A Desk Report on

“Study on Products and performance of Star health ”

Undertaken at

Star Health and Allied Insurance Company Ltd.

Submitted to

In partial fulfilment of the requirement for the degree of

Post-Graduation Diploma Programme

By

Pranav Sawhney

(HRD1815339)

SBS- Finance

Under the esteem guidance of

FACULTY MENTOR

Mr. Tushar Padale

COMPANY MENTOR

Mr. Kashish Jerath

(branch manager star health and allied insurance company ltd.)

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CERTIFICATE

2
 DECLARATION

I, hereby declare that the report entitled “Study on Products and

performance of Star health” is based on my learning at Star health and allied .
I further declare that this project report is submitted as per requirement of
PGDM curriculum, is my original work and based on the findings during the
project. This project reportwould not be submitted in any institute for any award
of any other degree, diploma, fellowship or other similar title or prizes. This
project report would not be submitted in any degree in future andno other
person will be allowed to copy from this project in any other form. If I am
found to be guilty of not fulfilling the above promises, my submission can be
declared invalid and college has the right to reject this report.

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 PREFACE

This project report attempts to bring under one cover the entire hard work and
dedication done by me in the completion of the project work in “Study on
Products and performance of Star health” of Star health and allied. I have
made sincere attempts and taken every care to present this matter in precise and
compact form, the language being as simple as possible. I am sure that the
information contained in this volume would certainly prove useful for better
insight in the scope and dimension of this project in its true perspective. The
task of completion of this project though being difficult was made quite simple,
interesting and successful due to deep involvement and complete dedication of
my colleagues. All constructive feedback is cordially invited.

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 ACKNOWLEDEGEMENT

I take this opportunity to thank all the people who have helped me through the
course of my journey towards completing this report. I sincerely thank my
mentor, Mr. Kadir (sales manager) for his guidance and encouragement in
carrying out this project work.
I also wish to express my gratitude to Mr. Kashish (branch manager), who was
always there with me whenever I needed during the course of the project. I
would also like to thank all the other employees at Star health and allied who
rendered their help during the period of my project work.
I would like to thank Prof. Dr. G. Gopalakrishnan, Director, BIMHRD for their
assistance and continuous help towards successful completion of this project. At
last I would like to acknowledge the support and encouragement of my friends
and family. This project would not have been possible without the confidence,
endurance and support of them.

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 TABLE OF CONTENT

S.NO TOPIC PAGE

NO.
1. Executive summary 7

2. Introduction 8

3. Objective of the study 26

4. Research methodology 27

5. Literature reviews 28

6. Swot analysis 32

7. Cancellation, automatic termination and procedure 34

for claim and settlement of claim

8. Performance of star health 36

9. Findings 38

10. Limitations 41

11. Recommendations 42

12. Bibliography 43

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 EXECUTIVE SUMMARY

This project report is based on financial products and growth of star health,
effective planning and management are the key to run a successfully stable
business, for identifying trends over time and for measuring the state of business.

Health insurance market in India has become the fastest growing segment in
non –life insurance sector in India. The health insurance business in India saw a
24% growth in FY 17 with a premium of INR 30,765 Cr and a market share of
24%. It has been the fastest growing market segment registering a CAGR of
23% for the past 10 years. Health insurance industry is in a nascent stage with
25% of the population under its coverage. There exists a huge potential for
growth and penetration of health insurance to a large population. Going forward
there are both opportunities and obstacles in marketing and distribution of
health insurance products in India. This paper attempts to uncover the prospects
of successful marketing of such products from the standpoint of insurance
marketers and look at issues of impeding the growth of health insurance market
in India.
India with 1.34 billion population is facing unique health care delivery problems
particularly regarding the poor spending on health, access, quality, safety, lack
of accountability, corruption, etc. Inequalities and health-related expenses
resulting in impoverishment further marginalises the poor, underprivileged and
outreach. The government of India has come up with a highly ambitious
initiative Ayushman Bharat - National Health Protection Mission (AB-NHPM)
as a shift from traditional health planning approaches towards a comprehensive
healthcare vision

7
 INTRODUCTION TO INSURANCE

In India, insurance has a deep-rooted history. It finds mention in the writings of

Manu ( Manusmrithi ), Yagnavalkya ( Dharmasastra ) and Kautilya
( Arthasastra ). The writings talk in terms of pooling of resources that could be
re-distributed in times of calamities such as fire, floods, epidemics and famine.
This was probably a pre-cursor to modern day insurance. Ancient Indian history
has preserved the earliest traces of insurance in the form of marine trade loans
and carriers’ contracts. Insurance in India has evolved over time heavily
drawing from other countries, England in particular.

1818 saw the advent of life insurance business in India with the establishment
of the Oriental Life Insurance Company in Calcutta. This Company however
failed in 1834. In 1829, the Madras Equitable had begun transacting life
insurance business in the Madras Presidency. 1870 saw the enactment of the
British Insurance Act and in the last three decades of the nineteenth century, the
Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were
started in the Bombay Residency. This era, however, was dominated by foreign
insurance offices which did good business in India, namely Albert Life
Assurance, Royal Insurance, Liverpool and London Globe Insurance and the
Indian offices were up for hard competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance

Companies in India. The Indian Life Assurance Companies Act, 1912 was the
first statutory measure to regulate life business. In 1928, the Indian Insurance
Companies Act was enacted to enable the Government to collect statistical
information about both life and non-life business transacted in India by Indian
and foreign insurers including provident insurance societies. In 1938, with a
view to protecting the interest of the Insurance public, the earlier legislation was
consolidated and amended by the Insurance Act, 1938 with comprehensive
provisions for effective control over the activities of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies.

However, there were a large number of insurance companies and the level of
competition was high. There were also allegations of unfair trade practices. The
Government of India, therefore, decided to nationalize insurance business.

An Ordinance was issued on 19th January, 1956 nationalising the Life

Insurance sector and Life Insurance Corporation came into existence in the
same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75
provident societies—245 Indian and foreign insurers in all. The LIC had
monopoly till the late 90s when the Insurance sector was reopened to the private
sector.
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The history of general insurance dates back to the Industrial Revolution in the
west and the consequent growth of sea-faring trade and commerce in the
17th century. It came to India as a legacy of British occupation. General
Insurance in India has its roots in the establishment of Triton Insurance
Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian
Mercantile Insurance Ltd, was set up. This was the first company to transact all
classes of general insurance business.
1957 saw the formation of the General Insurance Council, a wing of the
Insurance Associaton of India. The General Insurance Council framed a code of
conduct for ensuring fair conduct and sound business practices.

