POINTS TO BE COVER…

1. Introduction to insurance

2. Company profile

3. About the product

4. SWOT analysis

5. Introduction to subject

6. Objective of study

7. Policy documents

8. Research methodology

9. Questionnaire

10. Conclusions

11. Bibliography
 INTRODUCTION OF INSURANCE:

What is Insurance?
Insurance is a mechanism that ensures an individual to thrive on adverse
consequences by compensating the individual, his/her loss financially. Every individual
in the world and all activities connected with him/her, be it life, profession, business,
travel or any other pursuits are subject to unforeseen and uncalled for hazards or
dangers. The benefit that an individual enjoys in his life by owning a car or a house or a
factory can be snatched by sudden accident which can render even the individual
immobile, and his family vulnerable. At this critical juncture, only insurance helps him
not only to survive but recover his loss and continue his life in a normal manner, which
would otherwise be unthinkable.
The concept of insurance is quite simple. People, who are in similar trade and are
exposed to the same risks, congregate and some to an agreement that if any individual
member suffers a loss, then the loss will be shared by others and minimized in order to
enable the individual member recover from the loss and cover his ground. Similarly the
different kinds of risks can be identified and separate groups can be formed to counter
such risks and reduce the impact to a manageable proportion, in which the share could
be collected from the members either after the loss or in advance, at the time of
admission to the group. This is an exemplary sign of humanity and insurance therefore
serves the mankind to a great extent; a point most of the individuals tend to overlook,
since monetary aspect is involved. Now such is for tangible assets.
The concept of insurance has been extended beyond the coverage of tangible assets.
Exporters run the risk of importers in other country defaulting as well as losses due to
sudden fluctuations in the currency exchange rates, economic policies turmoil. These
risk are now insured. Doctors run the risk of being charged with negligence and can
subsequently liable for damages. The amount in questions can be fairly large, beyond
the capacity of individuals to bear. These are insured. Thus insurance is extended to
intangible assets. In some countries even the voice of a singer, legs of a footballer
can be insured, even though the advantage of spread may not be available in these
cases. Satisfaction of economic needs requires generation of income from some
source. If the property, which is the source of such income, were lost fully or
partially,
The purpose of insurance is a safeguard against such misfortunes few, through the
help of the fortune many, who were exposed to the same risk, but saved from the
misfortune. Thus the essence of insurance is to share losses and substitute
certainty by uncertainty.

The different types of human activities that come under the umbrella of insurance
are as follows.

House/Office/Factory or any moveable-Insurance Fire

Assets destroyed in life

Shipment or transportation of goods by ship, Marine Insurance

destroyed in catastrophe
Jewellery/Cash/Household goods stolen or robbed Burglar Insurance
Goods in transit by roads or railways Carrier Insurance
Theft or accident of vehicles Vehicle Insurance
Financial cover in aliment/surgery etc. Health Insurance

All these are non-life insurance. In conclusion

one can safely say that the purpose of insurance be it life or non-life is to transfer the
financial loss to the insurance company who spreads in over to the policyholders.

Characteristics of Insurance

It is a contract for compensating losses.

Premium is charged for Insurance Contract.
The payment of Insured as per terms of agreement in the event of loss.
It is a contract of good faith.
It is a contract for mutual benefit.
It is a future contract for compensating losses.
It is an instrument of distributing the loss of few among many.
The occurrence of the loss must be accidental.
Insurance must be consistent with public policy.
 Nature of Insurance

Sharing of Risks
C0-operative Device
Valuation of Risk
Payment made on contingency
Amount of Payment
Large Number of Insured Persons
Insurance is not gambling
Insurance is not charity

KINDS OF INSURANCE:
Broadly, insurance may be classified into the following categories:

i. Classification on the basis of nature of insurance.

ii. Classification from business point of view.

iii. Classification from risk point of view.

l.Classification on the basis of nature of business:

On the basis of nature of business, insurance may be the following types:

1. Life insurance
2. Fire insurance
3. Marine insurance
4. Social insurance,
5. Miscellaneous insurance.

ll.Classification from business point of view

From business point insurance can be classified into two broad categories:

1. Life insurance
2 General Insurance

III. Classification from risk point of view

From risk point of view, insurance can be classified into four categories:

1. Personal insurance
2. Property insurance
3. Liability insurance
4. Fidelity guarantee insurance
 Life insurance industry today

There are 24 insurance companies registered as “Life

Insurance” companies. The list is given below.

