Mumbai: Star Health and allied insurance company is eyeing Rs1500 crore premium collection by the end of this fiscal year, a company official said.
“There is a huge potential in the health insurance segment as there are very few players. We being one of the leaders in the segment, we expect Rs1500 crore premium collection by FY11,” the company’s zonal manager, R S Nayak,said.
Apart from retail customers, the company has collaborated with different state governments and public agencies to ensure medical coverage to their employees, farmers and others.
“Out of the total premium, we expect Rs350 crore premium from retail customers and Rs1150 crore from government projects,” he said.
Last fiscal the company collected a total premium of Rs979 crore. The insurer has launched two new products - Star Unique Health Insurance and Star Wedding Gift Insurance.
The Unique Health policy provides cover for hospitalisation benefits as well as pre-existing disease after a waiting period of 11 months. The policy is available under three sum insured options - Rs1 lakh, Rs2 lakh and Rs3 lakh.
The second policy offers basic health cover for the couples on a floater basis and also provides for child delivery expenses.
The qualifying age-bracket for availing the benefits of the policy is 18 to 40 years.