It Is A Modular Long-term Health Insurance Plan
FinTech BizNews Service
Mumbai, September 12, 2024: Star Health and Allied Insurance Company Limited (Star Health Insurance) and Policybazaar today announced the launch of ‘SUPER STAR', a personalised long-term health insurance plan which is customer-centric in nature with an objective of delivering greater customer value. This game changer product is designed to meet the evolving needs of policyholders and offers unparalleled flexibility and customization. The long-term 5-year policy term for individuals and families alike. The Super Star Insurance plan marks a paradigm shift in the health insurance landscape by offering modular coverage that adapts to customers’ needs through different life stages. SUPER STAR is a digital-only product available through the Policybazaar website and Star Health’s online portal here.
Commenting on the product launch, Mr. Sarbvir Singh, Joint Group CEO, PB Fintech, said “With healthcare costs escalating, the need for flexible, comprehensive health insurance has never been more critical. SUPER STAR meets that demand by allowing customers to choose coverage that grows with them, making it a true game changer in the industry. We’re thrilled to partner with Star Health Insurance to make this modular health insurance solution available to millions of Indian households, ensuring they have financial protection at every stage of life.”
Mr. Anand Roy, MD & CEO, Star Health Insurance, stated "At Star Health Insurance, we are delighted to partner with PolicyBazaar to unveil SUPER STAR—a transformative health insurance solution for India’s evolving needs. Fuelled by cutting-edge technology and deep sectoral insights, SUPER STAR delivers unparalleled flexibility, empowering individuals to customize their coverage at every pivotal stage of life. Setting a new benchmark in personalisation with tailored, comprehensive health protection that adapts to you, SUPER STAR promises unmatched peace of mind while democratizing quality long-term healthcare.”
Standout Features
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Freeze your age | This revolutionary feature allows policyholders to maintain their entry-age-based premiums until a claim is submitted, resulting in substantial long-term savings. Available upto the age of 50 at entry. |
No Claim Bonus (NCB) | Policyholders who maintain a claim-free record for a year can receive a 50% No Claim Bonus (NCB) which can increase to 100% of the Sum Insured. This feature makes sure that prudent health management consistently results in increased coverage. |
Automatic restoration of Sum Insured | The Sum Insured is automatically restored for related and unrelated illnesses throughout the policy year in case of a hospitalisation, giving policyholders peace of mind. |
Midterm inclusion | To provide seamless coverage for expanding families, the plan permits the addition of recently married spouses, newborns or children who have been legally adopted. |
Wellness rewards | The plan incentivizes healthy living with wellness rewards of up to 20% on renewal premiums, encouraging policyholders to stay proactive about their health. |
Policy Term Up to 5 Years | For the first time on the Policybazaar platform, customers can opt for a policy term of up to five years, ensuring long-term coverage without the hassle of annual renewals. |
Co-terminus Discount | Customers who purchase a Super Star policy for themselves can enjoy up to a 7.5% discount when buying the same policy for their parents or parents-in-law, providing affordable family coverage. |
Additional benefits: The Super Star plan also includes multiple optional covers such as: | |
Super Star bonus | An additional 100% of the Sum Insured at each renewal, with no cap on accumulation limit, providing ever-increasing protection. |
Consumables cover | This unique feature covers multiple non-payable items which are typically not included in other policies like gloves, masks, and other medical consumables. |
Smart network discount | Policyholders can avail a whopping 15% discount on premiums when opting for treatment at a network of preferred hospitals, ensuring both cost savings and quality care. |
The Super Star plan has multiple sum insured options ranging from Rs5 lakhs to Rs1 crore and with an unlimited SI option too, allowing customers to choose a plan that best suits their requirements. The SUPER STAR plan represents a significant advancement in India’s health insurance sector, bridging the gap between affordability and comprehensive protection.