In 1968, the Insurance Act was amended to regulate investments and set
minimum solvency margins. The Tariff Advisory Committee was also set up
then.

In 1972 with the passing of the General Insurance Business (Nationalisation)

Act, general insurance business was nationalized with effect from 1st January,
1973. 107 insurers were amalgamated and grouped into four companies, namely
National Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd and the United India Insurance Company Ltd.
The General Insurance Corporation of India was incorporated as a company in
1971 and it commence business on January 1sst 1973.

This millennium has seen insurance come a full circle in a journey extending
to nearly 200 years. The process of re-opening of the sector had begun in the
early 1990s and the last decade and more has seen it been opened up
substantially. In 1993, the Government set up a committee under the
chairmanship of RN Malhotra, former Governor of RBI, to propose
recommendations for reforms in the insurance sector.The objective was to
complement the reforms initiated in the financial sector. The committee
submitted its report in 1994 wherein , among other things, it recommended that
the private sector be permitted to enter the insurance industry. They stated that
foreign companies be allowed to enter by floating Indian companies, preferably
a joint venture with Indian partners.

Following the recommendations of the Malhotra Committee report, in 1999,

the Insurance Regulatory and Development Authority (IRDA) was constituted
as an autonomous body to regulate and develop the insurance industry. The
IRDA was incorporated as a statutory body in April, 2000. The key objectives
of the IRDA include promotion of competition so as to enhance customer
satisfaction through increased consumer choice and lower premiums, while
ensuring the financial security of the insurance market.

9
The IRDA opened up the market in August 2000 with the invitation for
application for registrations. Foreign companies were allowed ownership of up
to 26%. The Authority has the power to frame regulations under Section 114A
of the Insurance Act, 1938 and has from 2000 onwards framed various
regulations ranging from registration of companies for carrying on insurance
business to protection of policyholders’ interests.

In December, 2000, the subsidiaries of the General Insurance Corporation

of India were restructured as independent companies and at the same time GIC
was converted into a national re-insurer. Parliament passed a bill de-linking the
four subsidiaries from GIC in July, 2002.

Today there are 31 general insurance companies including the ECGC and
Agriculture Insurance Corporation of India and 24 life insurance companies
operating in the country.

The insurance sector is a colossal one and is growing at a speedy rate of

15-20%. Together with banking services, insurance services add about 7% to
the country’s GDP. A well-developed and evolved insurance sector is a boon
for economic development as it provides long- term funds for infrastructure
development at the same time strengthening the risk taking ability of the
country.

DEFINITION OF INSURANCE :-

Insurance is defined as the equitable transfer of the risk of a loss, from one
entity to another, in exchange for a premium, and can be thought of as a
guaranteed small loss to prevent a large, possibly devastating loss.
Insurance is nothing but a system of spreading the risk of one onto the shoulders
of many. While it becomes somewhat impossible for a man to bear by himself
100% loss to his own property or interest arising out of an unforeseen
contingency, insurance is a method or process which distributes the burden of
the loss on a number of persons within the group formed for this particular
purpose.Basic Human trait is to be averse to the idea of risk taking. Insurance,
whether life or non-life, provides people with a reasonable degree of security
and assurance that they will be protected in the event of a calamity or failure of
any sort.Insurance may be described as a social device to reduce or eliminate
risk of loss to life and property. Under the plan of insurance, a large number of
people associate themselves by sharing risks attached to individuals. The risks,
which can be insured against, include fire, the perils of sea, death and accidents
and burglary. Any risk contingent upon these, may be insured against at a
premium commensurate with the risk involved. Thus collective bearing of risk
is insurance.
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INSURANCE INDEMNIFIES ASSETS & INCOME
Every Asset has a value and generates Income to its Owner. There is a normally
expected Life-time for the Asset during which time it is expected to perform. If
the Asset gets lost earlier, being destroyed or made Non-functional through an
Accident or other unfortunate event the Owner is Prejudiced. Insurance helps to
reduce CONSEQUENCES of such Adverse Circumstances which are called
Risks.
INSURANCE IS THE SCIENCE OF SPREADING OF THE RISK
It is the system of spreading the losses of an Individual over a group of
Individuals
INSURANCE IS A METHOD OF SHARING OF FINANCIAL LOSSES
Of a few from a common fund formed out of Contribution of the many who are
equally exposed to the same loss.What is uncertainty for an Individual becomes
a certainty for a Group. This is the basis of All Insurance Operations. Thus
insurance convert uncertainties to certainty

Commercially insurable risks typically share seven common Characteristics:-

 Limited risk of catastrophically large losses.
 Calculable Loss
 Affordable Premium
 Large Loss
 Accidental Loss
 Definite Loss
 A large number of homogeneous exposure units

There are two types of insurance covers:

1. Life insurance
2. General insurance

11
Life insurance
This sector deals with the risks and the accidents affecting the life
of the customer. Alongside, this insurance policy also offers tax planning and
investmentreturns. There are various types of life Insurance Policy India: -

a. Endowment policy
b. Whole Life Policy
c. Term Life Policy
d. Money-back Policy
e. Joint Life Policy
f. Group Insurance Policy

General Insurance
This sector covers almost everything related to property,vehicle, cash,
household goods, health and also one's liability towards others. Themajor
segments covered under general Insurance Policy India are:

a. Home Insurance
b. Health Insurance
c. Motor Insurance
d. Travel Insurance

Health Care Insurance

The term health insurance is generally used to describe a form of insurance that
pays For medical expenses.

A health insurance policy is a contract between an insurance company and an

Individual, By estimating the overall risk of healthcare expenses, a routine
finance structure (such as a monthly premium or annual tax) is developed,
ensuring that money is available to pay for the healthcare benefits specified in the
insurance agreement. The type and amount of health care costs that will be
covered by the health plan are specified in advance, in the member contract or
Evidence of Coverage booklet.

The concept of health insurance was proposed in 1694 by Hugh the Elder
Chamberlain from the Peter Chamberlain family. Accident insurance was first
offered in the United States by the Franklin Health Assurance Company of
Massachusetts. This firm, founded in 1850, offered insurance against injuries
arising from railroad and steamboat accidents. Before the development of medical
expense insurance, patients were expected to pay all other health care costs out
of their own pockets, under what is known as the fee-for-service business model.

