Page 46 - Insurance Times May 2024

in Pune. Mr. Sanjiv Bajaj, Chairman and Managing Director, care procedures. Accidental death and permanent total
Bajaj Finserv Ltd., also graced the event. At the launch disablement is covered up to 1 crore.
event, renowned Indian music composer duo Vishal Shekar Star Comprehensive Health Insurance Policy also offers
enthralled the attendees with an electrifying musical wellness programmes that provide discounts on premiums
performance. Fashion designer Rocky S also added glamour and condition management programmes. Furthermore, the
to the event by showcasing his unique collection. Mr. Tapan
policy provides an annual health check-up, automatic
Singhel, MD & CEO, Bajaj Allianz General Insurance, along restoration of the sum insured up to 100%, and a cumulative
with a few select partnersalso graced the ramp in the bonus, payable up to 100% of the basic sum insured.
designer's curated ensembles.
Speaking on the partnership, Vishal Gupta, CEO of PhonePe
PhonePe Partners with Star Health Insurance said “PhonePe is excited about this partnership
with Star Health. Star’s differentiated benefits combined
Insurance to Offer Insurance with with PhonePe’s distribution, customer centric approach and
Monthly Payment Options simple DIY journeys will help turbocharge insurance adoption
and penetration in the country. We are on a mission to help
PhonePe today announced a partnership with Star Health
and Allied Insurance Company Ltd. (Star Health Insurance), turn India from an underinsured nation to one that is
India’s largest retail health insurance Company, to offer adequately insured and view this partnership with Star as a
crucial milestone in this journey.”
customers health insurance with a monthly and annual
payment option. With this partnership, PhonePe users will Speaking on the partnership, Anand Roy, MD and CEO of
now be able to avail ‘Star Comprehensive Insurance Policy’ Star Health Insurance, said, “We are excited to partner with
on the PhonePe app with coverage up to Rs.1 Crore. Having PhonePe and offer health insurance targeted at Gen Z and
previously disrupted the market with its motor insurance Millennials since people in that group are digital natives. The
products, with this launch, PhonePe further expands the partnership between Star Health Insurance and PhonePe will
options available to its users in the health insurance category. provide consumers with a hassle-free payment option that
Through this partnership, for the first time, Star Health is light on the pocket and at the same time meets their
Insurance’s Comprehensive Health Insurance will be offered wellness needs. Today, health insurance has become a
to customers with a monthly premium payment plan, necessity. Given the high medical inflation in the country, it
pioneered by PhonePe – a first-of-its-kind initiative in the has become crucial to have an all-inclusive health cover that
industry. Users can also opt to pay their premium with the can protect at every stage of an individual’s life. At Star, we
UPI AutoPay mandate and enjoy added convenience. This believe in keeping our customers healthy, and towards that
move was driven by a critical insight that smaller monthly end, customers buying our policies will not just get insurance
payments ease the financial burden for users while but will also have access to free teleconsultations,
empowering and enabling them to opt for more extensive homecare, and nutritionists, among other services. We look
insurance coverage without stretching their finances. forward to expanding our digital reach through this
Star Comprehensive Insurance Policy is a power-packed partnership.”
insurance plan with benefits including the most popular OPD Users can purchase the policy via the PhonePe app by
and maternity coverage. Market research conducted with clicking on the Health Insurance option, selecting the
PhonePe’s user base indicates that these two features were members to be insured, the desired sum to be insured and
the most preferred by customers while buying health the payment tenure. Here, they can choose either monthly
insurance. Star Comprehensive Health Insurance Policy is an EMIs or annual payments and then select the policy of their
end-to-end health insurance policy with sum insured
choice. Once they opt for the policy, the customer’s have
available up to Rs.1 crore. The policy covers road ambulance to fill in their details, such as name, age, and gender,
and air ambulance expenses, out-patient medical followed by the health history of all members to be insured.
consultation up to the limits, out-patient coverage for dental This will be followed by a regulator mandated Know Your
and Ophthalmic treatment, delivery expenses, organ donor
Customer (KYC) form and declarations, once the payment is
expenses, provides coverage for newborn babies, including
any congenital disorders, from day one of birth and completed.
vaccination expenses of the new born until the baby Star Health, in association with PhonePe, plans to roll out
completes one year. Mental well-being is covered up to the more such innovative offerings across its indemnity and
sum insured. The policy does not impose sub-limits for day benefit products.

42 May 2024 The Insurance Times