Kotak Health Insurance for Parents Care adheres to the motto, “A healthy tomorrow starts now.” Health Care is a reliable and cost-effective option for parents that keeps the elderly secure and free from financial worries. In addition to paying for medical expenses, the plan also offers a free health check-up, optional coverage, a cumulative bonus, and countless other advantages. The plan offers the facility of add-ons that may be purchased for extra premium for more protection. The greatest way to prevent the parents from blowing their whole life savings on unforeseen medical expenses is to use Kotak Health Care.
Key Elements of Kotak Parents Health Insurance
- Available options are Excel, Premium, and Prime.
- Policy term: 1 to 3 years
- Assurance of perpetual renewability
- Sum Insured: 2 to 100 lakh rupees
- The Section 80D of the IT Act of 1961’s tax advantages
- 10% cumulative bonus on the basic insured amount, with a 15-day free-look period
Duration of Coverage
- Confinement while a patient
- Cashless claims settlement
- Pre-hospitalization costs for 30 days
- Costs for 60 days following hospitalisation
- Up to 150 child care treatments are covered.
- Yearly free health examination
- Coverage for emergency ambulances
- Additional coverings are available as options.
Eligible to Apply
The admission age requirements for Kotak Health Care are 91 days for infants and 65 years for adults.
- Dentist visits
- A few specific diseases
- Cosmetic or aesthetic procedures
- Methods like routine medical exams
- Injury or sickness brought on by the misuse of narcotics and other drugs
Kotak Mahindra Health Insurance Benefits
Kotak General Insurance, which was founded in 2014, is a fully owned subsidiary of Kotak Mahindra Bank Ltd. The Kotak Mahindra Group, one of India’s top financial services conglomerates, includes Kotak General Insurance, one of the country’s fastest growing general insurance firms. Kotak General Insurance offers a variety of health insurance alternatives that meet the needs of everyone with a focus on providing customised products, cutting-edge technology, and digital infrastructure.
- Benefits of Free Health Checkups Besides
The insurer includes a free annual physical exam at any of the network hospitals as an added benefit with its coverage. The insured person must be older than 18 years old. It should be noted that using the free health check-up benefit has no impact on the cumulative bonus or the base yearly sum covered.
- Security in addition to Employer Coverage
In the modern day, group health insurance policies offered by employers are fairly prevalent. Contrary to what the majority of employees believe, these plans do not offer the finest coverage or other emergency services.
- Ratio of Claim Settlement
The ratio of claims satisfied by the insurer to all claims filed within a given fiscal year is known as the claim settlement ratio, or CSR. Kotak General Insurance has a 75.45%* CSR for FY 2019–20. The ratio of claims settled varies over time.
- Protection against medical costs
All individuals are provided with complete coverage under Kotak General’s health insurance programes. The insurer provides extensive coverage for medical costs, including inpatient care, pre and post hospitalization, day treatment gains, emergency coverage, and a number of other things, whether it is for a single person or a whole family.
- Ratio of Incurred Claims
The collected premium that is used to settle claims is measured by the Incurred Claim Ratio, or ICR. For the fiscal year 2018–19, Kotak General Insurance’s ICR was 47%*. This demonstrates that the insurance was successful in keeping the ratio below 100% and making a profit, both of which improved its financial position. The ratio of incurred claims varies throughout time.
- Taxable Income
Under Section 80D of the Income Tax Act of 1961, premiums paid for Kotak General health insurance policies are deductible.
- Kotak Mahindra Health Insurance Renew
A health insurance policy’s renewal is just as crucial as the many elements to be taken into account while purchasing a policy. Additionally, it’s important to renew your health insurance coverage before the deadline has passed. It is advised for everyone purchasing health insurance to pay the renewal payment on time in order to prevent the loss of coverage benefits.
The Kotak health insurance plan allows policyholders to easily renew their coverage. The full renewal procedure is quite easy to complete and doesn’t need much time from the policyholder. Additionally, the policyholder has a choice as to whether they want to renew their coverage either offline or online.
Process for Renewing a Kotak Health Insurance Policy Online
By taking the actions listed below, you may renew your Kotak health insurance policy:
- Visit Kotak General Insurance’s official website.
- On the home page’s right side, select the “Renewal” option.
- Choose Your Policy
- There is a drop-down menu with a variety of policies. Select the health insurance plan that you wish to keep.
- Enter the Required Information
- Your “Policy Number,” contact details, birthdate, and pin code must be entered.
- Once you’ve completed the required fields, click Submit to continue with the payment of your renewal subscription.
- Your insurance will be renewed as soon as your money has been received, and you will receive an email confirming the renewal’s completion.
Offline Process for Kotak Health Insurance Policy Renewal
Kotak Health Insurance makes sure that no client encounters difficulties when renewing their insurance. Kotak also offers offline renewal of its insurance for the convenience of policyholders. So, if the offline method of renewing your insurance fits you better, call Kotak at 1800-266-4545, which is their toll-free number, and let them know what you require.
