Kotak Mahindra Health Insurance is a wholly-owned subsidiary of Kotak Mahindra bank Limited. It started in the year 2015 after getting its IRDAI license. Since its founding, Kotak Insurance Company has provided a range of health products and expanded its presence nationwide. The company provides a wide range of health insurance products, such as Kotak health care, Kotak Health premier, and Kotak Secure Shield, that are made to meet every customer requirement. Kotak Health Insurance offers various comprehensive health insurance plans ideal for you and your family.
Kotak Health Insurance has received many awards and accolades in recent years. Below mentioned are some of the awards received by Kotak health insurance:
- Kotak Mahindra Health Insurance got “Marketer company of the year” at the India Insurance Summit & Awards in 2020
- Kotak General Insurance received the “Asia ECHO International Awards” in 2020, Consumer Services.
- Kotak Mahindra General Insurance received the “Brand Equity Shark Awards” in 2019 in the best consumer insights campaign from Economic Times.
- Kotak Health Insurance received “Indian Digital Media Awards” in 2019 - Silver for Social Media Campaign.
- Kotak Health Insurance won two Silvers in the “Best Consumer Engagement & Best in Financial Service” category from DMA ASIA ECHO AWARDS in 2019.
- Kotak Health Insurance won three Bronze in the “Best Use of Social Media, innovative use of technology & best in consumer services” category from the DMA ASIA ECHO AWARDS in 2019.
Kotak Health Insurance Company Specification
Below mentioned are the key specifications of Kotak health insurance company:
| Particular | Specifications |
|---|---|
| Network Hospitals | 7000+ |
| Incurred Claim Ratio (2021-22) | 72.11% |
| Claim Settlement Ratio (less than 3 hrs) (2021-22) | 96.90% |
| Number of Branches | 232 branches |
| Solvency Ratio (2021-22) | 2.13 |
| Market Share (2021-22) | 275.53 Crore |
*Data has been sourced from the annual report of IRDAI 2021-22
Key Features of Kotak Mahindra Health Insurance
Kotak Mahindra Health Insurance has various types of health insurance plans to cater to every individual's and their family's healthcare needs. But choosing health insurance totally depends on the performance of the health insurance company. Hence, we have evaluated the performance of Kotak Health Insurance Company in the below section:
Claim Settlement Ratio
The claim settlement ratio is a helpful metric that reveals how many claims the health insurance company resolved in a financial year and helps analyse its claim-settling capacity. As per IRDAI, Kotak Mahindra Health Insurance has a claim settlement ratio of 96.90% in the financial year 2021-22.
Solvency Ratio
The solvency ratio helps evaluate the company's capacity to pay its long-term debt and other financial commitments. Kotak General Insurance has met the IRDAI requirement that all health insurance companies in India maintain a minimum solvency ratio of 1.5. Kotak Health Insurance has a solvency ratio of 2.13 in the year financial year 2021-22.
Network Hospital
Kotak Health Insurance has a wide list of network hospitals where policyholders can avail of cashless medical treatment. Kotak Health Insurance has a tie-up with more than 7000 hospitals nationwide. Cashless hospitalisation enables policyholders to receive medical treatment at any network hospital without worrying about the hospital bill because the insurance provider pays the hospital bills on behalf of the policyholder.
Market Share
You can determine the reputation and the market performance of the health insurance company through market share. As per the annual report of IRDAI, the market share of Kotak Health Insurance is 275.53 Crore.
Health Insurance Policy Offered Under Kotak Mahindra Health Insurance
To meet the insurance needs of a wide segment of customers, Kotak Health Insurance offers a range of health insurance products. Know more about the plans of Kotak Health Insurance and the features and benefits they offer by reading the sections given below:
Kotak Health Care
 |
IFFCO Tokio Individual Health Protector Plan |
Coverage Benefits
- Daycare Treatment
- Ambulance Cover
- Free Health Checkup
Eligibility Criteria
Entry Age: 91 days to 65 years
Sum Insured: 2 Lakhs to 25 Lakhs
|
Kotak Health Premier |
Coverage Benefits
- ICU Cover
- Room Rent Cover
- Daily Hospital Cash
Eligibility Criteria
Entry Age: 91 Days to 65 Years
Sum Insured: 2 Lakh to 2 Crore
|
Kotak Arogya Sanjeevani |
Coverage Benefits
- AYUSH Cover
- Ambulance Charges
- Pre and Post Hospitalization
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Insured: 50K to 10 Lakhs
|
Kotak Corona Kavach Policy |
Coverage Benefits
- AYUSH Cover
- Covid-19 Cover
- Road Ambulance
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Insured: 50K to 5 Lakhs
Critical Illness Health Insurance
|
Kotak Secure Shield |
Coverage Benefits
- Critical Illness Benefit
- Child Education Benefit
- Personal Accident Benefit
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Insured: 5 Lakhs to 10 Lakhs
Personal Accident Health Insurance
|
Kotak Accident Care |
Coverage Benefits
- Funeral Expense
- Ambulance Cover
- Personal Accident Benefit
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Insured: 5 Lakhs to 10 Lakhs
Kotak Health Insurance Premium Calculation
Kotak Health Insurance has its own Kotak Health Insurance premium calculator where you can calculate your premium amount online. It helps customers to calculate the estimated premium amount to be paid for any kotak health insurance plan. Below mentioned are some of the factors that can affect your Kotak health insurance Plan premium:
- Age of the Applicant
- Medical History of the Applicant
- Added members
- Policy Tenure
- Sum Insured amount
- Lifestyle of the Applicant
Kotak Health Insurance Add-on Riders
Various types of add-on riders offered by Kotak health insurance can enhance the coverage benefits of your Kotak health plans by paying some little extra premium:
Hospital Daily Cash
If the hospitalization lasts for more than 3 consecutive days, then Kotak health insurance will pay a daily cash amount to the policyholder.
