Star Health and Allied Insurance Co Ltd, backed by the launch of new products in the current fiscal, is eyeing a premium income of Rs 250 crore in the 2007-08 period.
The Chennai-based standalone health insurance company has so far garnered Rs 41 crore in the current fiscal. During 2006-07, it earned a premium income of approximately Rs 100 crore.
The company has announced the launch of two policies, one for senior citizens and the other for diabetics. The ‘Senior Citizen’s Red Carpet’ insurance policy will offer hospitalisation benefits for people in the age group of 60-69 years at the entry level.
The sum assured options available for the insured are Rs 1 lakh and Rs 2 lakh, for which the premium to be paid are Rs 5,000 and Rs 10,000 respectively.
The ‘Diabetes Safe’ policy covers diabetic patients even if the metabolic disorder is an existing one. The policy will provide cover for risks including diabetic retinopathy, nephropathy and diabetic foot ulcer. The minimum sum assured is Rs 50,000 at a premium of Rs 805 per annum for people in the 26-35 age group.
“Considering that there are around 35 million diabetics in India, we expect a good response for this product,” V Jagannathan, chairman and managing director, Star Health, said.
The company will soon launch two more products, one for HIV-affected people and the other in the category of ‘high-end’ policies.
The product for HIV-affected people would yield a lumpsum of Rs 50,000 when an HIV-affected turns into a fully blown AIDS carrier. The high-end policies will offer a minimum sum assured of Rs 10 lakh at a “low premium.”
In addition, the company will soon launch web-enabled services to facilitate NRIs to purchase policies online. The company inaugurated its 100th branch in Kolkata on Thursday and proposes to open 28 more in the current fiscal.
Source: Business Standard