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During the middle to late 20th century, traditional disability insurance evolved
into modern health insurance programs.

Today, most comprehensive private health insurance programs cover the cost of
routine, preventive, and emergency health care procedures, and also most
prescription drugs, but this is not always the case.
The basic concept of health insurance is population solidarity. There are inherent
risks in a population but the population absorbs the cost of risks to an individual
by spreading the impact of incurred costs amongst the insured population.
However, if the population is split into insured and uninsured groups, or into
selectively groups (as with private insurance with pre-insurance selection either
by the insurance company or the insured) the concept of population solidarity
breaks down. The insurance balances costs across a large, random sample of
individuals. For instance, an insurance company has a pool of 1000 randomly
selected subscribers, each paying Rs.100 per month. One person becomes very ill
while the others stay healthy, allowing the insurance company to use the money
paid by the healthy people to pay for the treatment costs of the sick person.
However, when the pool is self-selecting rather than random, as is the case with
individuals seeking to purchase health insurance directly, adverse selection is a
greater concern. Insurance systems must then typically deal with two inherent
challenges: adverse selection and ex-post moral hazard.

Because of adverse selection, insurance companies employ medical underwriting,

using a patient's medical history to screen out those whose pre-existing medical
conditions pose too great a risk for the risk pool. Before buying health insurance,
a person typically fills out a comprehensive medical history form that asks
whether the person smokes, how much the person weighs, whether the person has
been treated for any of a long list of diseases and so on. In general, those who
present large financial burdens are denied coverage or charged high premiums to
compensate.
Moral hazard occurs when an insurer and a consumer enter into a contract under
symmetric information, but one party takes action, not taken into account in the
contract, which changes the value of the insurance. A common example of moral
hazard is third-party payment—when the parties involved in making a decision
are not responsible for bearing costs arising from the decision. An example is
where doctors and insured patients agree to extra tests which may or may not be
necessary. Doctors benefit by avoiding possible malpractice suits, and patients
benefit by gaining increased certainty of their medical condition. The cost of these
extra tests is borne by the insurance company, which may have had little say in
the decision. Co-payments, deductibles, and less generous insurance for services
with more elastic demand attempt to combat moral hazard, as they hold the
consumer responsible.

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Insurance companies like to compare buying health insurance after being
diagnosed with a serious medical condition like HCV to trying to buy fire
insurance on a burning house. That sounds really logical….except….most fire
insurance policies are never used as most houses don’t burn down. Everyone has
medical problems, however, at one time or another.
To prevent a person from buying health insurance only when they need it, the
insurance.Industry uses a procedure called “medical underwriting.” Loosely
translated into plain English, it means “discriminating against anyone we feel
may cost us money.” And this type of discrimination against people with health
problems is perfectly legal.
The French model of health insurance has been ranked by the World Health
Organization as the best in the world, because it permits a high quality of care
and nearly total patient freedom. . It was a compromise between Gaullist and
Communist representatives in the French parliament. The Conservative Gaullists
were opposed to a state-run healthcare system, while the Communists were
supportive of a complete nationalization of health care along a British Beverage
model. The resulting programme was profession-based. All people working were
required to pay a portion of their income to a health insurance fund, which
mutualised the risk of illness, and which reimbursed medical expenses at varying
rates. Children and spouses of insured people were eligible for benefits, as well.
Each fund was free to manage its own budget and reimburse medical expenses at
the rate it saw fit.

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Market size and share of health insurance sector in India.

Company name Year 2017 Year 2018 Hospital tie ups

Star health 2960.05 4161.11 9300+
Apollo 1301.93 1717.51 5000+
Relegare 726.07 1091.61 5420+
Max Bupa 593.93 754.47 4000+
Cigna TTK 221.8 346.40 3600+
Aditya Birla 54.04 243.17 5700+
total 5857.83 8314.28

Star is the market leader for the stand-alone companies in the health insurance
sector. No company is even near it or even half of its revenue. It has the highest
hospital networks which are spread all over the country.

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STAR HEALTH AND ALLIED INSURANCE COMPANY

INTRODUCTION: -
Health insurance which is considered to be a taboo among the insurance
companies, due to the perennial losses it produced, Star health insurance have
been setup exclusively for health insurance. They step in to the insurance field
as standalone health insurance company in the year 2006.It started its operations
on18th May 2006 foraying into the area of health, accident and travel insurance.
The company established full-scale in-house direct claims setting facility,
dispensing with the services of Third-party administrators.
Safecrop Holdings Pvt. Ltd., a consortium with WestBridge AIF, Rakesh
Jhunjhunwala and Madison Capital, has signed definitive agreements with the
shareholders of Star Health & Allied Insurance Company Ltd. (Star Health or
the Company) to purchase their shares in Star Health, India’s leading Private
Health Insurer. Existing shareholders of Star Health include Star Health
Investments Pvt. Ltd. and funds managed/ or advised by ICICI Venture, Tata
Capital and Apis Partners. The transaction is subject to regulatory and certain
other approvals. Kotak Investment Banking, Evercore and Mizuho Securities
(Singapore) acted as the financial advisors to Star Health and its shareholders.
Nishith Desai Associates and Trilegal acted for the purchasers and Platinum

16
Partners acted for the Company. Speaking on the investment, Mr. Jagannathan,
Chairman cum Managing Director, said, “We have started from a humble
beginning and have come to this level with an excellent team work. We feel
new investors, with their abundance experience and golden touch, will enable
the Company to scale further heights.” “We are really excited about Star Health,
a dominant market leader in the retail health insurance industry. We believe the
retail health insurance industry will continue to grow at a healthy pace in the
coming decade, driven by increasing penetration. This aligns well with
WestBridge’s investing philosophy and long-time horizon. We are highly
confident of Star’s business model and believe that Star will continue to lead the
retail health insurance space” said Sumir Chadha, Co-Founder & Managing
Director, WestBridge Capital. “The management of Star Health has built its
leadership position in private health insurance through innovation, perseverance
and excellence. I believe health insurance is a key tool for every citizen towards
financial stability. I am proud to be associated with Star Health and believe it is
best equipped to serve the country’s healthinsurance needs” said Rakesh
Jhunjhunwala.

