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Kotak Mahindra General Insurance
Having been established in the year 2015 with the aim of providing services towards the non-life insurance sectors of India, Kotak Mahindra General Insurance is a 100% subsidiary of India’s fastest growing bank, Kotak Mahindra Bank Ltd, and is a part of one of India’s leading financial conglomerates, Kotak Mahindra Group. Since then, the company has been serving its customers faithfully with a wide range of general insurance products, having 19 official branches spread all over the country.
This company focuses on catering to the varied needs of different individuals by offering various general insurance plans such as motor, health, and many more along with many variants at an affordable premium rate, going beyond the different geographical locations so that it can reach the doorstep of the consumers. The non-life plans offered by Kotak Mahindra are consumer-friendly and can be customized according to their convenience. As a practice, the company tries to offer a differentiated value proposition through customized products and services leveraging state of art technology and digital infrastructure.
Key Facts of The Company
To know more about the company, specifically about its major facts, have a look at the following table.
|Incurred claim ratio (in the financial year of 2019-2020)||68.8%|
|Number of policies sold (in the financial year of 2018-2019)||349,931|
|Premium underwritten (in the financial year of 2019-2020)||Rs. 433.39 crores|
|Solvency Ratio (March 2020, for general insurance)||2.13|
|Equity Share Capital (as of March 31, 2020)||Rs. 220.00 crores|
|Cashless facility||Yes, available|
|Official branches||19 (as of September 2020)|
Kotak Mahindra Recent Awards & Recognition
- Marketer Company of the Year – India Insurance Summit & Awards 2020.
- ANA ECHO International Awards 2020, USA – Bronze, Customer Services.
- Brand Equity Shark Awards 2019 – Silver, best customer insights campaign.
- India Digital Media awards 2019 – Silver, Special award for gender parity.
- DMAi ASIA ECHO AWARDS 2019
- 2 Silvers – Best consumer engagement & Best in financial service.
- 3 Bronze – Best use of social media, innovative use of technology & Best in consumer services.
Different types of insurance plans offered by Kotak Mahindra General Insurance
To address the varied needs of different consumers, Kotak Mahindra General Insurance has come up with a bundle of non-life insurance plans ranging from motor to health and many more along with a sack full of variants of each type so that one can find an ideal product that can suit his/her all purposes. Have a look at the different general insurance products offered by Kotak Mahindra.
Kotak Mahindra General Insurance has presented a wide array of health insurance plans, which come with a lot of benefits and facilities so that the insured person can safeguard himself and/or his family from different types of health hazards. Let us find out various types of health plans for it along with their brief details.
Kotak Secure Shield:
This plan is specially designed to safeguard you from a wide number of critical illnesses mentioned in the policy wordings and also has come up with a bundle of benefits such as personal accident benefit, child education benefit, loss of job benefit (due to illness or accident), and the Kotak Edge facility to protect you and your family financially from the unforeseen medical emergencies. Under this policy, one can avail of the lifetime renewal facility whereas the minimum and maximum entry age for this policy are 18 years and 65 years respectively and the policy period is 1, 2, and 3 years. Apart from the medical cover, you can also avail of tax exemption benefit under Section 80D of the IT Act, 1961on the premium paid towards the critical illness section of the policy.
Kotak Health Care:
It is a comprehensive health insurance plan that keeps you and your family always protected from different types of ailments and diseases as it has come up with a variety of covers such as coverage against medical bills, in-patient treatment benefits, health check-ups once in a year, emergency road ambulance cover and many more along with a wide range of sum insured options, starting from Rs. 2 lakhs to Rs. 100 lakhs. This plan also offers three variants to choose from, namely Excel, Premium, and Prime plan and each plan offers a number of add on covers like hospital daily cash, convalesce benefit, maternity benefit, alternative treatment, and many more make your policy stronger and extended. The minimum entry age for this policy is 5 years (individual policy) and 91 days (floater policy) and the maximum entry age for adults is 65 years whereas, for dependent children, it is 25 years.
