Red rice is a perfect addition to your daily diet as it is a whole grain. Whole grains retain the entire grain seed, including the germ, bran, and endosperm. Red rice contains a component called anthocyanin and hence it is consumed either partially hulled or unhulled.People most commonly use red yeast rice for high levels of cholesterol and other fats in the blood. It is also used for heart attack, high blood pressure, heart disease, diabetes, cancer, and many other conditions, but there is no good scientific evidence to support many of these other uses.