Star Health is the largest health insurance company with a market share of
10.6% in health insurance across all the general insurance companies in India as
on 31st March, 2018. Star Health, based in Chennai, was founded in 2006 and
provides health insurance, overseas mediclaim and personal accident policies.
Company is based in Chennai and employs ~11,000 people providing insurance
coverage to ~1 crore lives as on 31st March, 2018. Star Health has a pan-India
distribution platform and an integrated ecosystem to tap the retail health
insurance opportunity with 434 branches/ offices, ~2.4 lakh agents and tie- up
with ~8,500 network hospitals. Led by its Chairman cum Managing Director,
Mr. V. Jagannathan, the Company has created an institutional framework of
systems and processes and maintained a professional management approach. It
has a strong and an experienced management team, which will continue to drive
the business and operations of the Company. The Company has a written a
direct premium of INR 4,161 crores (41% YoY growth) with profit after tax of
INR 171 crores and a networth of INR 960 crores as on/ for the year ended 31st
March, 2018

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VISION AND MISSION
Star health insurance is started in India with a vision of becoming the
largest and most preferred health insurance company in India and to provide
financial security for health care management.
The mission of Star health insurance company is:
· To provide prompt, courteous and quality service to customers.
· To offer wide range of innovative products and services.
· To leverage state of art technology for customer satisfaction.
· To adopt best management practices in business operations

SPECIAL FEATURES OF THE COMPANY

-> Star health insurance is India’s trusted specialist in health insurance and
provides quality service at best rates.
-> It is the India’s first standalone health insurance company and one of the
largest among the private sector companies.
-> No third-party administrator is involved in claim settlement. Star Health
Company directly involved and settles the claim.
-> Customers can avail cashless hospitalization and reimbursement facility in
the network hospitals which is more than 6000 all over India.
-> Wide range of health insurance products to choose from family floater
schemes to senior citizen health coverage. The company has policy to
everyone.
-> The company provides free medical consultation of experts over phone.
-> Information on health through free health magazine.
-> 24*7 toll free helpline is available.
-> The company maintains personal health records in electronic format.

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COMPREHENSIVE INSURANCE POLICY
Eligibility: -
* Entry age between 3 months and 65 years
* Lifelong renewals guaranteed.
* No exit age
* Dependent children (those who are economically dependent on their parents)
can be covered up to 25 years of age.
only if parents have policy in star.
This policy is for both individual and family
The policies are for 5 lacs 7.5 lacs 10 lacs 15 lacs 20 lacs 25 lacs

Benefits: -
A. Room, Boarding and Nursing charges :-
5 lacs 7.5 lacs 10 lacs 15 lacs 20 lacs 25 lacs -> Single Standard A/C
room
ICU/Operation Theatre Charges:-
5 lacs 7.5 lacs 10 lacs 15 lacs 20 lacs 25 lacs-> Actual
B. Ambulance Charges –
By Road (per policy period)
5 LAKHS Up to 2,000/-
7.5 LAKHS Up to 3,000/-
10 LAKHS Up to 3,500/-
15 LAKHS Up to 4,000/-
20 LAKHS Up to 4,500/-
25 LAKHS Up to 5,000/-
C. Air ambulance only available 7.5 lakh and more sum insured and the
benefit is of 10% of sum insured.
D. Pre Hospitalization:Medical expenses upto 30 days prior to the date of
admission.

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E. Post Hospitaliztion :Medical expenses up to a period of 60 days after the
discharge from the hospital.
F. Delivery charges
 Normal delivery then benefits starting from 10,000 to 25,000
according to sum insured.
 Caesarean delivery then benefits starting from 15,000 to 40,000
according to sum insured.

G. Waiting Period for Delivery 36 months for first delivery and 24 months
after a delivery claim under this policy
H. Coverage for the new born child (subject to a valid claim under point f)
 Up to 50,000 to 1 lakh benefits.
 Treatment of the New Born
 Vaccination expenses up to Rs.1000/- of the new born baby. Claim
under this is
admissible only if claim under A of Section-2 above has been admitted
and while the
policy is in force.
 Coverage for new born child from day 1, but conginental disease
(internal body problem) and external disease
I. Out Patient Dental/Ophthal Coverageonce in a block of every 3 years of
continuous renewal:-
Problem related to eye and teeth are reimbursed up to Rs. 10000
according to S.I.
J. Out Patient Medical Consultation coverage other than Out Patient Dental/
Ophthal Up to 1,200/- (per Consultation limit Rs.300/- to Up to 3,3 00/-
(per consultation limit Rs.300/-) according to S.I.
K. Hospital Cash upto 7 days per occurrence & upto 120 days per policy
period.(1 day time excess) cash is given at N-2 basis from 500 to 1500 as
per S.I .
L. Restoration benefit of 100%.
M. Bariatric Surgery:-
a) Expenses incurred on hospitalization for bariatric surgical procedure
and its complications thereof are payable subject to a maximum of
Rs.2,50,000/- during the policy period.
b) This maximum limit of Rs.2,50,000/- is inclusive of pre-
hospitalization and post hospitalization expenses.
c)The limit of cover for Bariatric Surgery forms part of sum insured
under Section 1

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 d) Coverage under this section is subject to a waiting period of 36
months and payable only while the policy is in force.
N. Cover for Accidental Death and Permanent Total Disablement: -
1. Accidental Death
2. Permanent Total Disability following an accident
The sum insured for this cover is separately indicated in schedule of
benefits. Cover for one insured person opted by the proposer.
The cover is equal to sum insured.

o. bonus: - The sum insured for this cover is separately indicated in

schedule of benefits. Cover for Insured person opted by the proposer
Sum Bonus % for every claim free Incase of claim
Insured (Rs year on the sum insured of Maximum% the bonus will be
section 1 reduced by
5,00,000 50% 100% 50%
Above 100% 100% 100%
5,00,000

this bonus is applicable only for coverage under Section 1. If the Insured opts to
reduce the basic Sum Insured at a subsequent renewal, the amount of bonus
shall not exceed such reduced sum insured.

FAMILY HEALTH OPTIMA INSURANCE PLAN

Eligibility: -
Proposer -> Any person aged between 18 years and 65 years, residing in India,
can take this insurance.
A Child above 16 days of age can be covered as part of the family.
Family -> Proposer, spouse, dependent children from 16 days up to 25 years
(Children who are dependent on their parents).
Tax benefits up to Rs. 25000 in case of age of policy taker is below 60 and if it
covers person of above 60 additional benefit of Rs. 50000.
Sum insured 3 lakh,4 lakh,5 lakh,10 lakh,15 lakh,25 lakh
Premium is to be calculated at the age of eldest person.

