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Star Health and Allied Insurance Co plans to raise Rs 150 crore through private equity, for 6–8 per cent stake in the company, said Mr V. Jagannathan, Chairman and Managing Director. Sequoia Capital has invested a similar amount in Star Health Investments Pvt Ltd (a special purpose vehicle floated to promote the insurance company); and ICICI Venture has invested around Rs 130 crore in the company. The current capital base of the company is around Rs 440 crore, while the paid-up capital is around Rs 280 crore. The company hopes to achieve Rs 1,000-crore premium income during the current financial year. It reported a growth of 45 per cent growth in the first quarter at Rs 130 crore for the quarter ended June 30, 2012. Today the company launched two new health insurance products – Star Comprehensive and Star Family Delite.
According to Mr Jagannathan, Star Comprehensive is designed to ensure coverage for the entire family offering hospitalisation benefits with no sub-limits or caps on room rent, doctor fee and consumables, nor will it have any disease wise limits. And, Star Family Delite would offer optimum protection for the entire family under a single policy.
It has also introduced a new value-added service to its policyholders – Personal Health Record maintenance services in electronic form at free of cost. This record can be accessed from anywhere, which will enable the insured to take treatment even when he/she is away from his/her place, and doctors to take informed decision.
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