Kotak Accident Care:
It is a personal accident policy that is designed to protect the insured person and his family economically as the plan has come up with different covers including death benefit cover, permanent total disability cover, permanent partial disability cover, and temporary total disability cover (weekly benefit) along with many other benefits such as accidental hospital daily cash benefit, accidental hospitalization reimbursement and convalesce benefit. The insured person can also opt for any of the optional benefits to extend the benefits of the policy such as carriage of the dead body, permanent total disablement improvement benefit, permanent partial disablement improvement benefit, children’s education grant, emergency ambulance charges, and funeral expenses extension. The entry age for this policy ranges from 5 years to a maximum of 65 years and one can opt for 1, 2, or 3 years of the policy period.
Kotak Health Super Top Up:
If you feel that your existing health plan cannot provide you adequate covers, you can opt for this top up plan as it works alongside the basic health insurance plan and offers you enhanced benefits at an affordable premium rate. This plan has come up with in-patient hospitalization benefits, daycare treatment, pre, and post-hospitalization cover, ambulance cover, organ donor benefit, alternative treatment facility, double sum insured for hospitalization due to accident facility, and many more. You can cover your entire family under this single plan and can choose from a wide range of sum insured options and multiple variants according to your convenience and one can also avail of tax exemption benefits for this policy under Section 80D of the Income Tax Act, 1961.
Kotak Health Premier:
This is a comprehensive health insurance policy that not only comes with multiple covers but also offers rewards and value-added benefits to keep you and your dearer ones always protected. Any of the three variants (Advantage, Elite, and Edge Plan) of the policy can be purchased on an individual or family floater basis for 1, 2, or 3 years of the policy period and the entry age for the dependent children for this policy starts from 91 days to a maximum of 25 years whereas the minimum entry age for adults is 18 years and the maximum is 65 years of age. Apart from the basic covers, this plan offers a sack full of benefits such as cumulative bonus, restoration benefit, annual health check-up, second E-opinion cover, domiciliary hospitalization facility and lot more and one can also avail of optional covers like a home nursing benefit, compassionate benefit, critical illness cover, cap on room rent, air ambulance cover, newborn baby cover and many more, on the basis of the type of his plan.
Arogya Sanjeevani Policy:
It is a standard and comprehensive health insurance plan with a policy period of 1 year that can be purchased on an individual or family floater basis and the minimum sum insured for this policy is Rs. 50,000 that is subject to a maximum limit of Rs. 10 lakhs. The plan is flexible enough to offer you the portability option to other health insurance policies and the minimum and maximum age limit for this policy is 18 years and 65 years respectively. This plan provides covers for hospitalization charges, ICU or ICCU expenses, cataract surgery, costs for modern and advanced treatments and a fixed co-pay of 5% is applicable for all claims and ages in this policy.
Corona Kavach Policy:
To fight against the global pandemic, Kotak Mahindra General Insurance has included this corona-specific policy that offers coverage for the hospitalization expenses (hospitalization for a minimum period of consecutive 24 hours) arising out of covid treatments on a positive diagnosis of covid from a government recognized diagnostic center along with the pre-hospitalization expenses up to 15 days and post-hospitalization costs, that is subject to a maximum limit of 30 days. Apart from this, the policy also provides road ambulance cover, AYUSH treatment cover and home care treatment benefit and one can also opt for optional cover like hospital daily cash. The policy can be purchased on an individual or family floater basis for a policy period of 105 days, 195 days, or 285 days and the sum insured options range from Rs. 50,000 to Rs. 5 lakhs.
Corona Rakshak Policy:
This is also a standard corona-specific individual health insurance policy that aims to provide a lump sum benefit on the positive diagnosis and hospitalization for Covid-19. The minimum sum insured amount for this policy is Rs. 50,000 and the maximum is Rs. 2.5 lakhs and the waiting period for this policy is 15 days whereas the lifelong renewability, migration, and portability facilities are not available with this policy. Any person in between the age group of 18 years to 65 years can avail of this policy and the proposer with higher age can obtain the policy for adult members of the family without covering himself/herself.
