Standalone health insurance company Star Health Insurance is looking to launch a product for cancer patients. Currently, all products in the health insurance segment only cover healthy individuals for any future medical expenses related to cancer.
Anand Roy, Executive Director and CMO of Star Health Insurance, said that the aim is to launch disease-specific products. “The existing products are targeted towards healthy individuals who will get insurance benefits if they contract cancer. We want to change that and cater to the neglected segment. Currently, we are working on the product pricing and it will be based on actuarial data,” he said.
Last year, Star Health Insurance collected gross written premium of Rs 2,962 crore and Roy said that they are targeting Rs 4,000 crore this year. Of this, 90 percent of the business is retail health insurance.
“This year too we are on track to achieve our targets and currently on an YTD (year-to-date) basis, we have done close to Rs 1,100 crore of premium and growing at 40 percent,” he explained.