G Srinivasan, MD and CEO, Galaxy Health Insurance
| Photo Credit:
BIJOY GHOSH
Galaxy Health Insurance, a standalone health insurer just about 16 months into operation, is set to close FY26 with about Rs 150 crore in premium. Further, the company is looking to clock about ₹350 crore in premium for FY27. Jointly promoted by the families of TVS’ Venu Srinivasan and Star Health founder V Jagannathan, the insurer has currently recorded about ₹125 crore in premium, with one month remaining in the fiscal.
With about 3.5 lakh policyholders currently, Galaxy has policyholders across eight States- Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Odisha, West Bengal, Assam, and Uttar Pradesh, and has an average ticket size of around ~₹18,000 per policy, G Srinivasan, MD and CEO, Galaxy Health Insurance, told businessline.
“We have so far settled about 15,000 claims in the current year, and there have been no grievances on our claims. And if a customer claims ₹100 , we have been able to pay almost 98.6,” said Srinivasan, indicating that there is a wide perception that insurers only pay about 70-80 per cent.
The company has an agent network of about 15,000 in just a year of operation and aims to grow this. The response of GST cut on insurance has been very positive from the customer side, said Srinivasan, noting that, as a company they have not reduced agents’ commission and absorbed the impact of not having input credit set-off. “It is about about 6 per cent of our premium as impact on the bottom line, and we have absorbed it,” he said. “We hope that the increased volumes which will come over a period of time should compensate this,” he added.
With regard to 100 per cent FDI now allowed in insurance, the executive said that they are strongly capitalised by the promoters at the moment, and any decision on bringing in foreign investment will be that of the promoters.
While personal accident policies a small part of the business currently (at about 2-3 per cent), the insurer also plans to come out with a travel insurance product in a month or two.
Among the core objectives of setting up Galaxy is to increase penetration in health insurance. Second is to come out with products which provide a wholesome solution to the customers, and the third is to focus on wellness, because today health insurance comes into play only after a person has fallen sick, but the idea is how do we engage with customers to make them live a healthy life, Srinivasan notes.
Published on February 27, 2026
