 "TVS' Srinivasan, Star Health founder launch health insurance product")
TVS Motor chairman emeritus Venu Srinivasan and V Jagannathan, founder of Star Health and Allied Insurance, have launched the first product of their newly formed Galaxy Health Insurance, marking a joint venture by the South India industry veterans.
The product called Galaxy Promise has sum insured options ranging from Rs 3 lakh to Rs 1 crore. It has plans called Signature, Elite and Premier and enhanced optional covers for families seeking affordable health coverage. Health care costs are increasing by 10-15 per cent annually due to inflation, advanced treatments and growing demand for specialised care and the plans address such expenses, said Galaxy Health Insurance.
Galaxy Health Insurance Company, a standalone health insurer, received a regulatory license in March 2024. Star Health and Allied Insurance is India’s largest standalone health insurer.
“At Galaxy Health Insurance, our ethos is rooted in the belief that health care should be accessible, dependable and proactive for every family. We are committed to creating solutions that not only provide financial security in times of need but also encourage a culture of preventive health and wellness," said G Srinivasan, managing director and chief executive officer of the company.
Galaxy’s plans come with “distinguishing benefits”, said the company. These include unlimited restoration of sum insured – this allows customers to make multiple claims within the same policy year, restoring the coverage amount each time a claim is made even for the same claim for subsequent hospitalisation. This ensures continuity in support and addresses both recurring and new health issues.
The plans maintain a fixed premium rate up to age 55 or until a claim is made, encouraging customers to continue insurance cover. The company has lined up coverage of over 68 items in addition to admission, record and insurance processing charges.
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It will cover room rent, including intensive care unit and digital ICU. If an insured person donates organs, the insurer will provide a two-year premium waiver for that person and their immediate family members if they are already policyholders.
The plans address a range of family health care needs such as assisted reproduction treatment, in-utero fetal surgery for unborn, delivery including antenatal scan and newborn coverage. They offer a cumulative bonus of up to 500 per cent of sum insured.
Premium discount is available up to 20 per cent at the time of renewal and rewards the insured person's activities with certificates and coins.