Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India’s leading retail health insurance provider, joins hand with PhonePe. Under the agreement, Star Health’s Comprehensive Health Insurance Policy will be available on the PhonePe app with a monthly and annual payment option, with coverage up to Rs.1 crore. This is an industry-first initiative.
The move allows customers to choose quality health insurance coverage with flexible payment choices, providing access to quality healthcare throughout the country. Users can also pay their premiums using the UPI AutoPay mandate with a monthly EMI option for increased convenience. Star Health Insurance has expanded the alternatives offered to customers. This decision was motivated by the crucial insight that smaller monthly payments reduce customers’ financial hardship while empowering and enabling them to choose more comprehensive insurance coverage without straining their resources.
Star Comprehensive Insurance Policy is a robust insurance plan that includes the most popular OPD and maternity coverage. According to a market study conducted with PhonePe‘s user base, these two characteristics were most popular among users when purchasing health insurance. Star Comprehensive Health Insurance Policy is a comprehensive health insurance policy with a maximum sum insured of Rs.1 crore. The policy covers road ambulance and air ambulance expenses, out-patient medical consultation up to the limits, out-patient coverage for dental and ophthalmic treatment, delivery expenses, organ donor expenses, newborn coverage, including any congenital disorders, from day one of birth, and newborn vaccination expenses for one year. Mental diseases are covered up to the amount insured. The policy does not put restrictions on daycare procedures. Accidental death and permanent total disablement are insured for up to Rs. 1 crore.
Star Comprehensive Health Insurance Policy additionally provides wellness programmes that offer premium discounts as well as condition management courses. Furthermore, the policy includes an annual health check-up, immediate restoration of the sum insured up to 100%, and a cumulative bonus worth 100% of the basic sum covered.
Speaking on the partnership, Anand Roy, MD and CEO of Star Health Insurance, said, “We are excited to partner with PhonePe and offer health insurance targeted at Gen Z and Millennials since people in that group are digital natives. The partnership between Star Health Insurance and PhonePe will provide consumers with a hassle-free payment option that is light on the pocket and at the same time meets their wellness needs. Today, health insurance has become a necessity. Given the high medical inflation in the country, it has become crucial to have an all-inclusive health cover that can protect at every stage of an individual’s life. At Star, we believe in keeping our customers healthy, and towards that end, customers buying our policies will not just get insurance but will also have access to free teleconsultations, homecare, and nutritionists, among other services. We look forward to expanding our digital reach through this partnership.”
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Also commenting on the partnership, Vishal Gupta, CEO of PhonePe Insurance said “PhonePe is excited about this partnership with Star Health. Star’s differentiated benefits combined with PhonePe’s distribution, customer centric approach and simple DIY journeys will help turbocharge insurance adoption and penetration in the country. We are on a mission to help turn India from an underinsured nation to one that is adequately insured and view this partnership with Star as a crucial milestone in this journey.”
Users can purchase the policy through the PhonePe app by selecting the Health Insurance option, the members to be insured, the amount to be insured, and the payment term. They can choose between monthly or annual payments and then select the Star Comprehensive Insurance coverage. After selecting the policy, buyers must enter their information, such as name, age, and gender, as well as the health history of all insured individuals. Once the payment is complete, the regulator-mandated Know Your Customer (KYC) form and declarations will be submitted.