Saral Suraksha Bima:
This is a standard and comprehensive health insurance policy with the policy period of 1 year that can be purchased by any person in between the age group of 18 years to 70 years for self and for the family members (for dependent children the entry age is 3 months to 25 years) having chosen any of the sum insured options ranging from Rs. 2.5 lakhs to Rs. 1 crore. This policy has come up with a wide array of benefits such as death benefit, permanent total disablement cover, permanent partial disablement cover, and cumulative bonus facility along with different optional covers to choose from such as temporary total disablement, hospitalization expenses due to accident, and child education grant benefit. This policy also comes with the lifetime renewal fa
Kotak Group Health Insurance:
Kotak Mahindra General Insurance has designed a number of comprehensive group insurance policies to provide protection to the employee-employer group and non-employee-employer group members and their families against unforeseen medical hazards and unfortunate accident risks. The company offers 6 group health plans under this category and they are, Kotak Group Health Care, Kotak Group Secure Shield, Kotak Group Accident Protect, Kotak Group Smart Cash, Corona Kavach Group Policy, and Kotak Covid-19 Secure and each policy come with a sack full of benefits and optional covers to strengthen the policy and the policies can be customized according to the convenience of the insured person. Kotak Mahindra also offers several group health insurance policies to cater to the needs of microinsurance customers and the plans are, Kotak Group Health Care – Micro Insurance, Kotak Group Secure Shield – Micro Insurance, Kotak Group Accident Protect – Micro Insurance, and Kotak Group Smart Cash – Micro Insurance.
2. Kotak Mahindra Motor Insurance Plans
Kotak Mahindra General Insurance has come up with a wide array of motor insurance plans including two-wheeler insurance, car insurance, and many more to provide protection to the vehicles and their owners from the unforeseen, unfortunate events that the vehicles are exposed to. Let us find out the brief details of each plan, below.
Kotak Car Secure (for private cars):
This is a type of motor insurance policy for the private car owners to safeguard their cars and themselves from different types of perils as this policy comes with multiple benefits such as damage cover, personal accident cover, third party legal liability benefit, comprehensive cover, enhanced protection benefit, Kotak Edge benefit, and no claim bonus benefit. The plan also offers a bundle of optional covers to choose from like roadside assistance, depreciation cover, consumables cover, engine protection, and return to invoice benefit. Under this policy, the insured person can also avail of different discounts such as premium discounts and AAI members discounts.
Kotak Long Term Two Wheeler Secure:
As the name suggests, this policy is specially designed for the two wheeler owners and one can choose a policy period of 1, 2, or 3 years whereas opting for a longer policy period enables the insured person for availing of additional discounts and hassle-free coverage without having to renew the policy every year. The policy has presented numerous covers such as loss or damage cover, liability to third party cover, and personal accident cover for the owner-driver. It has to be remembered that as per the Supreme Court order, the new two wheeler owners have to have 5 year mandatory third party insurance cover.
3. Kotak Commercial Vehicle Insurance Plans
Kotak Mahindra General Insurance has come up with three comprehensive commercial vehicle insurance plans for those vehicle owners who use their motors for commercial purposes and want to secure the motors as well as themselves financially, against the different types of perils and unforeseen unfortunate events like accidents. Let us have a look at the brief details of the plans.
This plan is specially designed for the passenger carrying vehicles to offer it protection against different dangers as it comes with a lot of covers such as damage cover, incurred due to natural calamities or manmade hazards, personal accident cover, third party legal liability cover, and comprehensive cover like protection for the electrical and non-electrical accessories as well as bi-fuel systems of the vehicle. This plan also offers different types of discounts such as NCB (No Claim Bonus) discounts, AAI member discounts, and premium discounts. Ona can also opt for any of the optional covers such as roadside assistance cover, depreciation cover, consumables cover, engine protection, and return to invoice benefit.
Miscellaneous Vehicle Insurance Plan:
This plan offers covers to almost all the types of miscellaneous commercial vehicles such as tractors, excavators, shovels, grabs, mobile rigs, and many more. This plan provides protection to you and your vehicle against natural calamities, manmade hazards, personal accidents, third party legal liabilities, and also safeguards all the electrical and non-electrical accessories as well as bi-fuel systems of the vehicle. The insured person can avail of different discounts offered by the policy and one can also enjoy the other India motor tariff endorsements, just by paying an additional required premium.
This truck insurance plan is specially built for those who have vehicles with bigger wheels that carry goods for commercial purposes. It provides complete and comprehensive protection to your goods carrying vehicles as the plan has come up with damage cover arising out of natural disasters and manmade hazards, personal accident cover, no claim bonus benefit, third party legal liability cover, and cover for all electrical and non-electrical accessories and bi-fuel systems of the vehicle. It has to be remembered that the insured person can only avail of the NCB benefit if the policy is renewed within 90 days of the previous policy’s expiry date, whereas this period can be extended up to 365 days under certain terms and conditions of the company.
