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Interview of our Chairman & Executive Director in Network 18 Entrepreneur Magazine March 2013 issue
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Chairman's interview in Forbes India magazine dated 17th December 2010
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STAR SHINES BRIGHTEST IN CLAIM SETTLEMENT
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| 27-Mar-2011 |
| When it comes to claim settlement, private insurance companies are perceived to be better than their public sector counterparts, reveals the findings of the Hindustan Times-MaRS survey. Respondents to the survey ranked India's first stand-alone health insurance company, Star Health & Allied Ins urance Company, as the best in terms of settlement of mediclaim policies.
Health insurance in India covers around 11% of the population, according to the latest Comptroller and Auditor General (CAG) report.
But low penetration notwithstanding, health insurance is the most sought after portfolio next only to motor insurance.
And as Gopal Verma, director, e-Meditek, a third-party administrator (TPA) points out; stand-alone health insurance companies will play a critical role in the domestic market to increase penetration.
“Star Health & Allied Insurance Company along with a few other companies have a single window clearance mechanism which reduces the settlement to less than a week,” said Verma.
Industry experts said that once the regulatory issues including the foreign direct investment (FDI) norms are addressed, several more standalone health insurance companies will foray into India.
The Insurance Amendment Bill, that is pending in Rajya Sabha, seeks to enhance the cap on FDI in private insurers from the current 26% to 49%.
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Star Unique & Star Wedding Gift Launch Function And Press Meet
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| 06-Jan-2011 |
| Star Health and Allied Insurance Company is happy to announce the launch of two products - Star Unique Health insurance policy and Star Wedding Gift Insurance. |
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Star Unique Health Insurance:
Star Unique Health Insurance is a health policy with dual benefit - it covers provides for hospitalization benefits as well as cover for Pre-Existing Diseases after a waiting period of 11 months. The normal waiting period for covering Pre-Existing Diseases is 48 months of continuous insurance with the Company. This waiting period is now reduced to 11 months. Persons who are perceived as high risk like Hypertensive or diabetic can take this insurance.
The cover is available from 18 years to 65 yeaRs.Renewals available up to 70 yeaRs.Thereafter cover will be given under any other equivalent insurance scheme of the Company with continuity of benefits.
Persons who are HIV + can also take this policy provided their CD 4 count at the time of entry is not less than 350. Cover for such persons exclude treatment for HIV / AIDS and opportunistic infections.
There is no pre-acceptance medical screening. And this is an added convenience to the customer.
The policy is available under three sum insured options namely Rs.100000/ Rs.200000 and Rs.300000/- The coverage for Pre-Existing Diseases is limited to 50% of the sum insured. That is a person taking a policy for Rs 100000 gets covered for Pre-Existing Diseases upto Rs.50000/-. A co-payment of 30% is applicable for all claims. Policy is for a two year period with facility of payment of premium in two annual installments. A grace period of 15 days is available for payment of renewal premium / installment premium. If premium is paid within this grace period continuity of benefits will be given.
The Policy has a two-tier premium structure - Ahmedabad Bangalore Delhi including Faridabad Gurgaon and Noida Mumbai including Thane having a slightly higher premium over the rest of India. This differentiation is owing to comparatively high cost of treatment at these places. All other places fall under "The rest of India" is category paying a slightly less premium |
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Star Wedding Gift Insurance
A policy which offers protection in adversity and supports at times of joy. The policy offers basic health cover for the couple on a floater basis. In addition it provides for Child delivery expenses - whether for Normal Delivery or for delivery by Caesarean Section upto to the limits provided. A waiting period of 36 months applies for availing this benefit. Minimum qualifying age is 18 years and cover is available up-to 40 yeaRs.Renewable up-to 45 yeaRs.Thereafter cover will be given under any other health cover of the Company with continuity of benefits. Couple already with a child can be covered.
Policy is available for a one year, two year and four year term. Entire premium payable in advance
Two sum insured options are available - namely Rs 300000 and Rs500000/- each with different benefits.