Non-Life insurance industry today

There are 28 insurance companies registered as “General

Insurance” companies.

There are 5 standalone Health Insurance companies.

Rest of the companies handle all types of general insurance business.

List of life insurance companies:

1. AegonReligare Life Insurance 13. IDBI Federal Life Insurance
2. Aviva Life Insurance 14. India First Life Insurance
3. Bajaj Allianz Life Insurance 15. Kotak Mahindra Old Mutual Life

4. Bharti AXA Life Insurance Insurance

5. Birla Sun Life Insurance 16. Life Insurance Corporation

6. Canara HSBC OBC Life Insurance17. Max Life Insurance

7. DHFL Pramerica Life Insurance 18. PNB Metlife
8. Edelweiss Life Insurance 19. Reliance Life Insurance

9. Exide Life Insurance 20. Sahara India Life Insurance

10. Future Generali Life Insurance 21. SBI Life Insurance

11. HDFC Standard Life Insurance 22. Sriram Life Insurance
12. ICICI Prudential Life Insurance 23. Star Union Dai-Ichi Life Insurance

24. Tata AIA Life Insurance

List of standalone health insurance companies:

1. Apollo Munich Health Insurance

2. Cigna TTK Health Insurance

3. Max Bupa Health Insurance

4. Religare Health Insurance

5. Star Health Insurance

 What is Healthcare?

You have heard of the saying “Health is Wealth”. The word ‘Health’
was derived from the word ‘hoelth’, which means ‘soundness of the
body’.

Over a period of time, modern medicine has evolved into a complex

science and the goal of modern medicine is no longer mere treatment
of sickness but includes prevention of disease and promotion of quality
of life. A widely accepted definition of health is the one given by World
Health Organization in 1948.
Definition:

World Health Organization (WHO): Health is a state of complete

physical, mental and social wellbeing and not merely the absence of
disease.

Determinants of health

It is generally believed that the following factors determine the health of

any individual:

a) Lifestyle factors:

Lifestyle factors are those which are mostly in the control of the
individual concerned e.g. exercising and eating within limits,
avoiding worry and the like leading to good health; and bad
lifestyles and habits such as smoking, drug abuse, unprotected sex
and sedentary life style (with no exercise) etc. leading to diseases
b) Environmental factors:

Safe drinking water, sanitation and nutrition are crucial to health,

lack of which leads to serious health issues as seen all over the
world, especially in developing countries.e.g. People working in
certain manufacturing industries are prone to diseases related to
occupational hazards such as Asbestos in workers in asbestos
manufacture and also diseases of the lungs in coal miners.

c) Genetic factors:

Diseases may be passed on from parents to children through

genes. Such genetic factors result in differing health trends
amongst the population spread across the globe based on race,
geographical location and even communities.
It is quite obvious that a
country’s social and economic progress depends on the health of its
people. A healthy population not only provides productive workforce for
economic activity but also frees precious resources which is all the more
crucial for a developing country like India. At an individual level, ill health
can cause loss of livelihood, inability to perform daily essential activities
and push people to poverty and even commit suicide.
 Factors affecting the health systems in India:

The Indian health system has had and continues to face many
problems and challenges. These, in turn, affect the nature and extent
of the healthcare system and the requirement at the individual level
and healthcare organization at the structural level. These are
discussed below:

Demographic or Population related trends:

India is second largest populated country in the world.

This exposes us to the problems associated with population

growth.

The level of poverty has also had its effect on the people’s
ability to pay for medical care.

Social trends:

Increase in urbanization or people moving from rural to urban

areas has posed challenges in providing healthcare.

Health issues in rural areas also remain, mainly due to lack of

availability and accessibility to medical facilities as well as
affordability.

The move to a more sedentary lifestyle with reduced need to

exercise oneself has led to newer types of diseases like
diabetes and high blood pressure.

Life expectancy:

Life expectancy refers to the expected number of years that a

child born today will survive.

