The firm plans to launch its worldwide insurance coverage product suite in a phased method in FY25.
Star Health mentioned that it’s the first medical health insurance firm to be granted registration to determine an IFSC International Office in GIFT City.
Star Health and Allied Insurance Company (Star Health Insurance), the retail medical health insurance agency in India, has just lately introduced that it has been granted registration by IFSCA to determine an IFSC International Office (IIO) at Gujarat International Finance Tec-City (GIFT City).
GIFT City is a venture of nationwide significance and has grow to be an integral a part of India’s development story.
The firm mentioned that it’s planning to begin its operations with a department in GIFT City by the top of March 2024. This transfer strategically positions Star Health Insurance within the worldwide monetary enviornment, facilitating entry to medical health insurance options in US {dollars} for the worldwide Indian group, the corporate assertion added.
Star Health Insurance’s presence in GIFT City’s International Financial Services Centre (IFSC), will allow the corporate to considerably increase its international attain and enterprise.
The firm will provide non-resident Indian (NRI) targeted insurance coverage that caters to the wants of the worldwide Indian.
Star Health Insurance will even be capable of entice overseas inward enterprise as a reinsurer. The firm will present insurance coverage for Indians going overseas and India’s rising worldwide scholar group.
The firm plans to launch its worldwide insurance coverage product suite in a phased method in FY25.
Anand Roy, MD & CEO, Star Health Insurance, mentioned, “We are excited to mark another milestone in our journey towards qualitative growth. This is a pivotal step in our expansion strategy, extending our reach beyond Indian borders and providing seamless access to our health insurance offerings for Non-Resident Indians (NRIs) and the global Indian diaspora. Leveraging our extensive network of healthcare partners, we are poised to deliver exceptional service to our policyholders.”
