Basically, if the rod fails under normal fishing conditions, (not by slamming the rod in the door jam of your F150) then they will replace the rod for free.
One of the other things that were actually the deciding factor when I bought my first Star Rod was the lifetime warranty. I know some people who have Stellar Lite rods that go back 20+ years and they tell me that they still fish like the day they bought them. The fit and finish on the rods are excellent which means that they will last for a long time. One of the things that I really like about the Star rods is that they have a great rod blank that is made of a graphite material which is durable and sensitive at the same time. These rods come in 24 sizes to allow you to pick just the right size and action for your niche of fishing. The Star Stellar Lite series is targeted to the inshore angler and really allows you to do everything well with just one rod. Star rods is a company that has been in business since 1958, however, if you are not from Florida or North Carolina you most likely have never heard of them.