The investment pattern in Middle-East is shifting it’s allegiance from Europe and US towards South-East Asian market particularly India and China.One such sector is Insurance. Star Health and Allied Insurance Co. Ltd., is an outcome of one such alliance between Oman Insurance company , United Arab Emirates and some Indian business houses.
Star Health Insurance offers number of health insurance product.The major plans offered by them are:
- Unique Health
- Senior Citizen Red Carpet
- Medi Classic
- Family Health
- Star wedding Gift
Compared to other health insurance products in the market, the most attractive feature of this product is the pre/future existing diseases clause.Which implies that all the diseases pre insurance will covered under the policy after having continued the policy for eleven months. However, diseases on the exclusion list are not covered.This feature gives a safeguard from nullifying on the insurance contract on the basis of non disclosure of previous aliments.However, such disclosure may result in higher premiums (case of substandard risk ).
Other salient features include:-
- a.Hospitalization charges (a minimum of Rs 1000 upto Rs 3000).Policy does not mention what is the maximum number of days or whether the ICU is separate or included.
- b.Claim admissble will be paidup for only 70% of the expense.
- c.Does offer cashless facility in network hospitals.
- d.Exclusion list of the diseases does cover some diseases , while in some cases covers certain diseases or ailments only after specified period whether pre-existing or not.One such instance would be a Bone marrow transplant would be covered only if the policy has been continued for 4 years or more . Therefore, a careful look at the exclusion list is required .
- e.There is not mention of any specific Day Care procedure. However, the policy does cover pre hospitalization expenses 30 days prior to hospitalization and post hospitalization coverage which should not exceed 7% of total hospitalization charge excluding room rent and also subject to maximum of 5000 Rs.
- f.No cosmetic treatments/diseases are covered in this policy .This implies no dental or plastic surgery coverage.
IMPORTANT: The benefits and exclusion and not disclosed by the company in it’s entirety. Hence, it is always a good practice to confirm with the agent/office.
The policy needs to be paid up to 2 years and needs to renewed after two years . The premium for two years and be paid in two installments .