Star Health gets IFSCA registration; to launch NRI-focused product

Star Health and Allied Insurance Company (Star Health Insurance), the largest retail health insurance firm in India, said it has been granted registration by IFSCA to establish an IFSC International Office (IIO) at Gujarat International Finance Tec-City (GIFT City).

The company plans to commence its operations with a branch in GIFT City by the end of March 2024.

Star Health Insurance’s presence in GIFT City’s International Financial Services Centre (IFSC), will enable the company to expand its global reach and business. The company will offer non-resident Indian (NRI) focused insurance that caters to the needs of the global Indian, the insurer said.

Star Health Insurance will also be able to attract foreign inward business as a reinsurer.

The company said it will provide insurance for Indians going abroad and India’s growing international student community.

The company plans to launch its international insurance product suite in a phased manner in FY25.

GIFT City is a project of national importance and has become an integral part of India’s growth story.

As of December 31, 2023, Star Health has 877 branch offices pan-India.

The company has 14,203 network hospitals pan India. In FY23, Star Health had a gross written premium of ₹12,952 crore and a net worth of ₹5,430 crore. CNBCTV18