Broadly the policy offers cover under four different heads:
- Hospitalization cover
- Child Delivery Expenses
- Cover for New born baby
- Lump-sum payment if the New Born is a Down's baby or is suffering from Cerebral Palsy
- Cost of test for detection of foetal abnormality
| Options |
Option 1 |
Option 2 |
| Hospitalization Expenses |
Rs.3,00,000/- |
Rs.5,00,000/- |
| Child Delivery Expenses |
Rs.15,000/- for normal and Rs.20,000/- for caesarean |
Rs.20,000/- for normal and Rs.25,000/- for caesarean |
Pre and Post Natal Expenses (as part of
Child Delivery Expenses) |
Pre Natal : Rs.1,500/- Post Natal : Rs.2,000/- |
Pre Natal : Rs.2,000/- Post Natal : Rs.4,000/- |
| New Born Baby Cover* : Hospitalization expenses *(Includes cover for congenital diseases) |
Rs.30,000/- |
Rs.50,000/- |
New Born Baby Cover :Lump sum payment
for Down's Syndrome and Cerebral Palsy |
Rs.30,000/- |
Rs.50,000/- |
| Post Delivery Complications |
Actuals within Hospitalization Limits |
Actuals within Hospitalization Limits |
Test for detecting congenital abnormality
in foetus |
Rs.1,000/- |
Rs.1,000/- |
Both the policies will be marketed by all offices of Star throughout India. Amount paid by any mode other than cash in respect of these policies would qualify for IT relief under Section 80-D of the IT Act. |
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Cheque Presented to CM - AP by our CMD
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| 09-Oct-2009 |
| Our Honorable CHAIRMAN & MANAGING DIRECTOR Mr. V. JAGANNATHAN PRESENTING A CHEQUE OF Rs. 25 LACS TO Mr. ROSSAIAH, Honorable Chief Minister, Govt of Andrapradesh towards Chief Ministers Relief Fund on 9th October 2009 in Secretariat, Hyderabad for the victims due to heavy flood in Andrapradesh. He also visited the rescue operations spot, where all our employees of Star Aarogyasri are working day and night to send the emergency medicines. |
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Kalaignar Kaapeetu Thittam - Launch Function
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| 23-Jul-2009 |
| Another milestone in Star Health history, an agreement with Tamilnadu Government for Health Insurance scheme for Below Poverty Line people, which covers Crores of poor and marginally poor people in the state of Tamilnadu under the Kalaignar's Life Saving Treatment Insurance Scheme. Our Hon Chairman Cum Managing Director Mr. V. Jagannathan sharing the agreement with Thiru V.K. Subburaj IAS, Principal Secretary to Tamilnadu Government in the launch function witnessed by Thiru M. Karunanidhi, Hon Chief Minister of Tamilnadu, Mr. Ghulam Nabi Azad, Union Health Minister, Mr. M.K. Stalin, Deputy CM - Tamilnadu Govt and other Tamilnadu state Ministers in the dais on 23-07-2009 at Madras University Centenary Auditorium |
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Star Health offers 24x7 Free Expert Medical Consultation over Phone / Mobile
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| 28-Aug-2009 |
Star Health Insurance has partnered with Health Management and Research Institute(HMRI) to offer tele-medical advisory helpline free-of-cost to its policyholders.
Addressing a press conference Mr V. Jagannathan,Chairman and Managing Director, Star Health and Allied Insurance, said the company expects to garner a premium income of Rs 650 crore for the current financial year. It reported a profit of Rs 3.5 crore and premium income of Rs 510 crore for the year ending March 31, 2009.
