Chennai, July 5 Star Health and Allied Insurance Company today launched two new policies—one for elderly people, aged between 61 years and 69 years and another for known diabetics.
At a press conference here, the company’s Chairman and Managing Director, Mr V. Jagannathan, said that the policy for the elderly, called ‘Senior Citizen’s Red Carpet Policy’, would be offered with no pre-acceptance medical screening. Those in the eligible age group could even buy the policy on-line. Once covered, they could continue to be covered for life—renewal would not be denied even after they leave the age bracket, Mr Jagannathan said.
The policy costs Rs 5,000 a year for a sum insured of Rs 1 lakh and Rs 10,000 for Rs 2 lakh. Those who have no illness would be given a ‘good features discount’ of 10 per cent.
The ‘Diabetes Safe’ policy is meant for known diabetics and will cover complications arising out of diabetes such as diabetic retinopathy requiring laser procedure, diabetic nephropathy leading to chronic renal failure requiring dialysis or transplant surgery and diabetic foot ulcer requiring micro vascular surgery. Annual premium starts from Rs 805.
Mr Jagannathan said that Star Health would soon launch two more policies. One is for those who are ‘HIV positive’. Policy holders will get a lumpsum payment if they become a full blown AIDS patient.
“There are 5.7 million HIV positive people in India, of whom 0.75 million are full blown AIDS patients,” he said, observing that there was a need for offering them coverage. The other policy will be a “high-end” one, assuring sums upwards of Rs 10 lakh.
Star Health, the country’s only stand-alone health insurance company, earned premium income of Rs 100 crore in the first 12 months of its operations, ending May 2007.
Mr Jagannathan said the company’s premium income this year would be over Rs 250 crore. Thus far in the current year, Star Health has earned a premium of Rs 41 crore, he said.
Star Health’s 100th branch in the country, at Kolkata, was inaugurated here today by the Chairman and Managing Director of Indian Bank, Mr M.S. Sundararajan. Mr Jagannathan said the insurance company would add 28 branches this year.
Source: The Hindu Business Line
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