4. Kotak Mahindra Third Party Liability Insurance Plans
Kotak Mahindra General Insurance has come up with a variety of third party liability insurance plans to safeguard you from your legal liabilities towards the third party against the events of bodily injuries including death property damage caused by an accident that involves you directly. The company has presented 7 variants of this type of insurance plan and they are – Liability Only – Private Car, Liability Only – Misc D, Liability Only – GCV, Liability Only – PCV, Liability Only – Two Wheeler, Liability Only (private car) – 3 years, and Liability Only (two wheeler) – 5 Years. Along with all the basic benefits, all the above-mentioned plans come with personal accident cover to the owner driver.
What Are The Reasons For Buying an Insurance Policy from Kotak Mahindra General Insurance?
As the market is flooded with a wide range of general insurance companies that come with various insurance plans with varied benefits and unique features, it becomes difficult for a policy-seeker to find a proper general insurer that can cater to the needs of him/her. But if you keep in mind certain parameters and then evaluate the companies, it becomes easier for you to find out the ideal one. To make your job trouble-free, after assessing and evaluating Kotak Mahindra General Insurance considering those potential parameters, it has been found that the company is potential enough to stay on your bucket list. Here are the reasons for the finding.
Network Hospitals – To avail of the cashless facility, you need to get admitted to a network hospital. At the time of a medical emergency, you not only need to find a network hospital within your vicinity but also that hospital has to be good enough to provide you the best services as at that time you cannot travel far in search of the one. For this reason, the number of network hospitals matters a lot. Kotak Mahindra General Insurance has more than 5000 network hospitals across the country that enables you to find a suitable one within your area.
Network Garage – It is similar to the idea of network hospitals as in the case of cashless motor claims, you need to go for a network hospital of the company. And, Kotak Mahindra has more than 350 network garages all over the country so that you can easily find an ideal one when you need it the most.
Distribution Network – If you are opting for a general insurance company, it has to have a good distribution network to connect the customers and to reach their doorsteps. As of September 2020, Kotak Mahindra has 19 official branches spread across India and 793 reliable and experienced employees. Apart from that, the company is well connected with its consumers through many individual agents, corporate agents, and electronic service providers. So, whenever you need anything from this company, it will always be beside you with the promise of keeping you safe and protected.
Claim Settlement Ratio – We buy a general insurance plan so that it can help us financially in our most critical time and keep us protected. In that case, the claim settlement ratio of the company plays a pivotal role. According to the IRDA Annual Report, the Incurred claim ratio of Kotak Mahindra General Insurance in the financial year of 2019-2020 is 68.8%, which is higher than many other general insurers. It indicates that once you have bought a general insurance plan from this company, you are completely safe and secure.
Solvency Ratio – A solvency ratio stands for the potential of the company to meet its long-term financial goal. If the solvency ratio is higher, it is more likely the company has the capability to pay off the lump sum claim amount of its customers. According to the IRDA Annual Report, the solvency ratio of Kotak Mahindra as of March 2020 is 2.13, which is good enough to keep the company on your bucket list.
Market Share – According to the IRDA Annual Report the premium underwritten in the financial year of 2019-2020 of Kotak Mahindra is Rs. 433.39 crores that indicating the strong financial potential of the company and its capability to handle the situation of the financial crisis in the near future. This data highlights the fact is it is a completely reliable and trustworthy general insurance company.
Number of Plans – If the company fits every parameter but does not have a variety of plans to cater to the needs of its consumers, then the company cannot satisfy your needs. If the company has a sack full of general insurance plans to offer, it can address the varied needs of different individuals. Kotak Mahindra has come up with a wide range of general insurance plans along with various variants so that you can find the most suitable one for you.
Customer Service – You can easily get connected with the company via mail or phone number. Additionally, the official website of Kotak Mahindra has the ‘Customer Support’ tab that can help you to contact the company as per your need. Their experts are always there beside you, just a click away.
How To File a Claim For Kotak Mahindra General Insurance?
Kotak Mahindra General Insurance has come up with two types of claim processes for each sector, namely – Cashless Claim Process and Reimbursement Claim Process. For each category, the claim procedure may slightly vary. So, for better understanding, the detailed claim processes for both motor and health insurance have been discussed here. Have a look at the below.
