India’s healthcare sector has witnessed enormous development over the past few years. The major contributing factors behind this growth have been the expansion of health insurance schemes and the rapid advancement of medical technology. There are more than 20 health insurance companies in India that claim to offer a wide range of health insurance plans to cater to the diversified needs of different people.
However, Kotak Health Insurance and Liberty Health Insurance are the two names that are very well known for their pocket-friendly premiums and extensive coverage benefits. The health insurance plans from both companies safeguard the health of the policyholders as well as their family members without having to worry about unforeseen medical costs. Nevertheless, choosing any one of the two companies can be a confusing task, especially for those who are not aware of the basics of a health insurance plan.
Therefore, this post will highlight the features and benefits of both companies’ health insurance plans and carry out a tabular comparison with respect to some parameters so that one may make a smart choice!
Details On Kotak Health Insurance
Kotak Health Insurance is a part of Kotak General Insurance Company (fully owned by Kotak Mahindra Bank Limited). This health insurance segment of the company offers multiple health insurance plans that can cover policyholders and family members in case of planned and unplanned emergencies.
Moreover, the company’s health insurance plans are designed to offer customized services that can suit the requirements of every individual. Having tie-ups with more than 7700 leading hospitals in the country, the company’s cashless claim settlements are quite faster.
About Liberty Health Insurance
Liberty Health Insurance is a segment of insurance services offered by Liberty General Insurance Company (a joint venture between Liberty Industries Limited, Liberty Citystate Holdings PTE Ltd, and Liberty Mutual Insurance Group). Having started its operation in 2013, the company has tied knots with more than 6000 network hospitals spanning the entire country.
The company’s health insurance plans have been particularly designed to offer extensive coverage in terms of medical expenses to the policyholders. Its comprehensive and flexible health plans ensure that customers receive the best benefits during medical emergencies.
Striking Features & Benefits Of Kotak Health Insurance
Though there are many features and benefits offered by health insurance plans from Kotak General Insurance, some of them that are highly compelling are discussed below:
Strong Network Hospitals:
The company has a strong network of more than 7700 cashless hospitals that always offer the advantage of receiving cashless treatment in case of any medical emergency. This strong network makes the entire treatment and claim process hassle-free as all the bills are settled directly between the network hospital and the insurance company.
Restoration Benefit:
If the base sum insured and cumulative bonus is insufficient due to prior claims in a policy year, there will be a 100% restoration of the base sum insured once during that policy year.
Cumulative Bonus:
In the event of a claim-free year at a rate of 10% per year, a cumulative bonus can be received by the policyholders up to 50% or 100% of the sum insured depending on the plan chosen. In the event of a claim, the cumulative bonus will not be reduced.
Annual Health Check-Up:
Under the health insurance plans offered by Kotak General Insurance, each insured person over the age of 18 is entitled to one free health checkup for a certain set of tests under the terms of the policy. This benefit will not change the base sum insured or the cumulative bonus and it will be offered regardless of any claim in the policy.
Jet-Speed Claim Process:
The company’s health insurance claims are settled in a super-fast manner without any hassles. This ensures that the policyholders need not wait for a longer period of time for the claim settlement. Once the claim is raised, the company carries out quick verification and instant settlement.
Lowest Complaint Ratio:
The company works hard to provide excellent customer service. In the general insurance sector, it consequently has one of the lowest complaint ratios.
Add-On Benefits:
Kotak Health Insurance plans also come with a set of add-on benefits that can be chosen by the customers to enhance their policies. They are as follows:
- Hospital daily cash
- Convalescence benefit
- Home nursing benefit
- Daily cash for accompanying an insured child
- Compassionate visit
- Air ambulance cover
- Maternity benefit
- Newborn baby cover
- Vaccination expenses
- Critical illness cover
- Personal accident cover
- Cap on room rent
Salient Features & Benefits Of Liberty Health Insurance
Following are the features and benefits that come with Liberty Health Insurance plans:
Restoration Of Sum Insured:
This benefit allows the policyholders to raise a claim after they have exhausted the sum insured in a policy year. This restoration is possible once the policyholder uses up the entire amount and he/she can make a claim for covering future medical expenses.
Lifelong Renewability:
Liberty Health Insurance plans offer lifelong renewability that offers much-needed health coverage for life. This feature allows the policyholders to renew their coverage without any need of re-qualifying for a new health insurance scheme.
Wide Network Hospitals:
Medical emergencies do not come with notice. Therefore, Liberty Health Insurance has a wide network of more than 6,000 cashless hospitals across the country. With the help of these hospitals, the company makes sure that the policyholders can receive much-needed healthcare assistance.
Appealing Renewal Benefits:
Regardless of the policy’s claims, the company offers a free health checkup to the policyholders after 2 years of continuous renewal of the policy. This benefit allows the policyholder to pre-examine their health conditions and cure them in time.
Unique Loyalty Perks:
Every year without a claim results in an automatic 10% increase in the sum insured. This reward has a maximum limit based on the insurance coverage.
Free Look Period:
After purchasing a policy, the policyholders have 15 days to request a cancellation if they discover it is not the best fit for their needs.
Detailed Comparison Of Kotak Health Insurance & Liberty Health Insurance
| Parameters | Kotak Health Insurance | Liberty Health Insurance |
| Cashless Hospital Network | 7700+ | 6000+ |
| Claim Settlement Ratio (FY 2021-22) | 96.90% | 97.30% |
| Incurred Claim Ratio (FY 2021-22) | 77.01% | 66.74% |
| Solvency Ratio (As Of March 2022) | 1.79 | 2.87 |
| Equity Share Capital (As On March 31, 2022) | 455.00 | 1,086.23 |
| In-Patient Treatment | Covered | Covered |
| Pre- & Post-Hospitalization Medical Expenses | Covered | Covered |
| Daycare Treatment | Covered | Covered |
| Waiting Periods |
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| AYUSH Treatment | Covered (As A Basic Cover) | Covered (As An Optional Cover) |
| Entry Age | Adults: 18 To 65 Years Children: 91 Days To Less Than 18 Years | Adults: 18 To 65 Years Children: 91 Days To 25 Years |
Which One To Go For: Kotak Health Insurance OR Liberty Health Insurance?
No wonder both insurance companies, Kotak General Insurance and Liberty General Insurance, are reputed insurance providers in the nation. If one needs a perfect amalgamation of comprehensive policies and affordable premiums, then one can certainly go for Kotak Health Insurance. It is also the best option for individuals who prefer a faster claim settlement process and a proactive approach to receiving assistance and guidance from the customer care team of the company.
However, if flexibility and comprehensiveness are the two major priorities of an individual, then he/she must look forward to buying a health insurance plan from Liberty General. With appealing renewal benefits and unique loyalty perks, the company’s health insurance plans can also be the best fit for policy seekers who want to get the best out of their policies.
Before getting any health insurance from either of the two firms mentioned above, make sure to conduct in-depth research and double-check all the details you need in your policy.
