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Kotak Mahindra General Insurance
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Kotak Mahindra General Insurance

Kotak Mahindra General Insurance Co. Ltd. is a subsidiary of Kotak Mahindra Bank. The company received the Insurance Regulatory and Development Authority's approval to begin the General Insurance business in April 2015. The business operations commenced in December 2015. The company's focus is to cater to the varied needs of a vast customer segment with non-life policies such as Health, Motor, and Two-wheeler insurance.    

Kotak Mahindra General Insurance: Present Position

Kotak Mahindra General Insurance Co. Ltd. is known for its outstanding reputation. The company’s work ethics is reflected in two cornerstones: trust and respect. The values that Kotak adhere to include:

  • Approachability
  • Zeal to scale new heights
  • Transparency and mutual respect
  • Adopt an entrepreneurial approach  
  • Ethics driving governance

The insurer is one of the non-life insurance companies based in India that reports one among the fastest growth rates in the segment by a stellar 62%. There has been a reported 200% growth rate in terms of policies sold in the financial year 2018-19. Moreover, a wide range of systems is available across health, motor, and commercial insurance for businesses and individuals. The customer-centric approach, high standards concerning claims experience, and the #DriveLikeALady initiative offered special car insurance for women drivers to promote safety.

                                      Highlights (as on 31 March 2019)

Claims Incurred

1343200

Number of Branches

17

                                    Source: IRDAI

Gross Direct Premium In General and Health Insurance

301.11 crores

Incurred Claim Ratio

68 % overall

Assets Under Management

414.30 crores

Solvency Ratio

1.86

Number of GI Products Approved including add-on and endorsement

48

Number of Health Insurance Products Approved including add-on and endorsement

10


*PaisaWiki does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Kotak Mahindra General Insurance: Product and Services

Kotak General Insurance offers insurance plans for those prospective policyholders under the verticals of motor insurance and health insurance. Many plans include liability insurance, group insurance, and accident insurance, to name a few. The benefits extended to policyholders under motor and health insurance are varied. Hence, it is essential to look at the policy coverage and exceptions.

Kotak Mahindra Health Insurance

Health insurance is essential to ensure one’s wellbeing and receive timely treatment for illnesses or procedures required.

Some of the features of Kotak Mahindra General Health Insurance include:

  • Comprehensive packages available
  • Covers both outpatient and inpatient services
  • Instant policy renewal
  • Less paperwork and hassle-free claim process
  • Fast claim registration
  • Policy portability is possible.
  • Voluntary deductibles
  • No claim bonus

The insurance plans are specifically designed to meet the needs of different people. These plans cover both pre and post hospitalization along with maternity benefits. Some of the other benefits include home nursing, air ambulance cover, daily cover, and compassionate visits.

The various kinds of health insurance that Kotak Mahindra General Insurance offers include:

  • Kotak Secure Shield: It is essentially a critical illness plan that ensures a lump sum amount when the policyholder is diagnosed with an illness. The amount received can be used to repay dues or for the treatment.  
  • Kotak Health Care: Kotak’s health plan is comprehensive, which ensures that hospitalization is covered that protects one’s health.
  • Kotak Health Premium:This policy has many benefits that include added protection, and it is value-added.
  • Kotak Accident Care: This policy provides coverage for policyholders and their families in the event of an accident. A wide range of coverage benefits is available.
  • Kotak Health Super Top-up:As the name suggests, this plan helps policyholders upgrade the basic coverage to provide better protection.   
  • Arogya Sanjeevani Policy:This policy covers the policyholder and immediate family, including spouse, parents, parents-in-law, and children between the aged three months to 25 years unless the child is financially independent and above 18 years of age.

