Mumbai, April 16 -- India's largest private health insurer Star Health & Allied Insurance Co. Ltd plans to venture into life insurance business by potentially acquiring a life insurance company once the government allows composite licence for insurers in India, says Anand Roy, chairman, Star Health.

Roy expects a 10% rise in the cost of average health insurance premium this year in the wake of rising medical inflation. He also denied reports of any stake sale discussion with Life Insurance Corp. of India (LIC), which has been planning to partner with a health insurer through stake acquisition in the imminent composite license regime. After dealing with a hit on profitability due to unusually high insurance claims last year, Roy, in an in...