Life expectancy has increased from 30 years at the time of

independence to over 60 years today but does not address the
issues related to quality of that longer lifespan.
 Evolution of Health Insurance in India

While the government had been busy with its policy decisions on
healthcare, it also put in place health insurance schemes.
Insurance companies came with their health insurance policies
only later. Here is how health insurance developed in India:

a) Employees’ State Insurance Scheme:

Health Insurance in India formally began with the beginning of the
Employees’ State Insurance Scheme, introduced vide the ESI Act,
1948, shortly after the country’s independence in 1947. This scheme was
introduced for blue-collar workers employed in the formal private sector
and provides comprehensive health services through a network of its own
dispensaries and hospitals.
All workers earning wages up to Rs. 15,000 are covered under the
contributory scheme wherein employee and employer contribute
1.75% and 4.75% of pay roll respectively; state governments
contribute 12.5% of the medical expenses.

The benefits covered include:

Free comprehensive healthcare at ESIS facilities

Maternity benefit
Disability benefit
Cash compensation for loss of wages due to sickness and
survivorship
Funeral expenses in case of death of worker
It is also supplemented by services purchased from authorized
medical attendants and private hospitals. The ESIS covers over 65.5
million Beneficiaries as of March 2012.

b) Central Government Health Scheme:

The ESIS was soon followed by the Central Government Health

Scheme (CGHS), which was introduced in 1954 for the central
government employees including pensioners and their family
members working in civilian jobs. It aims to provide
Comprehensive medical care to employees and their families and is
partly funded by the employees and largely by the employer (central
government).
The contribution from employees is quite nominal though
progressively linked to salary scale – Rs.15 per month to Rs.150
per month.
In 2010, CGHS had a membership base of over 800,000 families
representing over 3 million beneficiaries.
c) Commercial health insurance:

Commercial health insurance was offered by some of the non-life

insurers before as well as after nationalization of insurance industry.
But, as it was mostly loss making for the insurers, in the beginning,
it was largely available for corporate clients only and that too for a
limited extent.

In 1986, the first standardized health insurance product for

individuals and their families was launched in the Indian market by
all the four nationalized non-life insurance companies
Today, more than 300 health insurance products are available in
the Indian market.
The health insurance market today consists of a number of players
some providing the health care facilities called providers, others the
insurance services and also various intermediaries
 COMPANY PROFILE

Industry Health Insurance

Founded 2006

Headquarters Chennai, Tamil Nadu, India

Products Health Insurance Accident Care Insurance Travel Insurance

Website www.starhealth.in

OVERVIEW
Star Health and Allied Insurance Co Ltd commenced its operations in 2006
with the business interests in Health Insurance, Overseas Mediclaim Policy
and Personal Accident. With no other insurance category to focus and
divide our attention, we use our resources to focus on service excellence,
design products and use core competency of innovation to deliver the best
to our customers.

At Star Health Insurance, the company offers a wide range of health

insurance products at affordable prices to make health insurance every
human being’s right. As a company, single-mindedly dedicated to health
insurance.

CAPITAL:
We have built a promising path for our future with a capital base of Rs.733
crores. We have emerged as India’s first stand-alone Health Insurance
Company, dealing in personal accident, medi-claim and overseas travel
insurance.
Under a decade, we have progressed by leaps and bounds. With a nation-
wide customer base to boast off, we have raised the benchmark of the
health insurance sector.
Tata Capital invested in the company in 2013, thus increasing the
company total capital to Rs5.49 billion

VISION:
To Become The Largest And Most Preferred Health Insurance
Company In India.
To Provide Financial Security for Health Care Management

MISSION:
 To Offer Wide Range of Innovative Products / Services.
To Provide Prompt, Courteous And Quality Service To Customers.
To Leverage State Of Art Technology For Customer Satisfaction.
To Adopt Best Management Practices In Business Operations.

PRODUCTS:

Health insurance
a. Individual health plan
b. Family health plan
c. Senior citizen plan

Travel insurance

Accidental insurance plan

FEATURES

India’s First Stand-Alone Health Insurance Company

Pan India Presence With More Than 290 Branch Offices
Cashless Hospitalization And Reimbursement Facility In With More Than
7000 Hospitals Across India
24*7 hours call centre facility
Hassle-Free And Customer-Friendly Direct Claim Settlement Without
Intervention Of TPA
Health Insurance Company Of The Year 2015 - Indian Insurance Awards
2015
Personalized Doctor Visit For All Customers Getting Hospitalized

SWOT ANALYSIS

[1] STRENGTHS:

1. Earlier entry:

Star health commences it business in 2006 as very much early as earlier

as compared to 4 other health companies.

