CHENNAI: Chennai-based Star Health and allied insurance hopes to enter the term-life insurance market as insurance regulator is considering composite licensing. This will enable all insurance players to enter all three segments of business.
“Health and term life insurance is a fitment, both of them are in some context a protection plan,” Anand Roy, managing director of the firm, told this newspaper. But it’s subject to regulation, evaluation of expenditure and returns, he added.
Star Health plans to offer long-term health insurance against annual renewal plans, if the regulator gives nod. The firm intends to offer outpatient products, allowing the policy holders to cover the expense of consultation and medical bills.
It also plans to roll out dental and ophthalmological products by next year, which will include regular procedures like root canal. “Incidents of fraud are high in this area. We have to build a close network,” Roy noted. Star Health Insurance customers can get 20% discount on renewal of the premium for wellness-linked schemes.