Star Health and Allied Insurance Co Ltd commenced its operations in 2006 with the business interests in Health Insurance, Overseas Mediclaim Policy (Travel Insurance) and Personal Accident Insurance. Star Health is India’s first stand-alone Health Insurance Company. Star Health Insurance has products to cater everybody, be it individuals, families or corporates. The Company works directly as well as through various channels like agents, brokers, online etc., Star Health is also prominently into Bancassurance having long standing relationship with various Banks. Star Health has underwritten a gross written premium of Rs.5401 Cr during the FY 2018-19 and has built up a promising path with an appreciable net worth of Rs.1480 Cr, as on 31st March 2019. Currently Star Health has 10600+ employees and 500+ branch offices all over India.
Star Health and Allied Insurance has an impressive number of differentiated policies to safeguard a person’s financial position in the event of medical adversity. The company recognises the economic fallouts of rising medical costs and has accordingly devised products through which customers can avail adequate and cost-efficient medical treatment.
Each of these plans serves to meet varied medical costs in unique ways. They boast of advantages such as quick, easy and direct settling of claims (i.e. no third party involvement), cashless facilities and free telephonic medical advice at any time .Star Health and Allied Insurance Co Ltd is providing sterling services in Health, Personal Accident and Overseas Travel Insurance etc. Our efforts have always been on service excellence and product innovation with a focus on delivering the best to our customers.
Star Health has excellent products to cater everybody, be it individuals, families or corporates. We work directly as well as through various channels like agents, brokers, online etc., Star Health is also prominently into Bancassurance having long standing relationship with various Banks.
Star Health has underwritten a gross written premium of Rs.5401 Cr during the FY 2018-19 and has built up a promising path with an appreciable net worth of Rs.1480 Cr, as on 31st March 2019.
Currently Star Health has 10600+ employees and 550+ branch offices all over India.
Agent is appointed by the insurer to procure business for which he is given a licence by the IRDAI
Policy is a stamped document which provides an evidence of the contract of insurance between the insurer and the insured.
SHAI provides cashless settlement to alleviate the problems of payment of hospitalization expenses of the insured by resorting to Cashless Settlement of the Claim. In this claim process, SHAI has tie-up with network of hospitals in metros and non-metros whereby the insured can get themselves admitted in the specified network hospitals and take treatment for the disease contracted without payment of any money to the hospital. However this is subject to the limits and sublimits which is subject to the sum insured of the policy. Proposal forms are a means of communicating an offer to the insurers. Proposal form is to give the insurer full particulars of the risk against which insurance protection is desired.Proposal form is the basis of contract.
Any misrepresentation or non disclosure of facts would make the insurance null and void. The limits of benefits under the policy are cumulatively increased by specified maximum percentage in respect of each claim free year of insurance, but the overall amount of such increase will not exceed certain percentage as specified in the policy. In case of a claim, the earned bonus would be reduced as given in the policy at the time of renewal.
Endorsement is a document issued on the policy, facilitating the insurer to make amendments in the subject matter of insurance. Under Health policies, the cost of various hospital charges (such as bed charges, medicines, lab tests surgeons fees etc) are reimbursed. In other words, the insured has to pay the (hospital) expenses incurred and seek reimbursement from the insurance company.
A floater Policy is issued with a single sum insured covering number of individuals. Eg., Unlike in an Individual policy, where a family (Husband/Wife) is covered for the Sum Insured so desired, independent of each other, and pay the premium accordingly, in a Family Floater – the family is covered for a fixed amount and anyone in the family can avail of the benefit till the limit is exhausted.
General insurance policies are annual contracts. Policies are generally issued for one year, and some for shorter periods. At the end of the policy period, the policy has to be renewed by the insurers. But renewing a contract of insurance is at the discretion of the insurer. There should be continuous renewal of the policies. If there is a break in insurance, the insured would lose the benefits of insurance in the event of any contingency.
Third Party Administrators are the authorized claim settling agents of the Insurer.Settlement of claims involves proper scrutiny of loss vis-a-viz coverage under the policy and compliance of the policy terms and conditions and warranties and subject to the limit of sum insured.