Health Insurance

Health Insurance plans

Star Health Red Carpet

Name: Star Health Red Carpet
Brand: Star Health and Allied Insurance Company Limited

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Introduction Verdict Pro’s & Cons Specific Exclusions About Insurer Detailed Ratings

Introduction to Star Health Red Carpet

Star Health Red Carpet is a health insurance policy offered by Star Health and Allied Insurance Company Limited. A health insurance plan protects you from unexpected medical expenses, which can be a significant financial burden. It ensures that you and your family receive the required medical care without having to worry about the costs associated with it. Star Health’s Red Carpet Plan is a plan that is specifically designed to meet the specific medical needs of senior citizens.

Verdict: Star Health Red Carpet

This plan is specifically designed for senior citizens. While it covers hospitalization and associated expenses, it does not offer comprehensive coverage. Important benefits such as domestic treatment and organ donor coverage are missing, and there are limitations on core benefits, like modern treatment coverage. Additionally, there is no option for monthly premium payments and it is expensive compared to other products in the market. Further, our research indicates that the insurer has received a higher number of claim settlement complaints as well as policy purchase complaints, suggesting a poor track record in terms of both purchase and claims service experience.

Pros & Cons: Star Health Red Carpet

Covers outpatient department costs, such as medications, consultations, etc.
Pre-medical screening is not mandatory required irrespective of age

Expensive than other products in the market
Limitations on the type of hospital room you choose
Monthly premium payment mode not available
Does not cover domiciliary treatment expenses
Does not cover organ donor expenses
Sub-limits on some core benefits like modern treatments, specific treatments like cataract, etc.
Received higher number of complaints during policy purchase compared to other insurers
Received higher number of complaints on claim settlement compared to other insurers
Our study observed their responses on Twitter to be relatively slower than other insurers

Specific Exclusions: Star Health Red Carpet

01 Circumcision unless necessary for treating a disease or injury

02 Expenses for treatment related to external birth defects

03 Treatment related to general debility, convalescence, run-down condition and Nutritional deficiency states

04 Treatment related to intentional self inflicted Injury or attempted suicide by any means

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About Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited is India’s first Standalone Health Insurance provider. The company offers products that cater to everybody, be it individuals, families, or corporations. It was founded in 2006 and is headquartered in Tamil Nadu, Chennai. Mr. V. Jagannathan is the company's chairman and CEO.

Founded in

2006

JV Partners

Turnover (GWP)

3268.54 Crores

Number of Policies

17,01,565

Number of Claims

4,70,803

Detailed Product Specs: Star Health Red Carpet

Claims Experience advisor

Customer Service advisor

Product Benefits (10L Sum Insured) advisor

Limits and Exclusions advisor

% of claims settled in less than 30 days

Reflects on the speed of settling valid claims

95.22%

% of Complaints received on overall claims

% customers unhappy with claims experience

0.72%

Claims Incurred Ratio

65.41%

Claim Settlement Ratio (No. of claims)

What % of the claims received were paid?

61.98%

No. of Cashless Hospitals

14,000+

Notes

1- The health insurance data was last updated in September 2023. All data has been sourced from product brochures, policy wordings, prospectus, public disclosures (Q1, FY 2023-2024), insurer websites, and the IRDAI website.

2- The Claims Settlement Ratio data is taken from NL-37, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the number of claims settled by the sum of claims outstanding at the beginning of the year and claims reported during the year.

3- The data related to claim complaints and policy purchase complaints is taken from NL-45, insurer public disclosures (Q1, FY 2023-2024).

4- The Solvency Ratio data is taken from NL-26, insurer public disclosures (Q1, FY 2023-2024).

5- The data related to claims settled within 30 days is taken from NL-39, insurer public disclosures (Q1, FY 2023-2024).

6- The Claims Incurred Ratio data is taken from NL-4 and NL-5, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the Net Claims Incurred by the Net Earned Premium.

7- For now, we have considered the most comprehensive plans from leading insurance companies. We will keep updating the product pages with new plans in the coming days.

8- We have rated only those plans that can be serviced by individual advisors. This is because of our strong belief that health insurance customers need professional assistance from individual advisors before and after purchase. We do not recommend and hence do not rate direct-to-customer health insurance plans or plans where there aren't enough advisors available to service.

9- Affordability assessment of plans:

・The affordability of comprehensive plans is assessed using premiums for a family of two adults (30 years old) and one child (1 year old) residing in Zone 1 opting for a cover of ₹10 Lakhs. And, the premiums are as of 30th September 2023.

・The affordability of Care Freedom Plan is assessed using premiums for a 30-year-old male residing in Zone 1 opting for a cover of ₹5 Lakhs. And, the premiums are as of 30th September 2023.

10- The product benefits section is based on a sum insured of ₹10 Lakhs and only highlights the top benefits and features of health insurance plans.

11- Only those hidden and special conditions that apply to the benefits and features we have considered are included on the product pages.

12- The product pages only include the most significant specific exclusions under each plan.

13- The product pages do not include any generic terms, conditions, or exclusions (those that are the same and apply to all health insurance plans).

14- If the policy wording, brochure, or prospectus states that a benefit/feature is available with a specific plan but it is not available online when generating the premium quote, we have not considered that benefit/feature to be available with the plan.

15- The response time on Twitter (Beta) was calculated using a sample set of tweets from February 2023 to August 2023 (analyzed in September 2023).

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