2. Business Growth:

They growth is very much higher as compared to other co. 3.

Emerging Middle Income Group-

India’s middle income group is rapidly increasing and would

be emerging as a profitable market.

4.Huge population [2]

WEAKNESS:
1. Low investment
2. Lack of awareness:
.3. Increasing competition:

[3] OPPORTUNITIES:
1. Creation of stronger demand-
India’s improving economic fundamentals will support faster growth
in per capita income in the coming years, which will translate into stronger demand
for insurance products.

2. Strong future growth:

Strong growth can be sustained for 10-20 years,. There is plenty of room for growth
in personal accident, health and other liability classes.

3. Rise in Income and Awareness:

Rising household income and risk awareness will be the rise in more demand for
these lines of health business in the future.
[4]THREATS:

1. New Arrival:

There is danger of coming new arrival into market in health

sector 2. Govt. policies:

There is chance of opposing rules and regulations by govt.

 HEALTH INSURANCE PLAN

Family Health Optima Insurance Plan

Features:
1. Over 400 Day Care procedures

2. Expenses incurred towards cost of Health Check up after 3 years worth Rs-
5,000/-

3. Coverage for New born Baby after 16 days

4. Coverage for Domiciliary hospitalization treatments

5. Get auto recharge at no extra cost,upto 30% of sum insured.

6. Donor expenses for organ transplantation

A policy to cover the entire family

Entry Age 16 days to 65 years; only renewals allowed after 65 years.

Sum assured Rs.1 lakh to Rs.15 lakhs

Rs.3,890 to Rs.34,700;Depends on sum assured, age, family

Premiums charged
size and zone; based on age of oldest insured member

Bonus 15% to 35% depending on the sum assured

Reinstatement of
100% for coverage of Rs.3 lakhs and above
sum assured
 Co-payment 20% of all claims for insured members of ages 61 to 65 years

Cataract surgery, Ambulance charges, Pre-Existing diseases,

Covers
Pre and Post-hospitalization expenses, Day-care expenses

Senior Citizens Red Carpet Health Insurance Policy:

Parents have spent their life trying to make our life secure. It’s time you do the same
for them in their old age. Senior Citizen Red Carpet Policy will help parents live worry
free and experience absolute security.
Features:

For Senior citizens aged between 60 to 75 years.

No pre-insurance medical test required. Covers pre-existing diseases from

the second year onwards

Medical Consultations as an Out Patient in a Network Hospital Higher Sum

Insured coverage upto Rs.10Lakhs

Guaranteed lifetime renewals

Co-Payment:
50% of each and every claim relating to pre-existing diseases and 30% of each
and every claim for all other claims

Pre-Existing Diseases/Illness:
Covered after 12 months of continuous coverage

Pre-Acceptance medical screening:

There is no pre-acceptance medical screening.

Tax Benefits:
Amount paid by any mode other than by cash for this insurance is eligible for
relief under Section 80D of the Income Tax Act.

FreeLook Period:
A free look period of 15 days from the date of receipt of the policy is available
for reviewing the policy terms and conditions.
 Star Health Travel Insurance

Travelling is no more a rare, complicated .this is due to huge leaps in technology,

transportation and communication. Everyday there are people travelling across
borders and seas with the risks associated with travelling. Insurance companies
provide travelers with travel insurance that protect them from unanticipated events
like accidents, medical emergencies and even contingencies such as flight delays,
baggage delay and lost passport..

Types of Star Health Travel Insurance Policy:

Star Health Insurance recognizes the fact that their customers are looking for
different requirements .They offer different plans, each specially to suit these
requirements.
1. Star Travel Protect Insurance
2. Star Student Travel Protect Insurance
3. star health corporate travel health policy

1. Star Travel Protect Insurance Policy:

Health related emergencies while travelling will be covered by this policy.
Everything from flight delays, missed flights, emergency expenses, repatriation,
compensation for accidental injuries etc. will be covered with this policy

Eligibility:
This policy can be purchased for anyone above the age of 6
months. Only Indian citizens can get this cover.