Health Insurance Claim Process:
Follow the below-mentioned steps to avail of a smooth, hassle-free health claim procedure.
Cashless Claim – If you want to enjoy the facility of a cashless claim, you need to get admitted to a network hospital of the company. In case of planned hospitalization, you need to intimate the hospital 48 hours prior to the hospitalization but for emergency hospitalization, approach the cashless helpdesk of the hospital within 24 hours of the hospitalization. In both cases, submit the pre-authorization form and valid identity proof along with other required documents. Also, submit a duly filled and signed claim form. The company will verify the documents. If no discrepancy is found, your claim will be approved. Upon approval, you just have to pay the deductible expenses at the hospital and the rest of the amount will be settled by the company directly with the hospital.
Reimbursement Claim – As soon as the event takes place, intimate your insurer via mail or phone number. Avail the medical treatments and settle all the bills and get discharged from the hospital. Collect all the documents like hospital bills, pharmacy bills, doctor’s reports, prescriptions, hospital discharge certificates, etc., and produce them before the company within 30 days of discharge from the hospital along with the duly filled and signed claim form. The company will verify and evaluate your documents. If no inconsistency is found, the company will settle the claim amount within 15 days.
Motor Insurance Claim Process:
If you want to avail of a seamless motor claim process, follow the below-mentioned steps.
Cashless Claim – If you want to raise a cashless claim, call Kotak Mahindra on 18002664545 (8 am – 8 pm) and inform the insurer about the same including your policy details. Upon successful registration of your claim, you will receive a claim reference number. Store it safely for future reference. Submit all the required documents such as driving license, RC copy, police FIR copy, and other relevant documents as per your policy’s terms and conditions. On behalf of the company, an arrangement will be made for the inspection within 24 hours. If the insurer confirms the cashless facility, you can repair your vehicle in a desired network garage of the company. The company will directly settle the claim amount with the garage and in that case, you only have to pay the deductibles like salvage, depreciation value as informed by the surveyor.
Reimbursement Claim – Intimate the company as soon as the event occurs by calling them on their contact number. Provide the details of your policy and submit all the required documents without any failure. Do not produce any wrong information and cooperate with your insurer. The submitted documents will be verified and evaluated. If required, on the behalf of the company a surveyor will be appointed for inspection. If no discrepancy is found, your claim will be approved and the claim amount will be settled within 7 working days of the complete documentation.
Frequently Asked Questions
1. What is IDV?
2. How can I renew my policy under Kotak Mahindra General Insurance?
3. How can I download my policy online from Kotak Mahindra?
4. What is the waiting period for Kotak Secure Shield, in case of pre-existing diseases?
5. What does roadside assistance mean?
Ans: Roadside Assistance is a kind of service that offers you the necessary help that you may require, in case you are stranded on the road when your car breaks down. It includes:
• Towing due to an accident or breakdown
• Battery jump start
• Arrangement/Supply of fuel
• Emptying of the fuel tank
• Flat tyre(s)
• Breakdown support over the phone
• Taxi benefits
• Arrangement of keys
• Message relay
• Minor repairs
6. My car model is no longer available in the market. Will this impact my policy?
Ans:Even if your car model is no longer available in the market, this will put no negative impact on your policy, claims, servicing, or renewals.
7. What are the documents required for a reimbursement health claim under Kotak Mahindra?
Ans: The required documents are as follows.
- Duly filled and signed claim form
- All treatment papers of current ailment mentioning first symptoms and date of occurrence of the ailment, previous treatment papers (if any).
- Discharge certificate or card from the hospital.
- All the hospital bills and receipts are in their original form.
- Original bills of pharmacy, chemists, medical practitioners, medical investigation, prescriptions, etc.
- NEFT details
- KYC details.
- Valid address and age proof.
8. I have two insurance policies. One with Kotak Mahindra and another one with another insurance company. Now, how can I submit my original documents?
Ans: In that case, you need to submit the original documents to any of the insurance companies. After the claim settlement, you need to get certified true copies along with a settlement letter and then submit the same to the other insurer.
9. My motor insurance policy with Kotak Mahindra has expired. Am I still eligible for the No Claim Bonus (NCB) facility?
Ans: Yes, you can still avail of the NCB facility if you renew your policy within 90 days of the expiry of the previous policy.
10. Is any cosmetic surgery covered under Kotak Health Super Top Up?