Kotak Health Premier vs. IFFCO Tokio Health Protector

Kotak Health Premier vs. IFFCO Tokio Health Protector

Health insurance policies are the most popular insurance plans among customers due to their nature to fight against sky-rocketing medical expenses. When it comes to health policies, Kotak Health Premier and IFFCO Tokio Health Protector policies are worth mentioning as both the plans help the customers to be healthy both financially and health-wise. Both the plans have come up with the general benefits and facilities of a standard health insurance policy along with a bucket full of additional covers to strengthen it. Both the policies have two types – Individual and family floater. But that does not mean both policies are identical. Let us find out more about these health insurance plans and their differences.

What is Kotak Health Premier Policy?

Kotak Health Premier Policy is a comprehensive health insurance policy that comes with protection plus rewards and value-added benefits to help you stay fit. The policy is open for adults aged between 18 years and 65 years. Dependent children can also be included under the policy from the age of 91 days up to 25 years. The policy has a lifelong renewal facility. Medical expenses like room rent, ICU charges, operation theatre charges, doctor’s fees, etc., arising out of a minimum of 24 hours of hospitalization will be covered. It comes with a lot more benefits to help out the customers.

What Do You Understand by IFFCO Tokio Health Protector Policy?

If anyone is looking for a one-stop solution for health insurance policies, then IFFCO Tokio Health Protector Policy can certainly be mentioned. Health Protector Plus Policy goes beyond insuring the customer in case of a serious illness as it includes a range of benefits to help the insured person in time of need. The range of sum insured options is wide so that one can choose according to his/her convenience. Waiver of deductible cover is also available on payment of a little extra premium. Undoubtedly, this is a very good choice to get a good health policy.

Major Features of Kotak Health Premier Plan

Here are the mentions of certain key benefits of this plan. Have a look.

Annual Health Check-up:

The policy includes one health check-up for each Insured Person above 18 years of age for specified tests at no additional cost. Availing of the health check-up will not impact the Base Sum Insured or the Cumulative Bonus. This will be offered regardless of any claim in the Policy.

Second E-Opinion Cover:

The policy will facilitate to avail of Second E-Opinion on medical conditions occurring during the policy period. The opinion can be availed multiple times during the policy period.

Maternity Benefit:

It covers medical expenses for the delivery of the insured’s child or lawful termination of pregnancy. Cover is available for 2 deliveries across all policy years. Pre and post-natal expenses are covered.

Key Discounts:

The following discounts are available.

  • Long Term Discount
    • 2-year policy – 2.5%
    • 3-year policy – 5%
  • Family Discount (Not applicable for Floater Policies)
    • 2 eligible members – 2.5%
    • More than 2 members – 5%
  • Cross Sell Discount (Applicable if the policyholder has one live policy) – 10%

Air Ambulance Cover:

It will cover expenses for ambulance transportation in an aeroplane or helicopter for emergency life-threatening situations.

Alternative Treatment:

Policy covers in-patient medical expenses related to Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy systems.

Convalescence Benefit:

This benefit pays a lumpsum-specified amount in case the hospitalization exceeds a minimum period of 10 consecutive days.

Daily Cash for Accompanying an Insured Child:

It will pay a specified daily cash amount from day one in case the hospitalization of an Insured child extends for at least 3 consecutive days.

Key Highlights of IFFCO Tokio Health Protector Policy

There are advantages that this plan offers. Among them, the important mentions are as follows.

Hospitalization Expenses if the period of hospitalization is less than 24 hours:

The policy will pay hospitalization expenses if the duration of hospitalization is more than 12 hours but less than 24 hours, except for the daycare surgeries, provided that this treatment expense has been authorized by the company and the line of treatment has been consented to by the insurer’s panel of doctor(s). 

Medical consultation, evaluation, and referral:

The insured person has access to an operations center with multilingual medical staff on duty 24 hours a day, 365 days a year. Medical personnel are available for medical consultation, evaluation, and referrals to qualified physicians. 

Care and/or transportation of minor children:

When insured person(s)’s minor child(ren) is/are left unattended as a result of insured person (s) medical situation, the company’s representative will provide the child with transportation to home or to the home of a person designated by insured person (s) living in the same city as insured person (s) address. If appropriate, an attendant will escort the child. 

Wellness Services:

This policy provides facilitation and/or arranging, at no additional cost whatsoever, Wellness and Preventive Health Services for promoting and rewarding the healthy behavior of the Insured.

Modern Treatment Methods and Advancement in Technologies:

The specified 18 procedures will be covered (wherever medically indicated) either as an inpatient or as part of Domiciliary Hospitalization or as part of daycare treatment in a hospital up to 50% of the Sum Insured, during the policy period

Unique Feature:

In respect of the basic sum insured of Rs. 5 lakhs and above (excluding the sum insured of critical illness), the reimbursement of treatment expenses will be payable according to actual expenses without any capping limits. In respect of the basic sum insured below Rs. 5 lakhs (excluding the sum insured of critical illness), the capping on Room rent expenses may be removed with an additional payment of 6% on the basic premium. 

