Page 12 - The Insurance Times October 2024

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tive reflects the government's commit-
Star Health Set to Expand into Motor and Life Insur- ment to providing quality healthcare to
ance Sectors all Indians. Union Health Minister J.P.

Star Health and Allied Insurance, a leading standalone health insurance Nadda described the expansion as a
provider, is planning to diversify its offerings by entering the motor and term "momentous" decision that will ensure
life insurance markets. The company plans to apply for a composite insur- comprehensive healthcare coverage
ance license once amendments to the Insurance Act are passed. This would for senior citizens regardless of income.
allow Star Health to provide both life and non-life insurance products under Star Health Aims to
one license.
Double Premium Income
Leveraging its strong customer base in health insurance, the company aims
to market these new products through its direct-to-consumer channels and in Four Years, Launches
existing network of agents. Star Health also plans to focus on renewals within Braille Policy
its motor insurance business, given the growth potential in both motor and Star Health and Allied Insurance has
health insurance segments.
set a goal to double its gross written
Star Health has set an ambitious target of doubling its total premium port- premium to Rs. 30,000 crore over the
folio to Rs. 30,000 crore by 2028, up from the current Rs. 15,000 crore. next four years, focusing on expanding
Presently, 90% of the company's business comes from retail health insur- health insurance penetration in semi-
ance, with plans to expand the group insurance segment to 20% by 2028. urban and rural areas. CEO Anand Roy
announced that the company plans to
AB-PMJAY to Extend Cov- rolled in other public health insurance achieve a compound annual growth
schemes, such as the Central Govern- rate (CAGR) of 19-20% during the FY25-
erage to Citizens Over 70 ment Health Scheme (CGHS) or Ex-Ser- FY28 period, building on its Rs. 15,251
With Private Insurance vicemen Contributory Health Scheme crore premium in FY24.

The Union Cabinet has decided to ex- (ECHS), will have the option to choose In line with its innovation and
tend Ayushman Bharat Pradhan Mantri between their existing coverage or opt inclusivity objectives, Star Health has
Jan Arogya Yojana (AB-PMJAY) benefits for AB-PMJAY. Those under private in- launched the first-ever Braille version
to senior citizens aged 70 and above. surance plans will also be eligible to of its 'Special Care Gold' policy, de-
Under the expanded scheme, eligible join AB-PMJAY. signed specifically for individuals with
seniors will receive an additional Rs. 5 The expansion of the world's largest 40% or more disability. This move en-
lakh in annual health coverage. This publicly funded health assurance sures that visually impaired individuals
top-up is available to individuals from scheme is seen as a step toward ensur- can access policy details independently
families already covered under AB- ing accessible, affordable healthcare and make informed decisions about
PMJAY, without requiring them to share for all citizens, with a particular focus their health coverage.
benefits with younger family members. on the elderly. Prime Minister The Special Care Gold policy covers in-
Senior citizens who are already en- Narendra Modi stated that the initia- dividuals with disabilities and those liv-

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