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Star Comprehensive – A plan for everyone!

Every client that you meet would have a unique requirement from a health insurance policy. Their life stages and conditions would vary. So, as a professional expert, you need to understand their requirements and then position a plan that is best suited for their needs! Health insurance plans are not tailor-made to one’s requirements. However, there is one such plan that you can position for various types of client requirements- the Star Comprehensive Health Insurance Policy.

As the name suggests, Star Comprehensive is a comprehensive health insurance plan with a large scope of coverage. Right from inpatient hospitalization to OPD coverage and modern treatments, the policy has something for almost everyone. 

Is Star Comprehensive Plan for everyone?

Understanding the coverage needs of your clients is the first step towards positioning the perfect health solution. So, before you pitch Star Comprehensive, fact-finding is an important exercise that you need to undertake. Find out what coverage benefits your clients are looking for. This would help you focus on the plan’s relevant features and match your clients’ needs to the plan’s features.

For example, if your client wants to undergo bariatric surgery and is looking for suitable coverage, you can pitch Star Comprehensive since the plan covers bariatric surgeries.

Tip: Assess your clients’ coverage needs and then match the plan’s features to the required needs.

Star Comprehensive Plan for different life stages: 

Here’s a look at how Star Comprehensive makes a perfect fit with the different needs of your clients in various life stages–

  1. For a young individual (between 20- 30 years):
    The individual would be at the beginning of his career and life. Health insurance is not the top priority, but it can be their biggest asset if positioned well! The youth today is very health conscious and likes to eat healthily and stay fit.
    1. Wellness:
      So, you can pitch the Star Wellness Program. This program is where the company promotes, rewards, and incentivizes the insured person if he has a healthy lifestyle with various fitness and wellness activities. These activities help the insured person earn reward points that can be tracked and monitored by the insurer. These points can help to reduce the effective premium at the time of renewal!
    2. Personal accident cover
      Personal accidental data was published by the World Health Organization at the Global Ministerial Conference on Road Safety was held in Stockholm, Sweden on the 19th and the 20th of February 2020. It said that the 8th leading reason for death globally is related to personal accidents. In fact, it is the first cause of death for children between 5 years to 14 years and young adults between 15 years to 29 years. In India, more than 1236 people meet with a road accident every single day. For your young clients, therefore, a personal accident cover is important which covers accidental deaths and disablements. Star Comprehensive offers coverage against accidental deaths and permanent disablements. It proves to be the right fit for young adults. They can avail of coverage of up to Rs.1 crore which gives them sufficient financial security in case of accidental contingencies.
    3. OPD cover
      Though your young clients can be healthy and physically fit, small medical emergencies might need a visit to the doctor. For example, common cold and flu, fever, etc. might need doctor’s consultations and medicines that do not require hospitalization. Such costs are incurred on an OPD basis. Star Comprehensive Plan covers OPD costs too. Outpatient medical consultations and coverage for dental and ophthalmic costs are allowed by the policy. So, if your clients need to go for an eye check-up or a dental root canal, the policy would cover the expenses suffered.
  2. For a young family:
    Maybe your client has recently got married or has a child or two. In that case, their requirements would change according to their life stage and maternity is a good pitch at this point.
    1. Maternity cover
      If they are looking for maternity coverage, then you can position Star Comprehensive Plan that not only covers maternity but the newborn child as well. This plan covers both normal and C-Section deliveries after a short waiting period of 24 months. The newborn child is also covered immediately after birth for up to Rs.1 lakh. This makes Star Comprehensive a perfect maternity health care solution!
    2. Sum insured restoration
      The sum insured restoration benefit allows your clients the benefit of double coverage. If the sum insured gets exhausted in a policy year on a previous claim, the policy reinstates the sum insured back to the original amount. This is so that future claims within the same year can be paid. Thus, young families can enjoy an inclusive scope of coverage with the restoration feature allowed by Star Comprehensive. There no reason to opt for high coverage right away!
  3. For a family with grown-up children:
    A family with grown-up kids, where the age of the eldest member ranges between 45 and 60 years, would typically need coverage against the rising cost of medicine. It looks for comprehensive coverage benefits and value-added features. 
    1. No limit on room rent:
      Room rent capping limits the coverage and is not recommended. Especially in today’s age, when the average cost of hospitalization in India is Rs.4452 in government hospitals and Rs.31, 845 in private ones[1].
      If there is a room rent limit, the claim is limited which results in out-of-pocket expenses if the actual room rent exceeds the limit. Thus, having a plan without any room rent capping is wise. There is no capping on the room rent allowing your clients to enjoy a single private AC room at any hospital.
    2. Free health check-ups:
      Health check-ups help your clients track their health regularly. Especially in older ages, tracking health is important to detect the early onset of common lifestyle illnesses. Star Comprehensive offers free annual check-ups so that your clients can get their health checked every year. It helps to detect early illnesses for prevention and cure. Your clients can avail of check-ups up to Rs.5000 for a complete assessment.
  4. For the senior citizens:
    Those aged 60 years and above look for comprehensive coverage that suits their coverage needs. Star Comprehensive doubles up as a senior citizen policy for such individuals with the specialized coverage that it provides. Have a look –
    1. Buyback of the pre-existing illness waiting period
      Since senior citizens usually have pre-existing illnesses, their coverage gets limited during the waiting period. Star Comprehensive solves this problem and offers a unique solution of buy-back of the pre-existing illness waiting period. Your clients can pay an additional premium to reduce the waiting period to a mere 12 months from the applicable 36 months. They can, thus, enjoy coverage for their existing illnesses after a short waiting period.
    2. Bariatric and advanced treatments
      Star Comprehensive also offers coverage for bariatric surgeries and advanced modern treatments. This coverage is also suitable for older individuals who look for technologically advanced solutions for their illnesses and ailments.
  5. For the High Net Worth Individuals:
    HNIs can enjoy a high level of coverage with Star Comprehensive. With the sum insured going up to Rs.1 crore, Star Comprehensive offers the desired coverage for your affluent clients. Moreover, the coverage benefits also suit their needs. 
    1. High no claim bonus
      Under the plan, if the sum insured is more than Rs.7.5 lakhs and there is no claim in the first policy year, the sum insured would double up in the second policy year through a no claim bonus. Thus, your HNI clients can enjoy double the coverage from the second year itself at the cost of half of the sum insured.
    2. Air ambulance cover
      Air ambulance costs are also covered up to Rs.5 lakhs under the policy if your clients opt for an air ambulance to be transported to the hospital. 