Benefits:
Policyholders who are travelling outside India on vacation or business can make
use of this policy. General cover also includes possibilities like hijack distress,
medical emergencies, flight delay, repatriation etc.
It even covers third party bodily injury and property loss. Monetary loss because
of trip cancellation due to the death/injury of a family member will be reimbursed
by the company.

2. Star Student Travel Protect Insurance Policy:

If you are planning for education abroad, there are certain risks that you may face
such as medical emergencies, bereavement, litigation related risks and others.
Star Student Travel Protect Insurance Policy offers coverage for all these and
much more.
 Benefits:
Reimbursed for tickets to fly home in the event of an emergency

As compassionate benefits, visit of an immediate family member and

reimbursement of academic tuition fee in case of sponsor’s death is offered with
this student travel insurance scheme.

The costs related to legal claims including that for bail bond (for false arrest or
detention) will be covered.

If the insured has caused bodily injury to third party or damage to third party
property, the costs will be covered.

3. Star Corporate Travel Protect Insurance Policy:

Travelling across the globe for business is the norm now days, and there are
many risks associated with it. Everything from delayed baggage, accidental
injuries, missed flights travel-related risks are covered in this policy.

Available for a sum insured limit of USD 1,00,000, USD 2,50,000 and USD
5,00,000, this corporate insurance plan is available for travel to countries across
the world including Canada and USA.
Eligibility:
An insured person, his/her spouse and up to two dependent children below
18 years can be covered. They must all be Indian citizens.

The following exigency will be covered in this policy:

Emergency medical expenses

Hijack distress
Compensation following accidental injuries
Repatriation of mortal remains
Repatriation in case of medical emergency Missed departure/connection
Loss of your checked in baggage(up to the limits)
Reasonable expenses incurred for obtaining new passport
Flight delay
paid for the amount you lost due to cancellation of your trip because of death
of a family member.
Legal Liability charges; bodily injury or property damage to third party.

Star Health Travel Insurance Claim Process:

o call the toll-free number to contact Star Health Insurance claims
assistance and register your claim.
o You will be asked to fill out a claims form and send it either by fax or
mail,
o must keep the following ready before making a claim: copy of passport
with immigration stamp, policy copy, original bills/invoices/receipts,
copy of police complaint
o Approval and reference number of assistance company, proof of
expenses and a copy of your e-ticket.
o Once the surveyor has assessed your case and documents, your claim
will be processed.
 Star health Accidental Care Insurance:
Features:
o Cover for Accident death, Permanent Disability and temporary
Disablement. Compensation for Permanent Total Disablement is
150% of the sum insured. Enhanced weekly compensation up to
Rs.15000/-per week (maximum 100
o weeks).
o Educational Grant for dependent children
o Cumulative bonus 5% per annum maximum 50%

Benefits:
Additional free benefits

Medical Expenses Extension

Coverage for Winter Sports

Policy Benefits:

Table A – covers Accidental Death

Table B – covers Accidental Death and Permanent Disablement

Table C – covers Accidental Death, Permanent Disablement and Temporary

Total Disablement (Weekly Compensation)

Additional Free Benefits:

o Educational Grant: Maximum of Rs.10,000/- per child upto 2 children in

case of Death/Permanent Total Disability of the insured person
o Ambulance Charges / Transportation Expenses of Mortal Remains:
The limit of Company’s liability is Rs.5,000/- only during the policy
period.
o Travel Expenses for One Relative (Applicable for Death claims only):
1% of
o Total Sum Insured upto Rs.50,000/- subject to actual for the transport
expenses to one relative of the insured person.
o .
o Purchase of Blood: Upto 5% of the Total sum insured subject to a
maximum of Rs.10,000/- towards the expenses incurred in purchasing
blood through a Hospital or Government approved blood bank.
o Transportation of Imported Medicines: Upto 5% of Total sum insured
subject to a maximum of Rs.20,000/- towards the expenses incurred on
freight charges for importing medicines.
 o The above mentioned amounts are payable in addition to the sum
insured.

Eligibility:

o Any person between 18 and 70 years of age at the time of entry can
take this insurance. Lifelong renewal.
o Dependent children covered from 5 months
o Policy benefits are applicable individually for each person covered
under family.