Kotak Mahindra Group Health Insurance

Group Health Insurance is intended for organizations that comprise groups of employees and non-employees, which include travel companies, educational institutions, and credit societies to name a few. In this case, the employer is the policyholder and extends the benefits for employees. This type of policy includes health-related and accidental expenses. The premium and specific policy details depend on the coverage selected and group size. Several group health insurance policies offered by Kotak Mahindra General Health Insurance include:

  • Kotak Group Secure Shield: This policy is tailor-made to cover specific illnesses, particularly lifestyle-related diseases that hamper the quality of life. At the time of illness detection, a lump sum would be paid to the policyholder. The policy can be purchased from insurance vendors or banks to cover loan liability. In the event of detection of death, or critical illness, the policy bears loan liability. Moreover, the policy covers accidental disability, critical diseases that cause loss of employment, permanent disability, loss of benefits for education, etc.
  • Kotak Group Health Care: This policy is known for extending customizable health insurance plans that cover group members or employees. The benefits are extended to family members as well. Since medical costs are on the rise, it is a cause of concern for everyone. For this reason, the employer bears the cost of the employee's hospitalization. It is an attractive way to retain employees. The policy covers emergency ambulance costs, inpatient expenses, daycare treatment, pre, and post-hospitalization costs, to name a few. Additionally, some other benefits of the policy include daily cash allowance, alternate treatment, home nursing, and convalescence, among other benefits.
  • Kotak Group Accident Care:This policy extends protection to the insured against death or accidental injury. It is particularly helpful since it covers expenses related to permanent, temporary, and partial disability, broken nose, burns, etc.
  • Kotak Group Accident Protect: This is another comprehensive policy covering members of organizations and extends protection against unforeseen liabilities such as an accident that leads to death, or injury. The policy safeguards the interests of the policyholder in a range of situations. For instance, the plan is extended to disability and accidental death. These include permanent disability, partial disability, compassionate visit, hospitalization, repair of motor vehicles, etc.
  • Kotak Group Hospital Cash: This policy extends a certain fixed amount to policyholders for a specified period regardless of the expenses incurred during hospitalization. The plan is particularly helpful for non-medical and medical expenses that are usually not covered by standard health insurance policies. For instance, daily cash benefits, accident cash benefits, surgery benefits, ICU daily cash benefits, daycare procedures, etc. are covered under this policy.
  • KotakGroup Smart Cash:This policy is much like the Hospital Cash cover, the only difference is that it provides a fixed amount during the period of hospitalization daily. It covers ancillary and incidental expenses that include, and is not limited to, ICU daily cash, hospital day benefit, alternate treatment cover, and worldwide cover.  

Kotak Mahindra Motor Insurance

Possessing a vehicle is not a luxury anymore, it is a necessity these days. Having said that, it is of utmost duty of a vehicle owner to provide sufficient protection to this prized passion. And nothing can be better than insuring the vehicle with a motor insurance policy. Not to forget, having third party motor insurance is mandatory by the Motor Vehicles Act, 1988. In line with this, Kotak Mahindra General Insurance Company Ltd. has also introduced motor insurance keeping the various needs of an individual in mind.

Some of the essential features of this policy include:

  • Comprehensive coverage
  • Third-party liability cover
  • Instant policy renewal
  • Less paperwork and hassle-free claim process
  • A to Z assistance
  • Policy portability is possible
  • Voluntary deductibles
  • No claim bonus

Kotak Mahindra Insurance offers a range of insurance products under its motor insurance category. The different types of motor insurance offered by Kotak insurance include:

  • Kotak Mahindra Car Insurance
  • Kotak Mahindra Two Wheeler Insurance
  • Personal Accident Cover for Owner
  • Commercial Vehicle Insurance
  1. Kotak Mahindra Car Insurance

Kotak Mahindra Car Insurance is designed to meet the requirements of policyholders extending optimum protection to the insured vehicle. Two types of coverages are provided under car insurance: third-party liability and comprehensive coverage.

Third-party insurance covers only liabilities that arise from a third party claim due to accidental injury, property damage or death and no coverage is offered for own-damage. At the same time, comprehensive coverage includes third-party liabilities and damages incurred to the insured car.

Some of the basic features of the policy include:

  • No claim bonus
  • Personal accident cover
  • Passenger accident cover
  • Third-party liability
  • Cashless service at garages
  • Option to include riders for enhanced protection
  1. Kotak Mahindra Two Wheeler Insurance

Kotak Mahindra General Insurance Co. Ltd. extends insurance coverage for two-wheelers as well. Some of the benefits extended to policyholders as part of the policy include:

  • Quick policy renewal
  • Long-term policy benefits
  • Hassle-free settlement of claims
  • Natural and human-made damage coverage
  • Covers vehicle damage
  • The option of comprehensive and third party liability cover
  1. Personal Accident Cover for Owner

This policy covers the policyholder, owner of the vehicle, for losses incurred as a result of an accident up to 15 lakh while demounting, mounting, or driving the insured vehicle. Additionally, a personal accident cover for passengers is an excellent add on.