HMRI, a two-year-old tele-medical advisory non-profit organisation, receives about 60,000 calls a day relating to various health ailments from rural Andhra Pradhesh. Close to 90 per cent of calls received are diagnoses for minor acute ailment, said Mr Balaji Utla,CEO, HMRI. Policyholders of Star Health Insurance can call the toll-free number 1800 425 2255 to get clarifications and advice on any health matters. The caller can even seek medical prescriptions from the doctor's panel. |
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Star Health & Allied Insurance contributed Rs. 25 Lakhs for the Hyderabad Blast victims
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| 28-Aug-2007 |
| Hyderabad, Aug 28: Star Health & Allied Insurance Co Ltd Chairman-cum-Managing Director V Jagannathan today handed over a cheque for Rs 25 lakhs to Chief Minister Y S Rajasekhara Reddy towards the Chief Minister's Relief Fund (CMRF), particularly for the recent twin bomb blasts victims here. In a letter, Mr. V Jagannathan said: At this hour of tragedy that struck the twin cities, the company shares the grief with the people of AP. |
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Star Health bags a prestigious health insurance scheme of government of Andhra Pradesh
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| 17-Apr-2007 |
Aarogyasri Community Health insurance Scheme “ a prestigious scheme of Government of Andhra Pradesh for providing quality health care to the below poverty line (BPL) families has been awarded to Star Health and Allied Insurance Company in a competitive bidding process.
The Government of Andhra Pradesh will pay a premium of Rs.66 crores (excluding Service Tax) to Star Health and Allied Insurance Company for covering about 23 lakh BPL families in three selected districts of Mahaboobnagar, Anantapur and Srikakulam. A Memorandum of understanding has been signed between Government of Andhra Pradesh and Star Health and Allied Insurance Company on 8/03/07. The Group policy will cover 163 listed surgeries relating to Heart, Cancer, Renal and Brain besides Burns and Polytrauma.
This is the second major achievement of Star Health and Allied Insurance Company in Andhra Pradesh. Earlier Star Health and Allied Insurance Company had been entrusted with the implementation of APATHBANDHU Scheme covering all the BPL families in Andhra Pradesh against accidental death. The State Government paid Rs.10 crores to Star Health and Allied Insurance Company as premium under this policy. |
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Launching of the Scheme
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| 31-Mar-2007 |
The Aarogyasri Community Health Insurance Scheme of Government of Andhra Pradesh was officially launched on 31st March 2007 by the Chief Minister of Andhra Pradesh, Dr.Y.Rajasekhara Reddy. Shri V.Jagannathan, CMD attended the inaugural function at Mahaboobnagar. The Chief Minister handed over the premium cheque to our CMD.
The Scheme has become operational from 1st April, 2007. All the required manpower, infrastructure and systems have been put in place. It is a massive venture taken up by STAR. |
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Lightening Fast
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| 23-Nov-2006 |
| Four women agricultural labours drowned in 'Vutukuru Kaluva' near 'Dampuri' village of 'Vidavalur' mandal in Nellore District on 14th November. The concerned Mandal Revenue Officer conveyed the information to our Call Centre on the same day under the 'APATHBANDHU SCHEME' of Govt.of A.P. We have deputed our District Coordinator Shri M.R.Sharma to visit the village. Shri Sharma visited the village on 15th November 2006, a day after the accident and faxed his report to the Zonal Office, Hyderabad on 16th November 2006. The same day Shri P H Khan, Zonal Manager, Hyderabad met with Ms.Preeti Sudan IAS, Commissioner for Disaster Management, Govt. of Andhra Pradesh and reported to her that we have already investigated the death cases in Nellore District and assured her that if the District Collector furnishes the documents to us, we will be able to settle the claims within three days. The Commissioner appreciated the prompt pro-active action by our Company.The icing on the cake came by way of the finalization of the group policies for the villagers for an aggregate premium of Rs.40,000/- by our district co-coordinator Shri Sharma during his visit to the village. |
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Government of Andhra Pradhesh pays a premium of RS.10 Crores to STAR
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| 22-Nov-2006 |
| Star Health and Allied Insurance Company Ltd has entered into an MOU with State Government of Andhra Pradesh to cover 1.09 crore persons belonging to Below Poverty Line in the State of Andhra Pradesh for a capital sum insured of Rs.50,000/- per person under their 'APATHBANDHU SCHEME'. The Government of Andhra Pradesh has paid a premium of Rs.10 crores to the Star Health and Allied Insurance Company Ltd. The Policy period is from 02.10.2006 to 01.10.2007. The District Collectors arrange for payment for ex-gratia to the next kin of the deceased and the Star Health and Allied Insurance Company Ltd will reimburse this amount to the District Collectors after receiving all the required documents from them.. The State Government has reposed confidence in our company to entrust one of their prestigious insurance related scheme to us. With this Star Health and Allied Insurance Company Ltd has not only procured a huge premium but has established that it is with AP Government in this noble venture. |
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A new feather of diversity in Star Health Insurance's crown!
