A single policy with a dual coverage has been launched for the first time in the country.
Under this policy, cover will be available for both health and life.
This unique combination product is designed with a twin objective. For one, it is designed to protect the family against hospitalisation expenses through health insurance. For another, it is also intended to protect the family should it lose the bread winner.
The combination product is jointed promoted by Star Health and Shriram Life Insurance Company Ltd.
The policy will be issued and administered by Star Health. The health portion of this combination policy will be covered by Star Health. However, the life portion will be covered by Shriram Life.
The life coverage in this combination product will be limited to the bread winner (i.e. the earning member). And, it will not be on a `floater basis’ as is done in the health cover.
The combination policy will be available for both individuals and the family. For both categories, the combination policy provides assorted options – nine in respect of individual care and four in respect of family care.
The Star Shri Individual Care is for individuals up to the age of 50. It has health as well life cover. It is renewable up to 60 years. Thereafter, the policy will be available only for the health section.
The Star Shri Family Care protects the entire family. The health portion of the policy covers all the members of the family. The life section, however, covers only the earning member of the family. Like the individual care policy, the Star Family Care too is available for persons up to the age of 50 and is renewable up to 60 years. Thereafter, cover will be available only for the health section.
According to V. Jagannathan, Chairaman and Managing Director of Star Health, the combination policy was born out of a concern to ensure the financial security of the family in the event of the death of its bread-winner.
He was confident that the experience in handling big State-sponsored schemes in Andhra Pradesh and Tamil Nadu would keep Star in good stead in successfully handling this unique combination product.
The product was launched by J. Hari Narayan, Chairman of Insurance Regulatory and Development Authority (IRDA), in Chennai on Friday.
