personal-finance
What is a standalone health insurance company?
Dec 01, 03:12

The Rs 7,249-crore public issue of India's first standalone health insurer Star Health & Allied Insurance opened for subscription on Tuesday. Such companies offer only health, accident and travel covers, whereas general insurers also sell motor, home, business insurance and so on. Others include Niva Bupa, Care, ManipalCigna and Aditya Birla Health. Health insurance, which has gained traction due to COVID-19, is recognised as a separate class of business under the amended Insurance Act, 2015. It defines health insurance as “the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel and personal accident cover".

Standalone-health_pic
Standalone health