If convenient, you may also quickly visit the Kotak Health Insurance location that is closest to you to renew your coverage.
The Advantages of Renewing Your Health Insurance With Kotak
The following is a rundown of the principal advantages of renewing your coverage with Kotak:
- Renewing a lifetime policy
- Simple claim resolution
- extensive protection from medical costs
- Benefit of cashless treatment at more than 4,000 network hospitals
- Tax advantages based on Section 80D of the Internal Revenue Code
Plans for critical illness from Kotak Health Insurance
Critical illness treatment and diagnostic interventions have become intolerable. Compared to the normal increase in inflation, the expense of medical care is increasing twice as quickly. If you are given a serious disease diagnosis, the associated medical expenses might severely deplete your resources. However, by offering the Kotak Secure Shield insurance to cover severe diseases, Kotak General Insurance Company has provided some comfort to its clients.
Secure Shield by Kotak
Without sacrificing the standard of healthcare, Kotak Secure Shield insurance can assist you and your family guard against the costs associated with treating diseases that are caused by an unhealthy lifestyle. The policy covers 18 different critical conditions, medical procedures, and events, such as:
- End-Stage Lung Disease with Open Chest CABG
- Chronic liver disease
- Specific-Severity Coma
- Benefits of the Kotak Critical Illness Insurance Policy for Cancer of a Specific Severity
Life-threatening illnesses are fully covered by the Kotak critical illness insurance. For 18 different catastrophic diseases, operations, and medical occurrences, it pays a one-time Sum Insured. It enables you to receive the greatest care without experiencing financial strain.
The Kotak Critical Illness Insurance Policy’s Key Features
Kotak Critical Insurance offers a variety of options for the convenience and profit of its clients. These are a few of the salient characteristics:
- Movability choice
- Perpetual renewability
- Cashless therapy
- Employment benefit lost
- Simple internal claim resolution
You can concentrate on obtaining the best medical care possible for severe diseases with Kotak Critical Illness Insurance while worrying about your funds.
General Mediclaim Policy from Kotak Cost Calculator
Every person who wishes to avoid depleting their funds in the event of a medical emergency must now carry health insurance plans. Health insurance plans are crucial because they provide tax advantages while assisting consumers in managing the burden of spiraling medical bills. It’s crucial to select a health insurance plan depending on the coverage provided. To simply choose a plan based on premiums without sacrificing coverage features, you should emphasize the computation of the premium in advance.
How to Calculate Online Premium for Kotak General Policies?
Contrary to popular belief, determining the premium for Kotak General Health Insurance coverage is not very challenging. The Kotak General Health Insurance automated process is a useful tool that speeds up the process and enables the policyholder to quickly determine the premium of their health insurance plan. The information needed by an online premium calculator includes:
- Age Policy Term Medical Background
- Service information
- Required insurance amount
- The kind of policy to be bought
Policyholders can avoid tedious computations by using online premium calculators. Be aware that the computed premium may potentially be adjusted.
Why should I pick Kotak insurance?
As time goes on, Kotak Health Insurancefor Parents is becoming more and more well-liked and accepted by Indians in large numbers. Kotak Health Insurance For Parents, which has more than 4000 network hospitals nationwide, is a wholly owned subsidiary of Kotak Mahindra Bank Ltd., the bank with the highest rate of growth in India. Kotak Health Insurance for Parents is undoubtedly a popular option among everybody due to its health insurance policies’ wide coverage and several perks without a hefty price.
Frequently Asked Questions-
Q1. What types of health insurance does Kotak General Insurance offer?
A- Kotak General Insurance provides products including Kotak Secure Shield, Kotak Health Premier, Kotak Health Care, Kotak Accident Care, and Kotak Health Super Top Up within its health category.
Q2. Does Kotak General Insurance provide coverage for serious illnesses?
Yes, the Kotak Secure Shield insurance from Kotak General Insurance offers thorough coverage for 18 different critical diseases.
Q3. What is Kotak General Insurance’s claim settlement ratio?
For the fiscal year 2019–20, Kotak General Insurance’s claim settlement percentage is 75.4 percent.
Q4. What alternatives exist for parents in terms of the sum covered under the Kotak General Insurance health insurance plans?
Under Kotak General Insurance’s health insurance policies, parents have the following options for sums insured: Rs. 2 lakh, Rs. 3 lakh, Rs. 4 lakh, Rs. 5 lakh, Rs. 10 lakh, Rs. 15 lakh, Rs. 20 lakh, and Rs. 25 lakh.
Q5. If parents choose one of Kotak General Insurance’s health insurance policies, is there a waiting time for pre-existing conditions?
Yes. When purchasing one of Kotak General Insurance’s health insurance policies, parents must wait four years if they have any pre-existing conditions.