Besides these, the plan has common coverage benefits for all your clients like –

  • Pre and post hospitalisation coverage
  • Ambulance costs
  • Inpatient hospitalisation
  • AYUSH cover, and
  • Hospital cash benefit
The tax angle of Star Comprehensive Plan:

They can pay their premiums in installments and enjoy lifelong coverage. Moreover, let’s not forget the tax benefits. Premiums paid for the policy qualify as an eligible deduction under Section 80D of the Income Tax Act, 1961. Premium up to Rs.25, 000 paid for self and family and another Rs.50, 000 paid for senior citizen parents can be claimed as a deduction. If your clients are senior citizens, the limit increases to Rs.50, 000. Thus, a maximum deduction of up to Rs.1 lakh can be claimed through Star Comprehensive’s premium.

In a nutshell:

So, understand what your clients are looking for and then find the right fit for your client’s needs in Star Comprehensive. These are not the only ways to pitch the product to your clients. However, some of the examples wherein you can position the features of the plan to your client’s benefit. This process is called FAB (Features, Advantages, Benefit). Features do not attract anyone. It is how those features would be beneficial to me if the question helps decide the final closure. All you need is to understand your clients’ requirements before you show them how Star Comprehensive can fulfil such requirements as well as offer additional benefits.

Source:

[1] https://economictimes.indiatimes.com/news/economy/indicators/average-medical-expenditure-at-private-hospitals-seven-times-higher-than-government-ones-nso-survey/articleshow/72202732.cms?from=mdr


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