Star Health plan cuts waiting period for pre-existing diseases

STAR Health and Allied Insurance Company has cut the waiting time for pre-existing diseases to 11 months from 48 months, through a new health plan.

This will enable people with high risk diseases such as hypertension or diabetes to take health cover.

The product named Star Unique Health, which is available for people in the 18-65 years' age group, covers for hospitalisation benefits as well as pre-existing diseases after a waiting pe

riod of 11 months. The renewals are available up to 70 years and no medical screening is required, while the coverage is limited to 50 per cent of the sum insured and a co-payment of 30 per cent is applicable to all claims.

The policy has a span of two years with a facility to pay premium in two installments and it has adopted a two-tier pricing structure.

The premiums would be higher in Ahmedabad, Bangalore, Delhi and Mumbai, than the rest of India.

"Cover for pre-existing diseases is the need of the hour and that's why we have decided to cut down the waiting time. We are also planning to launch products with innovative themes soon," V Jagannathan, chairman and managing director of Star Health and Allied Insurance Company, said Meanwhile, the standalone health insurer has also launched a policy called Star Wedding Gift Insurance, with two different sum insured options, which offers basic health cover on a floater basis and also provides for child delivery expenses for normal delivery as well as caesarean.

This can be availed after a waiting period of 36 months. The company is looking to close financial year 2011 with a premium of Rs 1,250 crore. It has so far achieved a premium of Rs 950 crore, out of which retail accounts for Rs 350 crore.

"We plan to take the premium growth rate per annum in the retail business to 100 per cent from 86-90 per cent at the moment.

We are also confident of posting a net and underwriting profit for financial year 2011," Jagannathan added.

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