Convalescence Benefit
In this benefit, if the hospitalization last more than 10 days, then Kotak Health Insurance will pay a lump sum specified amount to the policyholder.
Home Nursing Benefits
This add-on will pay for the services for qualified home nursing assistance after discharge from the hospital.
Air Ambulance Cover
In case of an emergency threatening the life of the policyholder, this add-on cover will pay for the ambulance transportation cost by plane or helicopter.
Maternity Cover
It pays for medical costs for delivering the insured's child or legal abortion. It only offers coverage only for 2 deliveries.
New Born Baby Cover
It covers the medical expense incurred related to the policyholder's newborn baby.
Vaccination Cover
It will pay for the costs of the newborn's immunisations. All the expenses related to vaccination will be covered from the time of the baby's birth until the child turns 2 years old.
Why Buy Kotak Health Insurance?
There are various benefits to purchasing a Kotak health insurance health plan. Some of the reasons for selecting Kotak Mahindra health insurance as your health insurance provider are listed below:
- Customer-oriented health plans
- More than 90% claim settlement ratio
- Offers free annual checkup
- Provide vaccination cover
- 24*7 Customer support
Kotak Health Insurance Exclusion
Below mentioned are some of the common exclusions under Kotak Health Insurance Plans:
- Diseases related to lifestyle
- Dental Treatment
- Vision Treatment
- Hearing Treatment
- Suicidal Injuries
- Cosmetic Surgery
Network Hospitals
Kotak Health Insurance Buying Process
The policyholders can buy a Kotak health insurance plan from the official website of Kotak health insurance and "RenewBuy.com". Below are both the buying processes for Kotak health insurance plans:
Buy from "RenewBuy.com"
- Visit the official website of "RenewBuy".
- Click on the "Health Insurance Plan" tab.
- Select the desired plan.
- Fill in all the required details.
- Click on the "Buy Now" button.
- Make payment.
- We will send the policy documents to your registered email ID
Buy from the official website of Kotak Health Insurance
- Visit the "Kotak Health Insurance" official website.
- Click on the "Health Insurance" tab.
- Submit the form
- Select the desired health plan
- Click on the "Buy Now" button
- Make an online payment, and the insurance company will send the policy documents to your registered email address.
Kotak Health Insurance Claim Process
It is critical for customers to know the Kotak Health Insurance claim process to reduce stress during a medical emergency. Kotak Health Insurance offers two types of claim processes, i.e. cashless claim process and reimbursement claim process. Below are both the Kotak health insurance claim processes:
Cashless Claim Process
- Inform the Kotak Mahindra Health Insurance company within 48 hours before the hospitalization.
- Visit the helpdesk of the hospital and show your health card.
- Fill out and submit the pre-authorization form at the hospital helpdesk.
- The hospital will contact the Kotak Health Insurance company for treatment approval.
- If the treatment is approved, the Kotak Mahindra health insurance company will settle all the bills and expenses of your treatment.
Reimbursement Claim Process
- Inform the Kotak Health Insurance company about the claim.
- Settle all the bills at the hospital and file a reimbursement claim at the earliest.
- Submit all the necessary documents.
- Kotak Health Insurance will verify all the documents.
- Once the verification is done, the Kotak Health Insurance company will settle your claim within 15 days.
Documents Required for Filing Claim
Below is the list of documents you need to submit at the time of submitting the claim:
For Cashless Claim
- Health card
- Pre-hospital medical reports and prescriptions.
- Cashless claim form
- Xerox of policy document
- Photo ID proof
For Reimbursement Claim
- ID proof
- Duly filled and signed claim form
- Address proof
- Discharge summary
- Original medical investigation reports
- Passport-size photographs
- Cancelled cheque
- Original bills
Kotak Health Insurance Contact Details
You can connect with Kotak health insurance by using the below-mentioned details:
Address: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400051. Maharashtra, India.
Toll-Free Number:1800 266 4545
Email ID: care@kotak.com
CIN:U66000MH2014PLC260291. IRDAI Regn. No 152