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| 12-Aug-2006 |
| After achieving the remarkable success in our mainstream project i.e. Insurance, we are pleased to announce our upcoming Time Check Slot of 10 seconds in two of the major TV Channels- SUN TV & JAYA TV respectively. The telecasting time of these Time Check slots are drawn to be two Prime Times, those are 8.00am and 8.00pm including one afternoon slot which will be telecasted at 1.30pm specifically in SUN TV. On the other hand, the telecasting time that has been fixed for the Time Check slots in JAYA TV are morning 7.00am and evening 7.00pm respectively. All the Time-check slots will begin 5 minutes earlier than the scheduled timing stated above. In addition to this, we are playing a major role of being Co-Sponserers for the most awaited two Interview based programmes with Film world Celebrities in JAYA TV on 15 th August 2006, the Independence Day. The programmes, Comedy Arasan with Vadivelu and Kizhaku Kadarkarai Saalayil with actor Srikanth are slotted at 10.30am and 6.30pm onwards, will commence with an opening line mentioning "This programme is sponsored by Star Health And Allied Insurance Co." and end with a closing line i.e. " This programme is brought to you by Star Health And Allied Insurance Co." However, the promos for the programmes mentioned above have started from 12th August 2006 and will be aired until 15th August 2006. Diversifications do not have a boundary! |
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Claim settlement in 4 DAYS. Service par excellence
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| 08-Aug-2006 |
Kovai Medical Centre, Perundurai; the hospital where Mr. Subramanian, our Policy holder was admitted from 22nd July 2006 to 26th July 2006. Being a Non Network Hospital, with any other service provider it would have been a long and cumbersome procedure. But, STAR HEALTH made it possible - Cashless Settlement in just 4 days! The providence of personalised service commenced with Star Health's Doctor promptly visiting Kovai Medical Centre and ensuring hassle-free admission followed by discussions between our Claims Team and Kovai Medical Centre over the settlement of bills on cashless basis and in just 4 days the full and final settlement was paid by STAR HEALTH directly to Kovai Medical Centre.This is what Mr. Subramanian had to say - "It was a remarkable service rendered at the time of hospitalisation and thereon. I would like to refer atleast ten others to take a health insurance policy from Star Health."
More than being the Company's first settlement of a Policy holder's claim it is a testimony in itself. |
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Different Strokes in Health Infrastructure
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| 15-Jun-2006 |
Star Health and Allied Insurance has commenced their exclusive health insurance venture with a cause of Nation building.
While the economy in boom is busy building physical infrastructure, the Company is committed to develop health infrastructure through network of doctors, hospitals, field staff and above all innovative health insurance schemes. The gamut of schemes cover every health need of the vulnerable age groups in the fast growing economy of the world.
The approach that the Company has taken is definitely a different stroke in health infrastructure |
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Winning Team in a striking field
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| 01-Jun-2006 |
The team that Star Health and Allied Insurance have assembled is sure to change the field positions in the game of Indian Insurance.
Led by the illustrious captain of the insurance sector - Mr. V.Jagannathan ,the team in place is absolutely fitting to support the captain With the first phase of implementation in all the southern states and selected places in north... the field is all set. |
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Star to steer us by
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| 18-May-2006 |
Star Health & Allied Insurance Company is the first ever insurance company in India dedicated exclusively for health.
The Company has formulated schemes that are based on strong field research to understand the gaps in health related coverages in India.
Considering the niche area and the experts pooled in for the venture, the 'star' has started shining. |
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