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BENEFITS
1.Ambulance
*Ambulance Charges: Emergency ambulance charges up to a sum of Rs.750/-
per hospitalization and overall limit of Rs.1500/- per policy period.
* Air Ambulance Cover: Up to 10% of the Basic sum insured per policy period.
Available for Sum Insured of Rs. 5 Lakhs and above only.
* Emergency domestic medical evaluation: Subject to limits mentioned in the
table given below, the Company will reimburse reasonable and necessary
expenses incurred towards transportation of the insured person from the hospital
where the insured person is currently undergoing treatment to another hospital
for further treatment provided .
sum Insured
Rs. Up to 4,00,000 Rs.5000 /h
5,00,000 to 15,00,000 Rs.7500/h
20,00,000and 25,00,000 Rs.10000/h
2.Room
*Room, Boarding, Nursing Expenses as given below:
Sum Insured
Rs. 1,00,000 & 2,00,000 Limit Rs. Up to 2,000/- per day
3,00,000 & 4,00,000 Up to 5,000/- per day
5,00,000 - 25,00,000 Single Standard A/C Room
Surgeon, Anesthetist, Medical Practitioner, Consultants & Specialist Fees.
Anesthesia, Blood, Oxygen, Operation Theatre charges, cost of Pacemaker etc.
Cost of Medicine and drugs.
ONLY TREATMENT EXPENSES WILL BE GIVEN.
* ICU expenses are fully received
3. Pre & Post Hospitalization: -
* Pre-hospitalization medical expenses incurred up to 60 days are payable.
* Post-hospitalization medical expenses incurred up to 90 days are payable.
Every bill related to disease will be reimbursed in this period.

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4. No claim bonus: -
In respect of a claim free year of Insurance, for the Basic Sum Insured options
Rs.3,00,000/- and above, the insured would be entitled to benefit of bonus of
25% of the expiring Basic Sum Insured in the second year.
Additional 10% of the expiring Basic sum Insured for the Next years.
The maximum allowable bonus shall not exceed 100%.
5. Free health checkup: -
Payment of expenses towards cost of health checkup will not prejudice the
company's right to deal with a claim in case of non-disclosure of material fact
and / or Preexisting Diseases in terms of the policy
Sum Insured Limit Per Policy Period
Rs. 1,00,000/- & 2,00,000 Not available
3,00,000 Up to 750
4,00,000 Up to 1000
5,00,000 Up to 1500
10,00,000 Up to 2000
15,00,000 Up to 2500
20,00,000 Up to 3000
25,00,000 Up to 3500

Additional benefits: -
6. Automatic Restoration: -
*There shall be automatic restoration of the Basic Sum Insured immediately
upon exhaustion of the limit of coverage which has been defined during the
policy period.
* Such Automatic Restoration is available 3 times at 100% each time, during
the policy period.
* Each restoration will operate only after the exhaustion of the earlier one.
* It is made clear that such restored Sum Insured can be utilized only for illness
/ disease, unrelated to the illness / diseases for which claim was / were made.

23
7. Recharge: - (given only by star)
the limit of coverage under the policy is exhausted / exceeded during the policy
period, additional indemnity up to the limits stated
3 lakhs to 4 lakh -> 25% of sum insured
5 lakh and above -> 1.5 lakh benefit
8. AYUSH Treatment: -
Expenses incurred on treatment under Ayurveda, Unani, Sidha and
Homeopathy systems of medicines in a Government Hospital or in any institute
recognized by the government and/or accredited by the Quality Council of
India/National Accreditation Board on Health is payable
9. Additional Sum Insured for Road Traffic Accident (RTA): -
If the insured person meets with a Road Traffic Accident resulting in in-patient
hospitalization, then the Basic sum insured shall be increased by 25% subject to
a maximum of Rs. 5,00,000/-.
This benefit is payable only if the insured person was wearing a helmet and
travelling in a two-wheeler either as a rider.
The additional sum insured shall be available only once during the policy period
and should be used for the particular hospitalization.
10. Newborn Baby cover: -
The coverage for New Born Baby starts from the 16th day after its birth till the
expiry date of the policy .(It is subject to a limit of 10% of the Sum Insured or
Rupees Fifty thousand, whichever is less, subject to the availability of the sum
insured, provided the mother is insured under the policy for a continuous period
of 12 months without break.)
11. Organ donor expenses are given up to 10% of sum insured or 1 lakh
whichever is less.
12. Shared Accommodation: -
If the Insured person occupies, a shared accommodation during in-patient
hospitalization, then amount as per table given below will be payable for each
continuous and completed period of 24 hours of stay in such shared
accommodation.
For 3 lakhs to 15 lakh -> 800 / per day
For 20-25 lakh ->1000/per day
24
13. All day care: -
Star provides cover for the patients who visit hospital for less time like 3-4 hrs .
discharge sheets are observed.
Now a day’s problems are solved frequently at a fast speed due to technology
so it act as a benefit.
14. Assisted Reproduction Treatment: -
The Company will reimburse medical expenses incurred on Assisted
Reproduction Treatment, where indicated, for sub-fertility subject to:
*A waiting period of 3 years from the date of first inception of this policy with
the Company for the insured person.
*The maximum liability of the Company for such treatment shall be limited to
Rs.1,00,000/- for Sum Insured of Rs.5,00,000/-
*Rs.2,00,000/- for Sum Insured of Rs.10,00,000/-
* above benefit is for next 3 years.

14. All day care: -

Star provides cover for the patients who visit hospital for less time like 3-4 hrs .
discharge sheets are observed.
Now a day’s problems are solved frequently at a fast speed due to technology so
it act as a benefit.

25
 OBJECTIVE OF THE STUDY

Every study is done with certain objectives. The study without objectives preset
is a futile exercise, as it will end in no conclusion.

In this competitive environment whole market is consumer oriented. This

time they are the king of the market. So, by this study I would like to know what
is there actual role into the market and what is their behaviour towards the
products and services are getting from respective companies and how they
benefited to insurance services it will easier to analysics the through objective.

 Objectives

1) To understand the star health insurance policies.

