Kotak Health Insurance

6 min read

Overview of Kotak Health Insurance

Kotak Health Insurance is an insurance provider established in 1985 as a subsidiary of Kotak Mahindra Bank Ltd. and is working towards meeting the insurance requirements of a growing number of people in the country. As an insurer, Kotak health insurance company values not just quality but also emphasizes on innovation and customer satisfaction.

Kotak general insurance company caters to a wide range of insurance products including:

  • health insurance plans
  • car insurance plans
  • bike insurance plans
  • home insurance plans, and
  • commercial insurance plans

In the health insurance sector, the company offers numerous customized plans designed specially to cater to the different needs and health requirements of people at affordable premiums. Due to this Kotak health insurance is regarded as one of the most promising insurers in the country.

Further, with the rising cost of healthcare, financial security in terms of health is a prime requirement for everyone. Without the security of an insurance one is sure to lose all the savings if he/she is hit by a health emergency. In such a situation, Kotak mediclaim comes to the rescue of an insured person.

Key Highlights of Kotak Health Insurance Company

Key Features Specifications
Network Hospitals Available 4000+
Waiting Period (Pre-existing Ailments) 4 years
Claims Settlement Ratio 75.45%
Policies Issued 3, 49, 931
Free Health Checkup Available
Renewability Lifelong

* Year Data 2019-20

Awards and Achievements of Kotak Health Insurance Company

  • Awarded the ‘Marketer Company of the Year 2020’ at the India Insurance Summit & Awards
  • Received the ‘ANA ECHO International Awards 2020’, USA. Received Bronze for Consumer Services category.
  • Winner of the ‘Brand Equity Shark Awards 2019’ – bagged Silver in the category of best consumer insights campaign.
  • Winner of ‘India Digital Media Awards 2019’ – bagged Silver in the Special award for gender parity category.
  • Winner of DMAi ASIA ECHO AWARDS 2019
  • Winner of 2 Silvers  in the Best consumer engagement and Best in financial services category respectively.
  • Also the winner of 3 Bronze is categories such as Best use of social media, Innovative use of Technology and Best in Consumer Services, respectively.

Benefits of Availing Kotak Health Insurance Plans

Kotak health insurance presents numerous benefits and features as mentioned below:

  • Kotak health insurance plans offer all-inclusive coverage.
  • These plans offer in-patient protection as well as OPD coverage.
  • They come with instant policy renewal facility for online plans.
  • Acquiring a Kotak health insurance policy involve less paperwork while making a claim.
  • They offer 24×7 insurance assistance.
  • They also offer a fast registration process while making a claim.
  • The Kotak Insurance plans also offer NCB discounts etc.
  • These policies allow portability.
  • Cashless hospitalization at network hospitals is also available
  • One policy can offer coverage to an entire family under a family floater plan where you just need to pay a single premium.
  • Tax benefit on premiums is also available.

Health Insurance Plans Offered by Kotak Health Insurance Company

Kotak Health Insurance present a wide-range of health insurance products which secure people against different health needs.

Here are some of the top Kotak Health Insurance Plans:

1. Kotak Secure Shield health insurance plan

The Kotak secure shield is a health insurance policy that protects you against lifestyle diseases like diabetes.  As such lifestyle related diseases are on the rise and they affect your life adversely along with affecting your savings. So, with a Kotak Secure Shield you can get protection against such critical diseases. Under this plan, the insured gets a lump sum amount at the time when a critical disease is detected, which can be used for treatment of the disease.

Features:

  • Min. Entry age – 18 years
  • Max. Entry age – 65 years
  • Policy type – critical illness coverage
  • Renewability – Lifelong
  • Policy period – 1, 2,3 years

Benefits:

  • Personal accident coverage
  • Comprehensive coverage for critical illness
  • Tax benefits

 

2. Kotak Health Care health insurance plan

This policy assures the insured of not incurring huge medical expenses during an emergency health situation. This is a quality healthcare policy that will ensure the speedy recovery of the insured.