43
 INTRODUCTION TO TOPIC

STAR Health Family Optima plan:

STAR health insurance given you an option to choose your family health plan.
Premium and policy according to your budget and requirements

OBJECTIVE OF THE STUDY

 To know about market share of star health in Indian health insurance
sector.
 To understand about the company policy
 How to calculate premium?

STAR FAMILY HEALTH OPTIMA INSURANCE PLAN

Features:

Over 400 Day Care procedures

Expenses incurred towards cost of Health Check up after 3 years worth
Rs-5,000/-
Coverage for New born Baby after 16 days
Coverage for Domiciliary hospitalization treatments
Get auto recharge at no extra cost, up to 30% of sum insured.
Donor expenses for organ transplantation

Bonus:
Bonus in respect of a claim-free year of insurance is allowable upto the limits
specified. The bonus so granted will be reduced in the same order in which it was
given following a claim. However the Basic sum insured shall not be reduced.

Automatic Restoration of Sum Insured:

Immediately upon exhaustion of the limit of coverage during the policy period, there
shall be an automatic restoration of the basic sum insured by 100% where the sum
insured is Rs.3,00,000/- and above.

Basic Sum Insured (Rs) % of Restoration on the Basic Sum Insured

Up to 200,000 Nil
300,000 and above 100%
Policy Benefits:

Hospitalization Cover Protects the insured for in - patient hospitalization

expenses for a minimum of 24 hrs.These expenses include room rent,
nursing and boarding charges.
Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist Fees,
Anesthesia, Blood, Oxygen, and Operation Theatre charges, Cost of
Pacemaker, Cost of Medicine and drugs etc.
Ambulance charges for emergency transportation upto a sum of Rs.750/-
per hospitalization and overall limit of Rs.1500/- per policy period.
Pre Hospitalization expenses up to 60 days prior to admission in the
hospital. Post Hospitalization expenses upto 90 days after discharge
from the hospital.

Eligibility:
Any person aged between 18 years and 65 years
Beyond 65 years. It can be renewed for life time.
Lifelong renewal. This policy is on floater basis.
Family: Proposer, spouse, dependent children from 16 days up to 25 years
Child from 16th day of age can be covered as part of family

Co-Payment:

A co-payment of 20% of each and every claim applicable for fresh as well as renewal
policies for insured persons whose age at the time of entry is above 60 years.

Pre-Existing Diseases/Illness:
Coverage available after 48 months of continuous insurance without break with
any Indian insurance company.
Pre-Acceptance medical screening:

Persons above 50 years will be required to undergo pre-acceptance medical

screening at the Company nominated centers, cost of which is currently borne by the
company.

Tax Benefits:

Amount paid by any mode other than by cash for this insurance is eligible for relief
under Section 80D of the Income Tax Act.

Free Look Period:

A free look period of 15 days from the date of receipt of the policy is available for
reviewing the policy terms and conditions. In case insured is not satisfied he can
seek cancellation of the policy and in such event the Company will allow refund of
premium after adjusting the cost of pre-acceptance of medical screening , stamp
duty charges and proportionate risk premium for the period concerned provided no
claim has been made until such cancellation

ADVANTAGE:

No Third Party Administrator, direct in-house claim settlement.

Faster claim settlement.
Network of more than 7000 hospitals across India.
Facility for maintaining personal health records in electronic format.

DOCUMENTATION REQUIRED FOR POLICY:

One id proof of head of family
DOB of all members covered
One photo of all members covered
Height and weight of all members being covered under policy

PREMIUM CALCULATION

Premium is calculated by agent on the basis of premium chart depending upon

on the age of person of elder member of family & no of person assured.

47
 RESEARCH METHODOLOGY

DATA COLLECTION:

Primary: Through structured Questionnaire

Secondary: Through Internet, Journals, Newspapers, Company website, brochure &

Misc. sources.

Procedure: Survey method

RESEARCH INSTRUMENT: Structured Questionnaire.

SAMPLING PLAN

Sample Design: Convenience

sampling Sample size: 100

Sample Area: Study was conducted at Ranchi.