2) To understand the cost benefit analyses of health insurance.
3) To find out the customer satisfaction level of star health and allied
insurance co.
4) To identify the problem level of customer benefits.
5) To analyses the star health insurance policies.
6) To promote the star health insurance policies.

26
 RESEARCH METHODOLOGY

For the preparation of project report especially in case of Marketing every steps should
be anticipated closely. In this anticipation of formulation there may arise some
problems, since these are two types of information.

(i) For Primary Information :

The data is being personally collected while working in the company. The products
were being taught by our mentor.

(ii) The Secondary Information:

This secondary data were collected from the internal sources (Company’s
Documents) of as well as some external sources (Paper & Magazines). This
collection of these data is for easier and less time consuming.

27
 LITERATURE REVIEW

A number of studies both conceptual and empirical have been conducted

regarding various aspect of health insurance in India and abroad. The review of
these studies has been done to explore the concept, framework and state of health
insurance. Hence for the purpose of present study, the review of literature has
been divided broadly in four sections. It deals with the review of studies in
relation to performance evaluation, covers the review of studies in relation to
Community Health insurance (CHI), It includes the review of studies in relation
to Third Party Administrators (TPAs) and covers the review of studies in relation
to customers’ perception

Chang (2006) conducted a study on solvency and continuous growth of insurance

companies and provided that both depend on their performance. For this a data
set consisted of 20 insurance companies in Taiwan were used. Beside this, an
effort was made to calculate separately 19 items of financial ratio into five
operation indicators, which can be used as performance evaluation variables of
insurance companies. These five indicators are: Capital Structure; Profitability;
Solvency; Management Efficiency; and Capital Operational Capability. The
results of the study indicated that overall performance of insurance companies
were significant in the short run during the period 2000-2002 and concluded that
both return on assets and sign of profitability influence a heavier financial ratio
as well as operating index on performance

Cummins, Turchetti and Weiss (1996) provided benchmark statistics to facilitate

the comparisons of efficiency and productivity under the new European
regulatory regime, when data on more recent periods become available. In
addition, the production frontier results were used to test hypotheses about two
major issues in industrial organization: the coexistence of alternative product
distribution systems and organizational form in an industry. The results indicated
that technical efficiency in the Italian insurance industry ranged from 70 to 78
percent during the sample period. There was almost no efficiency change over
the sample period, i.e., on average Italian insurers operated at about the same
distance from the production frontier throughout the sample period. However,
productivity declined significantly over the sample period, with a cumulative
decline of about 25 percent. The decline was attributable almost exclusively to
technological regress, implying that insurers needed more inputs to produce their
outputs at the end of the sample period than at the beginning. Although
improvements in both technical efficiency and technical change appear to be
needed, the main problem at present appears to be the adverse shift in the
production frontier.

28
Fukuyama (1997) investigated the productive efficiency and productive changes
of Japanese life insurance companies with primarily focus upon the ownership
structure and economic conditions. The results of the study revealed that mutual
and stock companies possess identical technologies, but the productive efficiency
and productive performance changes from time to time across the stock and
mutual under different economic conditions.

Rama and Baru (1994) examined the structure of health care provision existed in
public; private; and voluntary sectors and utilization patterns for both inpatient
and outpatients care across states. For this data obtain from the World Bank’s
Country Report on India, “India: health sector financing-coping with adjustment;
opportunities for reforms” and World Development Report 1993. The study
showed the presence of much variation in the availability of non-government
health services across states. In most of the states, public sector was the main
source of provider of curative services and private and voluntary sector marked
by uneven spread and regional variations. However, there were some states in
which private and voluntary sector was achieving the significant growth and
supplementing the public services. However, the suggested that the private and
voluntary sector should move only into those areas, where they can show better
results and get profit. Moreover, majority of socio economic groups depend on
public provisions. Therefore the cut back of public services will results in
disparities of access between rural-urban, advanced-backward areas and across
classes.

Ahuja (2004) examined the more suited arrangement for providing health
insurance to poor people in India and also explored how the reforms in insurance
sector alter health insurance prospects facing the poor in developing countries
and what changes have happened or likely to happen as a result of insurance
sector reforms. In developing countries, community based arrangement is more
suited for providing health insurance to low income people. Insurance sector
reforms lead to development of private health insurance, at the same time reforms
can affect the low income people through its effect on the provision and financing
of health care services. The study concluded in India, CBHI will play an
important role, but there is need to be encouraged by government’s interventions
in order to guide and direct health insurance market, so as to minimize the cost
escalation of health care provision.

Devadasan et al. (2004) conducted study on Indian community health insurance

schemes; context in which they are operational; their design and management;
administrative challenges faced by them; and their impact. Earliest scheme started
in Kolkata in 1952. Currently, in India more than 20 CBI schemes are operating,
but the study based on 12 such schemes. The study reflected that there are three
basic designs of CBI schemes depending upon the insurer, in most of schemes

29
enrollment is individual and membership is voluntary. The main barrier in
development of CBI schemes is to find an appropriate provider and financial
sustainability. So the government should come forward to subsidies this equitable
health financing mechanism. Therefore, CBHI in India offer valuable lesson for
the policy makers and practitioners in the field of health care

Ahuja and Narang (2005) provided an overview of existing forms and emerging
trends in health insurance for low income segment in India with focus on both the
demand and supply side factors promoting this development, and provided that
three conditions essential for extending health insurance to low income segment.
Further based on the efforts of the central government by way of its Universal
Health Insurance (UHI) schemes as well as on the three insurance pilots of United
Nation Development Programme (UNDP), some designs of health insurance for
low income groups were drawn. The study concluded that these schemes have
considerable scope of improvement for a country like India by providing
appropriate incentives and bringing these under the regulatory ambit. Currently
public health services are weak and inefficient, private and voluntary health care
is unregulated and scattered. The study suggested that in order to develop health
insurance for poor in a big way, health care provisions need to be engthened and
streamlined as well as coordination among multiple agencies is needed.

