working days of filing the accidental claim. Furthermore, cashless medical claim is also available from the insurer, provided you select the hospital that is on the insurer’s panel. If however you choose a non-network hospital, the insurance company should be contacted within 24 hours of hospitalisation with Star Health card number and other medical details to avail cashless facility. 5. What is the policy cancellation process for Star Health Insurance? You get a 15-days free look period to cancel the Star Health Insurance policy. If however, at anytime you choose to cancel the policy, you need to submit a duly filled Surrender form and the policy documents to any of the nearest branch in your city. The Star Health Insurance premium will be directly debited to your bank account. However, the refund premium is paid after deducting the cost of medical tests, and stamp duty charges. 6. How to find Star Health Insurance claim status? Star Health Insurance claim status can be found by clicking the ‘Claims’ tab present on every page on the company website. One has to then click on ‘Claim Status’ and enter the Claim Intimation Number and ID Card Number to know the current status of the claim. 7. What is a Health Card? A health card essentially is an identification card that needs to be presented at any network hospital to avail cashless hospitalisation facility. It is part of the health policy docket and given with the policy. Contact details of the insurance company, Star Health Insurance Company in this case, and contact numbers of the third party administrator (TPA) are mentioned on the card for convenience. One may call these numbers for assistance in case of a medical emergency. The health card needs to be produced and shown to the hospital authorities at the time of admission into a hospital.