A new health insurance product is launched by TVS Srinivasan and Star Health’s founder

TVS Motor Chairman Emeritus Venu Srinivasan and V. Jagannathan, the founder of Star Health and Allied Insurance, have unveiled the first offering from their newly established Galaxy Health Insurance, a collaborative effort by two stalwarts of South India’s business landscape.

Options for coverage range from ₹3 lakh to ₹1 crore for the first product, Galaxy Promise. Available in three plans-Signature, Elite, and Premier-the product also features optional enhancements designed for families seeking affordable yet comprehensive health insurance. As healthcare expenses continue to rise annually by 10-15% due to inflation, advanced medical treatments, and the growing need for specialized care, Galaxy Health Insurance claims its plans are tailored to address these increasing costs.

In March 2024, Galaxy Health Insurance obtained its regulatory authorization to operate as a stand-alone health insurer. Notably, Star Health and Allied Insurance, India’s leading standalone health insurer, has been instrumental in this venture.

G. Srinivasan, the Managing Director and CEO of Galaxy Health Insurance, emphasized the company’s mission: “Our commitment is to make healthcare accessible, reliable, and proactive for every family. We aim to deliver financial security in times of crisis while promoting a culture of preventive health and overall wellness.”

Galaxy Promise plans are said to offer several “distinctive benefits.” Among them is the unlimited restoration of the insured sum, allowing policyholders to make multiple claims within a single policy year. This feature restores the coverage amount after each claim, even for recurring conditions, ensuring uninterrupted support for new and ongoing health issues.

Another key feature is the fixed premium rate up to the age of 55 or until a claim is made, incentivizing long-term coverage. Additionally, the plans cover more than 68 expenses, including room and ICU rent, digital ICU costs, and charges for admission and insurance processing. Unique provisions include a two-year premium waiver for organ donors and their immediate family members if they hold an active policy.

The plans extend their scope to specialized needs such as assisted reproductive treatments, in-utero fetal surgery, delivery-related care, and newborn health coverage. A cumulative bonus of up to 500% of the insured amount is also available to customers. Premium discounts of up to 20% at renewal and rewards for healthy activities further enhance the value for policyholders.