Kharva (2008) observed the purposefulness of cashless hospitalization and initial

hardship associated with its implementation. For this, analysis of VIMO Self
Employed Women’s Association, the insurance unit of SEWA was done. Initially
the scheme provides reimbursement after hospitalization but later on provide
reimbursement while they were still in the hospital. The scheme incorporates
health insurance as a crucial programme. Based on the positive experience of
scheme in Gujarat in Jan 2006, the scheme extended in Ahemdabad city and
renamed as “cashless” (CL) hospitalization. In Ahmedabad, this method of
reimbursement was optional for members for the first year. However in 2007, it
was made mandatory and members were required to go only to one of selected
hospital to use cashless reimbursement system. It showed that cashless system
has reduced the claim processing period as it takes only the number of days the
members is hospitalized while in the normal system, it takes more than that. Thus
CL system has been successful in making is members access low cost quality care
a reasonable rates

Gupta, Roy and Trivedi (2004) examined the role of TPAs and the issues that
required to be taken into consideration while evaluating their usefulness and
functioning in India. The study based on a series of meetings, discussions and
interviews with various TPAs, insurance companies and providers. No doubt, the
TPAs face different barriers in terms of capital, capacity and connections but still
they are providing cashless transaction at the time of service delivery to the

30
customers. The IRDA and Health Ministry should come together so as to ensure
TPAs which in turn will ensure active role of the TPAs in Community and
Universal Health Insurance Schemes. Moreover, the study concluded that TPAs
can play an important role in making insured health care availability smoother,
but neither can it be seen as a panacea for all the problems, nor it can be blamed
for these problems of health sector. The TPAs system should be regulated and
checked in order to take care off consumers’ interest.

31
 SWOT – Analysis

STRENGTHS WEAKNESSES
 Stand alone health insurance Upcoming private health companies
company in the field. offering health insurance.
 Experience, expertise and
support of Well established public sector
 Big financial group. companies.
 Latest Technology and
Infrastructure to support & Lack established infrastructure at
fasten the services. branch offices
 All the range of health products
under one roof.
 Cashless service without TPA
intervention i.e. in-house claim
settlement.
 24 hours General Practitioner's
advice and medical counseling
 24x7 in-house Call Center
 Toll free telephone assistance
 Complete knowledge backed
website to offer medical
information, including health
 tips.
 Large range of premiums
through different products for
every class of people.
 Direct discount on premium for
no claim benefit
 Welcome discount for the
proposers shifting from other
company with all the
continuation benefits.
 Innovative products even for
chronic noncurable diseases
like diabetes, AIDS etc.
 Availability of tailor made
policies.

32
OPPORTUNITIES
Ability of local people to pay for
good
services.
Non-availability of any major health regularly done in this form of
insurance service provider.
Willingness of Corporates to have a
tie-up with the company.
Large sector of the population not
covered under health insurance &
even
is unaware of the benefits.
Increasing population going abroad health care expenses.
and hence availing Overseas policies.
Inceasing number of road side
accidents & increased cost of
healthcare
facilities
THREATS
Established general insurance
companies having brand name.
From the malpractices being
insurance
practices.
Unwillingness of people to buy
health
insurance thinking of wastage of
money.
More no. Of proposals from senior
age group.who are in real need of
Resistance among people as they
have
mindset of availing policies from
public
sector companies.
33
CANCELLATION, AUTOMATIC TERMINATION AND
PROCEDURE FOR CLAIM AND SETTLEMENT OF CLAIM

CANCELLATION OF THE POLICY

The company may cancel this policy on grounds of misrepresentation,
fraud,moral hazard, non-disclosure of material fact or non-cooperation by the
insured person, by sending the insured 30 days notice by registered letter at the
insured persons last known address. Period rate only provided No claim has
occurred up to the date of cancellation.
Cancellation of the policy: -
Period on risk Rate of premium to be retained
Up to 1 month 1/3rd of annual premium
Up to 3 months 1⁄2 of annual premium
Up to 6 months 3/4th of annual premium
Exceeding 6 months Full annual premium

AUTOMATIC TERMINATION

The insurance under this policy with respect to each relevant insured person
policy shall be terminated immediately on the earlier of the following:
· Upon the death of the insured person
· Upon the exhaustion of the limit of coverage under the policy as a whole.
PROCEDURE FOR CLAIM
Claim by the policy holders shall be made up to the sum insured this may
include bonus granted to the particular policy.
The following are the conditions to obtain the claim:
I. Claim must be filed within 15 days from the date of discharge from hospital.
II. The insured person shall obtain and furnish the company with all original
bills, receipts and other documents upon which a claim based and shall give
the company such additional information and assistance as the company any
require in dealing with the claim.
The following are the documents to be submitted in support of claim:

34
I. For reimbursement claim
1. Duly completed claim form.
2. Pre-admission investigations and treatment papers.
3. Discharge summary form the hospital, chemists
4. Cash receipts and reports for tests done.
5. Receipts from doctors, surgeons, anasthetists.
6. Certificate from the attending doctor regarding the diagnosis.

II. For cashless treatment

1. Prescriptions and receipts for pre and post hospitalization to be obtained
from the insured person along with the required documents from the
hospital as mentioned above reimbursement claims.
2. Penal interest as per the provisions of regulation 9(6) of protection of policy
holder’s interest regulation 2002 is applicable.
3. Any medical practitioner authorized by the company shall be allowed to
examine the insured in case of any alleged injury or diseases requiring
hospitalization when and as often as the same any reasonably on behalf of
the company at company’s cost.
4. Where any admissible claim falls under two policy periods, the renewal
policy sum insured shall be taken in to account for claims settlement. Where
the policy is not renewed then the applicable renewed shall be deducted
from the claim and the claim shall be processed taking both policies insured.
5. The company shall not be liable to make any payment under the policy in
respect by any fraudulent or device misrepresentation whether by the
insured person or any other person acting on his behalf.

SETTLEMENT OF CLAIM
1. The company gives pre-authorization for cashless facility within four hours
from receipt of the request.
2. The company decides on reimbursement claims within thirty days of receipt
complete documents/ clarifications.
3. The company enables the customers to know claim status within three days
of receipt of documents.
Standards for redressal of grievances
1. The company ensures grievance redressal mechanism for customers to
approach easily.
2. They register all grievances and send acknowledgement within three days to
the customers.
3. They monitor grievances registered on integrated grievance management
system through SRMS portal.
4. They resolve grievances within 15 days if receipt from the customers.
5. The company inform customers availability of insurance ombudsman as a
redressal forum.