Sample unit: Data was gathered from student, government job & private person
Data Analysis and Interpretation
Percentage Analysis
Age of the respondents Table No. 1

Satisfaction level No of Respondents Percentage

Highly Satisfied 15 24.2%

Satisfied 25 40.3%

Neutral 5 8.1%

Dissatisfied 11 17.7%

Highly Dissatisfied 6 9.7%

Total 62 100%

Inference:

From the above graph It is shown that maximum number of respondent

40 (i.e. 50%) is coming under age group of 26 - 45 years and minimum
number of respondents 7 (i.e. 8.7%) above age group of 60 years.
 Table No.
Educational Qualification of Respondents 2

A SSC 10 12.5%

B HSSC 19 23.8%

C Graduate 33 41.2%

D Post graduate or Above 18 22.5%

Total 80 100%

SSC

HSSC

Graduate

Post Graduate

Inference:

Here we can find out that more number of respondents are Graduates
(41.2%)
and less no of respondents among our target population is SSC (12.5%
Occupation of Respon dents Table No. 3
2
A Governme nt Employee 22 7 .5%

4
B Corporate Employee 34 2 .5%

2
C Self Emplo yee 17 1 .2%

D Others 7 8.8%

1
Total 80 0 0%

50
40
30
20
10
0

Govt. Employee
Corporate
Employee Self Employee
Other
s

Inference:

Here we can find out that more number of respondents are corporate
employee (42.5%) and less no of respondents among our target population
is Others (8.8%).
Aware about Health Insurance Plan available in the market

Table No. 4
Yes 70 87.5%

No 10 22.5%

Total 80 100%

Yes No

Inference:

From the above graph it is evident most of the respondent (87.5% )

are aware about the health i nsurance plan.
Annual premium of the policy.
Table No. 6
A Below 5000 9 14.5%

B 5001 – 1 0,000 28 45.2%

C 10,001 – 25000 15 24.2%

D Above 2 5,000 10 16.1%

Total 62 100%

50
40
30
20
10
0

Below 5000
5001 - 10,000
10,000 - 25,000
Above 25, 000

Inference:
 Table shows that most of the respondents are handling policies with a
maximum premium of 5 to 1 0 thousand annually (45.2%), and
respondents with minimum premium <5 thou sand per annum (14.5%).
Coverage Sum Insured in Lakhs
Table No. 7
A Below 1 Lakh 17 27.41%

B 1 - 5 La khs 20 32.25%

C 5 - 10 L akhs 16 25.8%

D Above 1 0 Lakhs 9 14.5%

Total 62 100 %

40

30
20
10
0

Below 1 Lakh
1 - 5 Lakhs
5 - 10 Lakhs
Above 10 Lakhs

Inference:
Among our respondents we can conclude that 32.25% have sum a
ssured 5-10 lakhs and respond ents who have sum assured above
ten lakhs are 14.5%.
Satisfaction levels of the customers towards claim settlement
Table No. 8

Satisf action level No of Respondents Percentage

A
Highly Satisfied 15 24.2%

B
S atisfied 25 40.3%
C
N eutral 5 8.1%
D
Dissatisfied 11 17.7%

E
Highly Dissatisfied 6 9.7%

Total 62 100%

50
40
30
20
10
0
Highly
Satisfied
Satisfied Neutral
Dissatisfied
Highly
Dissa
tisfied

Inference:
Table shows here that 43.3% of respondents are satisfied with claim
settlement towards their heal th insurance policy and some 8.7 % of
responde nt are neither satisfied nor dissa tisfied with this process.
FINDINGS
From the above graph It is shown that maximum number of respondents are
coming under age group of 26 - 45 years and minimum number of
respondents are above age group of 60 years.

The major finding of the study is that the maximum numbers of respondent are
graduates while the minimum numbers of respondents are SSC.

Here we find out that maximum numbers of respondent are corporate employee
and less no of respondents are others among our target population.

It is concluded that most of the respondents are aware about the health
insurance plans.

It observed most of the respondents have health insurance policy.

It is observed that most of the respondents are handling policies with a

maximum premium of Rs. 5001- 10,000.

Among our respondents we can conclude that most of them have sum assured
5-10 lakhs and less number of respondents have sum assured above 10 lakhs.

It is founded that almost all the respondents are satisfied towards claim
settlement.

There is a significant relationship between annual premium and sum insured.