Features:

  • Min. Entry age – 5 years
  • Max. Entry age – 65 years
  • Policy type – Individual/floater coverage
  • Policy period – 1, 2,3 years

Benefits:

  • Hospitalization costs
  • Free medical check-up
  • Add-ons are available
  • Ambulance cost cover
  • In-patient treatment cover
  • Cumulative bonus
  • Daycare procedure cover
  • Cashless treatment benefit

3. Kotak Accident Care insurance plan

The accident care plan by Kotak health insurance is designed in a way to protect the insured and his/her family against accidents, permanent or temporary disability or in case of death. The insurance policy covers hospitalization costs, along with paying a lump sum amount.

  • Policy type – Individual coverage
  • Policy period – 1, 2,3 years

Benefits:

  • In-patient hospitalization costs
  • Daycare treatment costs
  • Pre, post hospitalization charges
  • Ambulance costs
  • Organ donor costs
  • Alternative treatment coverage
  • Restoration of sum insured facility
  • Tax benefit allowed
  • Cumulative bonus allowed
  • Double SI for accidental hospitalization

4. Kotak Health Super Top Up insurance plan

The Kotak Health Super Top Up plan comes with a higher sum insured amount which can be utilized when the basic sum insured is over. This policy is available with a low premium as compared to other plans.

Features:

  • Min. Entry age – 91 days child, 18 years adults
  • Max. Entry age – 65 years
  • Policy type – Individual/floater coverage
  • Policy period – 1, 2,3 years
  • Renewability – Lifelong

Benefits:

  • In-patient expenses covered
  • Day Care costs covered
  • Pre, Post-Hospitalization costs covered
  • Restoration Benefit offered
  • Cumulative Bonus facility available
  • Health check-up available
  • Second E-opinion facility
  • Ambulance costs cover
  • Organ donor coverage
  • Alternative treatment coverage
  • Domiciliary costs covered
  • Hospital daily cash facility covered
  • Air ambulance facility covered
  • Home nursing facility covered
  • Daily cash for accompanying an insured child covered
  • Newborn baby coverage
  • Vaccination expense coverage

5. Kotak Health Premier

Kotak health premier is an all-inclusive health plan that offers total protection along with numerous benefits to suit your needs.

How to buy Kotak Health Insurance Policy

You can follow the steps below to buy a kotak medical insurance policy online:

  • Visit the portal of the insurer.
  • Click on the ‘buy health insurance’ tab.
  • Select ‘Gender’
  • Submit personal details (Name, Mobile Number) after selecting Gender.
  • You will receive an OPT on your mobile.
  • Enter OTP received on your phone.
  • ‘View Quotes’ by clicking on the appropriate button.
  • Select number of family members to be added under the plan. (for family floater plans)
  • Select each member’s age.
  • Enter email ID and location.
  • Now click the button of ‘Submit and View Quotes’
  • You can find many health insurance quotes in front of you on the screen.
  • Shortlist the most appropriate one.
  • Now choose the policy duration of the plan.
  • Submit the required details.
  • Pay the premium online.

The process of Renew of Kotak Health Insurance Plans

Below are the steps that can be followed to renew Kotak medical insurance policy:

  • Go to the website of the Kotak health Insurance company.
  • Click on the ‘Renew’ tab on the home page.
  • Submit policy details.
  • Choose the quote that suits you aptly.
  • Make the payment online.
  • Your policy is renewed and you will get a confirmation on your email ID that is registered with the insurer.

How to File a Kotak Health Insurance Claim?

The following steps can be taken to ensure a seamless claim settlement with Kotak Mahindra health insurance by making a claim under cashless claims and reimbursement claim settlement process.

Cashless Claim Process

The cashless claim can be availed at any of the network hospitals of the insurer without paying any penny. Here are the steps to follow:

  • For planned hospitalization, the insurer requires you to fill the pre-authorization form before 48 hours. For emergency hospitalization, the pre-authorization form can be filled within 24 hours of getting hospitalized.
  • Once the request gets approved, the treatment can be started from a network hospital by using Kotak Mahindra insurance Policy Certificate.
  • Next step is to submit documents via TPA so that hospitalization costs can be paid directly by the insurer.