Reward Programme:

This Wellness program aims to motivate, incentivize, and reward the healthy habits and efforts of the Insured person(s) to improve their health and lifestyle. The activities mentioned below will be tracked by the company, wherein the Insured person(s) can earn reward points, which can be redeemed as per the insurer’s redemption terms and conditions.

Emergency Assistance Services:

This policy provides, at no additional cost, whatsoever, a host of value-added emergency medical assistance and emergency personal services. The services are provided when an insured person is traveling within India 150 kilometers or more away from the residential address, as mentioned in the policy schedule, for less than 90 days.

Comparative Study Between Kotak Health Premier and IFFCO Tokio Health Protector

The following table presents a comparative study of the two policies to give a comprehensive idea about them.

Parameters Kotak Health Premier PlanIFFCO Tokio Health Protector Plan
Hospital daily cashIt will pay a specified daily cash amount from day one in case the hospitalization extends for at least 3 consecutive days.Daily Cash Allowance amount equivalent to 0.10% of the Sum Insured for miscellaneous expenses for the duration of Hospitalization is provided
Ambulance coverThe policy will cover ambulance expenses for transportation to the hospital in case of an emergencyAmbulance Charges Rs. 3000/- per claim or as incurred, whichever is less, is paid
Cumulative BonusCumulative Bonus can be earned up to 50%/ 100% of the sum insured as per plan opted in case of a claim-free year at 10% per year. There will be no reduction in Cumulative Bonus in case of a claim.The Cumulative Bonus shall be accrued at 25% (twenty-five percent) of the basic sum insured for the first claim-free renewal and by 10% (10 percent) at each subsequent renewal in respect of each claim-free year of insurance for each insured person, subject to a maximum of 100% (one hundred percent) of basic sum insured of the expiring policy.
Compassionate visitThis benefit pays for the cost of the return journey of the Insured’s immediate relative from a place of residence to the hospital.The company will provide a designated family member or personal friend with economy, round-trip, common carrier transportation to the major airport closest to the place of hospitalization, provided the insured person (s) has/ have traveled alone and the insured person(s) is/ are required to be hospitalized for more than seven consecutive days.
Day care treatmentMedical expenses incurred for the listed 405 daycare procedures will be covered which require less than 24 hours of hospitalizationMore than 200 daycare procedures are covered.
Special benefitRestoration Benefit – There will be a 100% restoration of the Base Sum Insured once in a policy year in case the Base Sum Insured and Cumulative bonus is insufficient due to previous claims. In case of accident-related claims, restoration will be applicable from the first claim onwards.

Reinstatement of sum insured-

After the occurrence of a claim under the policy, the basic sum insured under the policy will be reinstated by the amount of the claim so that the full basic sum insured is available for the policy period.

Vaccination expensesVaccination Expenses are covered with 3-year waiting period. This is only available with Edge and Elite Plans.Insured person(s) shall be entitled to reimbursement of the cost of vaccination at the end of every block of two policy period of 365 (three hundred & sixty-five) days each with the company or 366 days in case of leap year, subject to a maximum of 10%(ten percent) of the total premium paid (excluding taxes) for the last two policies, provided no claims are made in respect of the insured person(s) during that period of insurance and the policies were renewed without break.

Premium illustration of Kotak Health Premier and IFFCO Tokio Health Protector

Mr. Thoria, a 33-year-old businessman, wants to buy a health insurance policy for himself. After searching a lot, he has jotted down two policies – Kotak Health Premier and IFFCO Tokio Health Protector. He is confused about which one he should choose. For that, he does the premium calculator using the online tools of the companies available on their respective websites. Let us find out how much premium amount he has to pay for both the plans for the given data.

Kotak Health Premier premium calculation:

AgeGenderPlan typeSum insuredPremium after discount
33 yearsMaleAdvantageRs. 7.5 lakhsRs. 7568
Rs. 10 lakhsRs. 8233

IFFCO Tokio Health Protector premium calculation:

AgeGenderDeductibleSum insuredPremium excluding GST
33 yearsMaleRs. 300000Rs. 5 lakhsRs. 1999
Rs. 100000Rs. 2 lakhsRs. 2299

Kotak Health Premier and IFFCO Tokio Health Protector, which one is better?

Both these plans have a variety of benefits that help the customers to pick the right one as per their needs. While Kotak Health Premier Plan has the alternative treatment benefit, the other hand, IFFCO Tokio Health Protector Plan has the option to choose a modern treatment facility. Both plans have come up with some unique features that have made them popular among customers. Therefore, it will be an injustice to choose any particular one as better because their fruitfulness depends on the customers and their needs. Hence, both are good and suitable on the basis of the requirements of the customers. However, it would be advisable to go through the exclusions carefully and read the policy document religiously to understand the policies, and then pick one.

Article Published by

Related Posts

Digital Health Incentive Scheme
Probus Insurance

Digital Health Incentive Scheme (DHIS)

In today’s tech-dominating landscape, every industry is contributing to a structured, sustainable, and scalable path to forge abundant revolutionary opportunities. And healthcare industry is

Read More »