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09 Sep 2020

Star Health Insurance Review

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Star Health Insurance: Background and Overview-

Star Health & Allied Insurance Co Ltd is India’s first standalone health insurance provider, commencing operations in 2006. Star Health Insurance provides Health insurance, travel insurance, and accident care for individuals, corporates as well as for families.
It is a private sector company with its headquarters in Chennai, India.

Star Health Insurance has paid out Rs.12,739 Cr as claim settlement since inception, with over 16.9 lives covered. The company has over 550 branches all over India and has a strong network of over 9900 hospitals across the length and breadth of the country.
Given below are the elaborate list of various Insurance schemes offered-

Star Health Insurance: Policies and schemes

Before dwelling into the various insurance policies and schemes offered by Star Health Insurance, let us first understand what insurance is.
Insurance is a risk management tool used to protect an insured individual from unpredictable financial risks or contingent losses. The agreement is signed between the 2 parties over a contract.
The insurance company promises to compensate for financial losses that arise, in return for a regular premium paid by the insured individual.
Nowadays, insurance does not only serve the purpose of compensating for financial losses, but can also serve the purpose of an investment with a savings element attached to the same

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Star Health Insurance: Plans and Policies-

Star Health Insurance Co offers various schemes and policies for Indians Health Insurance, Travel Insurance, Accident care, etc.
The various health insurance policies offered are as follows

  • SENIOR CITIZENS RED CARPET HEALTH INSURANCE PLAN: Plan offers cover till 75 years, plans cover pre-existing diseases starting from 2nd year, Constant premium with assured lifetime renewals

  • Family Health Optima Insurance Plan: Family floater policies at affordable premiums with an option of insuring extra sums (auto recharge) at no extra cost, Covers New-born baby from the 16th day.

  • Medi-Classic Insurance Policy(Individual): Wider Cover option with an option to insure Higher Sum under the Gold Plan, Automatic restoration of the entire Sum insured by 200%, Coverage of Newborn baby under the gold plan.

  • Star Health Gain Insurance Policy: A Health insurance policy that covers both inpatient and outpatient expenses, with an Option to choose the premium to be paid, Sum Insured options of Individual and Floater, Sum Insured options range from Rs.1 lakh to Rs.5 lakhs (for inpatient hospitalization)

  • Diabetes Safe Insurance Policy: A specialized healthcare policy for diabetic patients, Covers hospitalization expenses for complications of Diabetes, Policy can be taken on an individual and floater basis, Automatic restoration of the entire Sum insured.

  • Star Cardiac Care Insurance Policy: This specific policy is available for customers who have existing Cardiac diseases, Hospitalization expenses for accident, and non-cardiac related treatments are also covered, Out-Patient causes are covered too.

  • Star Cancer Care Gold: First-ever health insurance product for persons diagnosed with Cancer, Entry Age: 5 months to 65 years, Sum Insured Rs.3 lakhs, and Rs.5 lakhs.

  • Star Care Micro Insurance Policy: This Policy is available on the Individual and Floater basis, Cover for pre-hospitalization and post-hospitalization related expenses, Lifelong Renewals guaranteed.

  • Star Criticare Plus Insurance Policy: Provides cover for 9 specified critical illness, Lump sum payment on diagnosis of critical illnesses, assured Lifelong Renewals.

  • Star Family Delite Insurance Policy: An affordable health insurance policy for the family, Sum insured on Floater basis, Lifelong Renewals guaranteed.

  • Star Special Care: This policy is specially designed to provide medical insurance cover for children diagnosed with Autism disorder, Entry Age between 3 and 25 years, Regular indemnity health cover.

  • Star Micro Rural and Farmers Care: Hospitalization cover for rural population, Policy Type: Individual and Floater, Policy Term: One year.

  • Star Hospital Cash Insurance Policy: Health insurance policy that provides lumpsum benefit for the period of hospitalization, Plans offered: Basic Plan / Enhanced Plan, Sum Insured Type: Individual and Floater.

  • Star Outpatient Care Insurance Policy: Silver Plan, Gold Plan and Platinum Plan, Sum insured type: Individual and Floater Basis, Policy term: One year.

  • Young Star Insurance Policy: Plan Options- Silver and Gold, Treatment at Single Private A/C room, Cost of Health checkup for irrespective of claim.

  • Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy: 100% Lump-sum Cover, No pre-acceptance medical screening, Waiting Period of Only 16 days.

  • Arogya Sanjeevani Policy, Star Health: All Daycare Procedures covered, AYUSH Treatment covered, Modern Treatments are covered – up to 50% of the Sum Insured.

From the aforementioned health insurance-related schemes, what can be inferred is that Star Insurance Company provides a range of plans and policies for customers across various demographics, catering to various requirements of customers and also covering various illnesses that require health insurance.
Although their policies cater to a wide range of customers, it could get fairly complex for an individual to go through the various schemes and decide the best-suited policy.

North Loop comes into play here for customers confused about making the right choice of scheme, with policies offering high covers involving very low premiums, with speedy sign-up procedure and quick approvals. What’s more? North Loop provides inclusivity in products offered too, extending health and life insurance services to NRIs in India as well as UAE, enjoying the same benefits offered. Sign up today

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.