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Last updated: 19 Sep 2025, 01:27 PM
Star Health Insurance: Pioneering Health Protection in India
Star Health and Allied Insurance Company Limited, India's first standalone health insurer, was established in 2006 and is headquartered in Chennai, Tamil Nadu. Promoted by a consortium of financial institutions including IDBI Bank and others, it specializes in health, accident, and travel insurance, holding a dominant 59% market share in the private retail health segment.
In-Depth Details
Key Highlights
- Products Offered: Over 50 specialized plans, including individual health (e.g., Star Comprehensive Insurance), family floaters (e.g., Family Health Optima), senior citizen policies (e.g., Senior Citizens Red Carpet), group health for corporates, personal accident, overseas travel, and targeted covers for diabetes, cancer, and critical illnesses—featuring maternity, wellness benefits, and customizable add-ons.
- Reach & Scale: 881 branches and 1,700+ customer touchpoints across 25 states and 5 Union Territories, with 14,200+ network hospitals; serves millions, settling over ₹2,800 crore in claims in Karnataka alone (FY21–FY25).
- Performance Metrics: Individual Claim Settlement Ratio of 82.31% (FY 2023-24); Gross Written Premium: ₹16,518 crore; Net Profit: ₹589 crore (FY 2023-24); 97% cashless approvals within 3 hours.
- Achievements: 'Outstanding Achievement in Risk Culture Building' 2024; 'Digital Innovation of the Year' (Health Insurance) 2023; 40+ awards including 'Most Innovative New Product' 2020; S&P Global CSA score of 53; launched India's first digital-only health product 'Smart Health Pro' in FY 2023-24.
