Star Health & Allied Insurance

Overall Rating: star ratingstar ratingstar ratingstar ratingstar rating[0/5]Total Votes [  ]  
Rate this page:
Star Health & Allied Insurance Company Limited or Star Health possesses a capital base equivalent to INR 438 crores, which is more than necessary to create a general insurance enterprise. Star Health has instead chosen to focus only on health insurance.

It is the first ever health insurance specialist of India and provides a wide range of products and services such as personal accident, and overseas travel. The insurer is part of the following government projects:
  • TN Government Employees' Health Insurance
  • Aarogyashri Scheme in rural Andhra Pradesh

Star Health Features

The clients of Star Health and Allied Insurance can receive the following features that are exclusive to the insurer:
  • Cashless services without the intervention of the TPA
  • Round the clock in-house call center
  • Direct tie-ups with hospitals that is available on a nationwide basis
  • Toll free telephone help
  • Consultation with general physicians over the phone for free and round the clock availability of doctors. Doctors can be contacted on the toll free number 1800 425 2255 and medical suggestions can be taken by mentioning the policy number
  • Totally knowledge backed website that provides medical information such as health tips

Star Health and Allied Insurance Promoters

Following are the promoters of Star Health:
  • Oman Insurance Company, UAE
  • ICICI Ventures
  • Top NRIs
  • Sequoia Capital
  • Leading business houses in India

Star Health Management

The following dignitaries make up the board of directors at Star Health and Allied Insurance:

Name Designation
V Jagannathan Chairman and Managing Director
Mohammed Hassan Well known industrialist and educationalist
Essa Abdullah Al Ghurair Member of Al Ghurair Family
Dinesh Chandra Gupta IAS officer
MY Khan Chairman of YES Bank's Banking and Advisory council
Sumir Chadha Co-Founder and Managing Director of West Bridge Capital Partners
DR Kaarthikeyan Visiting professor at several well known institutions
Vishakha Mulye Managing Director and CEO of ICICI Venture Funds Management Co. Ltd, Mumbai
VP Nagarajan Executive Director of ETA ASCON and ETA STAR group


Following are important officers of the insurer:

Name Designation
TN Santhanakrishnan Executive Director
AM Mallesh Vice President - Marketing
S Sundaresan Executive Director
Anand Roy Vice President - Marketing
V Jayaprakash Executive Director
Vishwajeet Mohnot Vice President - Marketing
Prakash Subbarayan Executive Director
K Harikrishnan Vice President - Marketing
S Ramaswamy Chief Financial Officer
H Srinivasan Assistant Vice President Technical
CM Kannan Unni Vice President - Company Secretary
D Rama Assistant Vice President - Product Cell
KC Kumar Vice President - HR and Admin
S Kannan Assistant Vice President - IT


Star Health and Allied Insurance Financial Details

The following table highlights some important financial details of Star Health in the first quarter of the 2012-13 fiscal:

Domain Figures in INR thousands
Income from gross interest, rent, and dividend 11,465
Operating profit/(loss) from miscellaneous insurance (393,424)
Less: Loss on sale of investments (2024)
Amortization expenses (33)
Balance of profit/loss brought forward from last year (1,501,311)


Star Health Products

The products offered by Star Health and Allied Insurance may be mentioned as below:

Health Insurance

  • Star Comprehensive
  • Family Health Optima
  • Senior Citizen Red Carpet
  • Star Delite
  • Medi Classic
  • Super Surplus
  • Star Health Gain
  • Star Unique Health
  • Star Wedding Gift
  • Star Criticare Plus
  • Diabetes Safe
  • Star Netplus

Accident Care

Students

  • Students Care

Overseas Travel

  • Individuals
  • Students
  • Family
  • Corporate

Health + Life

  • Star Shri Family Care
  • Star Shri Individual Care

Rural

  • Rural Micro Health Insurance

Star Health and Allied Insurance News

The leading privately held non life insurance providers of India are facing an increase in their claims settlements from cases that have been in the lurch for at least three months. Four leading private providers of non life insurance services as well as three specialized health insurers have in all paid 17,74,409 claims between April and June 2012.

8.4 percent or 148,825 of the above mentioned claims had yet to be settled for a period exceeding 3 months. Compared to the immediately previous 4 quarters this is the highest figure when it comes to unsettled claims.

During April and June 2012 the insurers had paid 1417663 claims, which is equivalent to 80 percent of the aggregate number of claims. The payments were done in a month's period.

The companies that have already paid off the claims are ICICI Lombard General Insurance, Star Health and Allied Insurance, Bajaj Allianz General Insurance, Apollo Munich Health Insurance, HDFC Ergo General Insurance, Max Bupa Health Insurance, and Reliance General Insurance.

According to the Assistant Vice President, Product Cell, D Rama, under normal circumstances claims are solved within a 30 day period of being registered with the respective company. However, the time needed in these cases may go up if the documentation provided with the plans is not complete or if there is some case or other form of legal action going on regarding the claim. Rama has also stated that with the ever increasing market size of the health insurance sector there has been some impact on the time being taken to settle claims. In April-June 2011 a total of 1347474 claims had been registered and the insurers had settled 1223152 out of them. 58,544 or 4.3 percent of the claims were left pending for more than a three month period.

According to norms laid down by Insurance Regulatory and Development Authority (IRDA), the regulatory entity of Indian insurance, all claims should be settled within 30 days.

The head of retail underwriting and product development for IFFCO Tokio General Insurance, Arun Mehrotra, has stated that if the insurer is not able to settle the claim within the stipulated period the insured is eligible to receive an additional payment on their claims as per IRDA laws.

Max Bupa has already paid off 401 claims in one month - this is 12 percent of the 3280 claims that they have received. For ICICI Lombard this figure stands at 1286891, which is 98% of the 1307249 claims they have received during April-June quarter of the 2012-13 fiscal.

Star Health Contact Details

The contact details of Star Health and Allied Insurance may be enumerated as below:

The Manager - Customer Care,
Star Health & Allied Insurance Co. Ltd,
No.1, New Tank Street,
Valluvarkottam High Road,
Nungambakkam, Chennai - 600 034
E-mail address: support@starhealth.in
Toll free number: 1800-425-2255
Telephone number: 044-28263300

Last Updated on 28 September 2012

>> More About Insurance