35
SERVICES BOTH IN ONLINE AND OFFLINE
1. Customers are guided by the experienced agents to select the proper policy
according to their age and family background.
2. Cashless services for mediclaim i.e., whenever there is hospitalization the
customers need not pay the cash to the hospital including various medical
tests, scan and room rent etc.,
3. The agents will assist the customer during hospitalization for documentation
purposes and forwarding the papers to the head office.
4. In case of post hospitalisation, claims are settled without the interference of
TPA i.e., third party administrators. In other insurance companies TPA will
be appointed and they act as a mediator between the company and the
insured.
5. The company sends constant reminders through SMS and by post for the
payment of their renewal premium.
6. 24 hours toll free assistance is given to the customers. In case of emergency
and any enquiry the customer any contact the toll free numbers given in the
health card.
7. Free general physician consultation over phone is given by doctor’s team of
the company. By quoting the policy number any insured can contact their
doctor on the toll free number and get medical advice.

EXCLUSIVE ONLINE SERVICES

a. Complete knowledge backed website to offer medical information including

health tips for the policy holders.
b. On-line buying of policies can be done by the customers and they
themselves can watch the claim status and other informations by creating
their own log in I.D. and password.
c. Renewal of policies can be done through online by the customers without
the help of agents and suggestions regarding the policies and doubts can be
clarified by the officials through on-line.
d. Live chat facilities are provided. The customers can contact the officials and
clarify their doubts through this option.
e. Portability facility is provided to the customers through on-line and off-line.
Portability means shifting or transferring the policy of a customer with
another insurance company to star health and allied insurance company. It
has to be done one month prior to the renewal of the policy.

f. Customer’s service desk is provided by the company. in that customers are

free to do the following:
· They can download the claim form.
· They can clarify the doubts in claim process and the documentation.

36
· They can go through the particular claim if the customer and know the
status of the claim of the customer by entering the claim number given
to the customer.
· Claims helpdesk provides various information regarding claim process.
· Various helpline numbers are given to the customers for the easy contact
based on the zone, direct contact with the zonal officer over phone is
possible.
· Free health magazine is offered for the customers through on- line.
There by the customers can get medical advices.

37
 Performance of star health

Particulars FY18 FY17 FY16

Gross written premium (INR million) 41,611 29,600 20,073.4
Total equity (INR million) 12,094 7,892 360
Net profit (INR million) 1,712 1,179 1,365.7
Solvency margin (%) 1.77 1.61 5.99
Combined ratio as reported (%) 0.93 0.93 0.90
Return on net worth (%) 18 15 38

Conclusion: - Star is a leader in the retail health insurance space with a market
share of 51.2% in the standalone health segment and 10.9% in the overall health
insurance space. The gross written premium increased at a CAGR of 39.7%
over FY14-FY18 as against the market CAGR growth of 18%. The company,
over the years, has moved away from the government business and has been
focussing on the retail health segment which forms 86.8% of the gross written
premium and would continue to do so.

The ratings remain supported by the company’s long and established track
record in health insurance, reasonable in-house claim processing efficiency,
large team of doctors and empanelled hospitals to drive a strong underwriting
process. The company has a strong distribution network and a diversified mix of
network of agents, bancassurance, brokers and alternate channels such as
online, direct marketing and tele-calling, which act as strong enablers to growth
of Star’s health business.

Star had adequate capital buffers in FY18, supported by its sizeable net worth and
solvency margin. In the past, Star received capital from its promoters as it is
backed by marquee investors including ICICI Venture, Sequoia Capital and Tata
Capital Growth Fund, and APIS Partners LLP. However, with the change in
promoters, Star’s shareholding would be distributed among three largest
shareholders, who would be infusing capital for future growth needs.

Moreover, its investment book portfolio quality was robust with more than 99.7%
of its debt securities rated ‘AAA’ as of FY18. Also, Star maintains comfortable
liquidity position with 45.5% of debt investments (based on book value) in
government securities. Thus, the company’s liquidity profile of the investment
book remains stable to cater to the needs of policyholders.

38
Star is the largest premium collector and has the highest number of tie ups with
the hospitals.

39
 Key Findings in Star Health & Allied
Insurance Company Ltd

It is the first stand alone health insurance company in India. It specializes in

Health Insurance, provides quality service at the best rates, and commits itself to
the service of the insured.

 There is still much scope to explore the market as the city population is
above 30,00,000 & only 2 – 5% of population is covered under any kind
of health insurance coverage.

 Various marketing activities are done to promote the company.

 Underwriting procedures are done cautiously for overall risk assessment &
if found out of the box full efforts are taken to cover that person under some
different plan

 Personal freedom is given to the Sales Managers to explore his / her talent
and generate business by his / her innovative ideas.

 Underwriting guidelines are user friendly and fitted into the software called
PREMIA.

 The software sometimes becomes trouble creator due to inefficiency of

either internet connectivity or continuous power supply.

 Medical underwriting is taken care by qualified doctors at Pune due to

under load of work.

 Company possesses reminder software which generates alerts before

expiry of the
policy after one year for renewal.

 There is a fixed prototype of policy underwriting due to software in which

changes can only occur through higher centers.

Some Suggestions for considerations:-

 Still rigorous marketing activities can be undertaken for grabing attention

of the market.

40
 As the work load goes up unedrwritting procedures should be more
cautiously done for not accepting doubtful cases so the repudiation rate of
the claims can also be reduced there by reducing disappointment for the
policy holders.
 Medical underwriter can be appointed after the workload exceeds limit of
around 12/15 cases per day reduce the turn around time required for policy
issuing.
 Non-network hospitals should be empanelled as soon as possible after
confirming their genuiness to reduce incidences of moral hazards.
 The company totally depends on web services for their underwriting, there
should be some backup if the system fails to continue the work.

41
 RECOMMENDATIONS

 Star should open its own hospitals being the market leader they van open
new or make some partners

 Still rigorous marketing activities can be undertaken for grabing attention

of the market.

 As the work load goes up unedrwritting procedures should be more

cautiously done for not accepting doubtful cases so the repudiation rate of
the claims can also be reduced thereby reducing disappointment for the
policy holders.

 Medical underwriter can be appointed after the workload exceeds limit of

around 12 15 cases per day reduce the turn around time required for policy
issuing.

 Non-network hospitals should be empanelled as soon as possible after

confirming their genuiness to reduce incidences of moral hazards.

 The company totally depends on web services for their underwriting, there
should be some backup if the system fails to continue the work.

42
 BIBLIOGRAPHY

https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=Pag
eNo3729&flag=1
https://www.starhealth.in/media-center
file:///C:/Users/admin/Desktop/Financial%20Ratios%20-
%20Insurance%20Sector.pdf

43