There is no significant relationship between duration of the policy and selection

of company

There is no significant relation between occupation and satisfaction

level of the respondents.

There is no significant relation between the annual premium and surveyor reach.

There is no significant relation between time period of claim and satisfaction level

There are 5health insurance companies in India and the market share of the
STAR HEALTH INSUARANCE is 1.89% in insurance sector & growth rate is
33.6% in July 2016 as compared to July 2015.
 SUGGESTIONS
2. The company should conduct an effective research for making more and more
awareness about its products among potential customers by means of
advertisements and efficient insurance agents, which in turn will help in
increasing its customers.

3. Company may motivate all the agents and intermediaries to suggest the policy
according to individual requirement.

4. Company has to do new process and strategies to create a product with less
expensive and which gives more coverage.

MANAGERIAL IMPLICATIONS
3. The outcome of the present research is useful for the decision makers in the
company to understand the satisfaction level and accordingly they can
formulate their strategies for promoting their business.

4. This research results will enable the marketing personal to explore the ways to
satisfy the existing customers and consequently, to attract new customers with
the motive of financial inclusion.

5. Further, the research outcome will be very useful to the general insurance
business involved in them to know the existing customers and new customers
expecting from the company.
 QUESTIONNAIRE
“A study on awareness of health insurance products, underwriting practices
and claim settlement process“ with reference to star health insurance ltd.

SECTION - I
DEMOGRAPHIC

Name:__________________________________________________________________

Gender:
(a) Male (b) Female

3. Age:
(a)Below 20 Yr (b) 21-40 Yr
(c)41-60 Yr (d)Above 60 Yr

4. Occupation: (a) Govt. employee (b) Corporate employee

(c)Self employee (d) Others

5. Educational Qualification:
(a) SSC (b)HSSC
(c)Graduate (d)Post graduate or Above

6. Income PA: (a) Below 1 lakh (b) 1 to 3 Lakhs

(c) 3 to 5 Lakhs (d) Above 5 Lakhs

SECTION-2
CUSTOMER AWARENESS

7. Are you aware of Health Insurance products ?

(a) Yes (b) No

44
8. If yes, what is the source of awareness?
(a)Company (b) Newspapers
(c)Television (d) Internet

9. Do you have any Health Insurance Policy for you or your family members?
(a) Yes (b)No

10. How long you are carrying the Health Insurance policy?
(a) Below 1 Yr (b) 1 – 5 yr
(c) 5-10yr (d) Above 10yr

11. Whether your policy has covered all family members?

(a) Yes (b) No

12. What is your Annual Premium?

(a) Below 5000 (b) 5000 - 10000
(c) 10,000- 25,000 (d) Above 25,000

13. What is your coverage Sum Insured (SI)?

(a) Below 1 Lakh (b) 1 -5 Lakhs
(c) 5 - 10 Lakhs (d) Above 10 Lakhs

14. Do you think coverage SI is enough for you?

(a) Yes (b) No

15. Do you have Free Health Check-Up?

(a) Yes (b) No

16. Whether your policy is life time policy?

(a) Yes (b) No

17. Do you wish to take low premium policies with limited benefits or high premium
policies with more benefits?
(a) Yes (b) No

18. Does your policy give daily cash for regular hospitalization?
(a) Yes (b) No

19. Do you have any policy which gives double the daily cash for ICU confinement?
(a) Yes (b) No

20. Whether your spouse is working?

(a) Yes (b) No

21. How is the service offered by the United India GIC.?

(a) Poor (b) Average
(b) Good (c) Excellence

45
22. Why you have chosen the product of star health?
(a)Brand Value (b) Near By Area
(c) Govt. company (d) Others

SECTION-3
Claim Settlement Process

23. Have you ever made a claim on Health Insurance?

(a) Yes (b) No

24. How soon does the surveyor reach?

(a) Within 3 hours (b)3-8 hours
(c) 8-24 hours (d) Above 24 Hours

25. After Reporting, within how many days has claim been settled by the star health
insurance?
(a)Within 7 days (b) 7 – 15 days
(c)15 – 30 days (d) Above 30 days
 BIBLIOGRAPHY
WEBSITES:

www.google.com

www.starhealth.in

www.wikipedia.org

NEWSPAPERS:

Times of india