Reimbursement Claim Process

This claim process can be availed from any hospital (not under the network of the insurer). The insurer has to pay the hospital costs at the time of discharge and later can claim for the policy. Here are the steps to follow:

  • Call and inform the insurer at the toll-free number 1 800 266 4545, immediately after getting hospitalized.
  • Pay the hospital bills on your own at the time of getting discharged. Keep the required documents/original bills safe.
  • Submit a claim within 30 days of getting discharged by submitting the claim form as well  as the relevant documents.
  • The claim will be settled by the insurer if it meets all its necessary requirements.

Claim Settlement Ratio of Kotak health insurance

Claim Settlement Ratio is the ratio of claims that are settled by an insurer during a policy year as against the complete claims that the insurer receives during the year.

The claim settlement ratio of Kotak Mahindra Health Insurance for the financial year 2018-19 was 76.20%, while it was 75.45% for the financial year 2019-20.

Financial Year Claim Settlement Ratio
2018-2019 76.20%
2019-2020 75.45%

FAQs on Kotak Health Insurance

Why Kotak Health Insurance?

Kotak health insurance serves the purpose of people looking for individual or family floater plans at affordable premium prices. Kotak insurance offer customer-focused plans with tailor-made products that can be availed via online processes. They offer comprehensive policies to cover medical treatment against health emergencies at lower premiums.

What are the benefits of buying Kotak health insurance plans?

Below are some benefits of buying kotak health insurance plans:

# Kotak health insurance plans offer all-inclusive coverage.
# These plans offer in-patient protection as well as OPD coverage.
# They come with instant policy renewal facility for online plans.
# Acquiring a Kotak health insurance policy involves less paperwork while making a claim.
# They offer 24x7 insurance assistance.
# They also offer a fast registration process while making a claim.
# The Kotak Insurance plans also offer NCB discounts etc.
# These policies allow portability.
# Cashless hospitalization at network hospitals is also available
# One policy can offer coverage to an entire family under a family floater plan where you just need to pay a single premium.
# Tax benefit on premiums is also available.

Can I port out my current plan to any of the Kotak health insurance plans?

Yes, you can port your health insurance policy to Kotak health insurance but for that you have to wait till the policy renewal time. So, when your existing health insurance policy is due for renewal you can inform your current insurer and switch plans to avail Kotak health policies. To make sure the portability is taken care of on time, apply at least 45 days prior to the expiry of your existing policy.

What is the process to make a claim through the Kotak Insurance Company?

Claims can be made via cashless and reimbursement process.

Cashless Claim Process:
> Fill the pre-authorization form before 48 hours for planned hospitalization and within 24 hours for emergency hospitalization.
> Once the request gets approved, the treatment can be started from a network hospital.
> Finally submit documents via TPA so that hospitalization costs can be paid directly by the insurer.

Reimbursement Claim Process:
> Call and inform the insurer at the toll-free number 1 800 266 4545, immediately after getting hospitalized.
> Pay the hospital bills on your own at the time of getting discharged, while keeping the documents safe.
> Submit a claim within 30 days of getting discharged with relevant documents.
> The claim will be settled by the insurer after verifying details.

What kind of insurance policies are offered by the Kotak Insurance Company?

Kotak insurance company caters to a wide range of insurance products including:

1. health insurance plans
2. car insurance plans
3. bike insurance plans
4. home insurance plans, and
5. commercial insurance plans

How to make the Kotak Insurance online payment to renew the policy?

> Go to the official website of Kotak health Insurance.
> Go to the Renewals page by clicking on the renewal tab.
> Enter your registered mobile number and ‘Login’.
> Select the renewal quote of your choice and make the payment online via a secured payment gateway.

What are the health insurance claim settlement options offered by Kotak?

Claim settlement processes allowed by Kotak Mahindra health insurance include cashless claim settlement and reimbursement claim settlement.

What are the documents required for the claim settlement process at Kotak?

Health card issued by Kotak Mahindra General Insurance
Reports/prescriptions related to the ailment
Policy papers
Photo Id of the insured such as PAN card, Driving License, Passport, Employer ID, Voter ID etc.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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