  1. Commercial Vehicle Insurance

Commercial vehicles play a vital role in growing businesses. For this reason, and in the event of a breakdown, the owner is bound to incur losses. To minimize the risk, Kotak Mahindra General insurance offers several plans that help mitigate losses and damages to the businesses.

Some of the types of Kotak Mahindra General Commercial Vehicle Insurance include:

  • Passenger Carrying Vehicle Insurance
  • Miscellaneous Vehicle Insurance
  • Passenger Carrying Vehicle Insurance
  • Goods Carrying Vehicle Insurance

Commercial vehicle insurance provides coverage related to third-party liability, human-made, and natural calamities, non-electric and electric accessories, cashless services, and no claim bonus etc.  

Renewal Process of Kotak Mahindra General Insurance Policies

For policyholders to enjoy continued and uninterrupted policy coverage, the policy must be renewed promptly. It is essential to renew a policy before the expiration date.

Kotak Mahindra Car Insurance Renewal Process

When it comes to car insurance, it is always better to renew the insurance so that the insurer can continue to provide seamless services. The hassle-free renewal process can be renewed online and offline.

  • Offline Renewal Process:A common practice is that when the insurance policy is about to expire, the agent or insurer sends policyholders a reminder to renew the policy, which can be paid through DD or cheque.
  • Online Renewal Process: To make Kotak General Insurance Online Payment, the policyholder can visit the official website of Paisawiki.com, enter the policy number or unique customer id, and make the payment to renew the policy.

Kotak Mahindra Health Insurance Renewal Process

Health insurance policies of Kotak Mahindra General Insurance Co. Ltd. Can be renewed offline or online.

  • Offline Renewal Process:To renew the policy offline, the insured has to visit a nearest branch of the insurer, or approach an agent to renew the policy.
  • Online Renewal Process: Renewing Kotak Mahindra General Health Insurance is easy. One can approach paisawiki.com as well to renew it online. For Kotak General Insurance Online Payment, the policyholder can visit the official website of Paisawiki, enter the policy number or unique customer id, and make the payment to enjoy the benefits extended by the policy.

Claim Process of Kotak Mahindra General Insurance

The insurer follows a transparent policy when it comes to filing claims. The best part about this claims process is that it is not only focused on the money but helps the person who wants to file a claim. They ensure that the often lengthy process and the paperwork involved do not delay or hamper the application's settlement. The best part is that the Kotak Claim Status can be checked online.

Car Insurance Claim Process

A claim for car insurance can be initiated in two ways: reimbursement claim and cashless claim. In the case of a reimbursement claim, the repair works are done from a non-registered garage and the insured pays the bills initially. An later, the insured can file a reimbursement claim. In the cases of cashless claims, the expenses incurred for replacement and repair are directly settled by the insurance provider with the workshop.

The claim process involves a few steps that include:

  • Intimate the insurance company
  • Submission of the insurance claim form
  • Vehicle inspection
  • Claim settlement

Intimate the Insurance Company

The first step in the process to file an insurance claim is to intimate the insurance company. Ideally, it is best to inform the insurer at the earliest in the event of an accident and register a claim. To avail of the cashless benefits, one has to intimate the company and file a claim.

Submission of the Documents

Once the insurer has been intimated, the next step is to submit the claim form, which is very important. Along with the claim form, the policyholder should explain the incident and furnish the necessary documents. The required documents in such cases include:

  • Registration certificate
  • Police FIR
  • Driving license of the driver of the vehicle
  • Car insurance policy
  • Valid identity proof

Vehicle Inspection

Once the claim request is made, a vehicle inspection will take place within the next 24 hours. A surveyor will assess the damage and estimates the loss incurred.

Claim Settlement

Based on the surveyor's assessment report, the claim will be reviewed. In some instances, the vehicle is rechecked. Once the application is settled, the policyholder may file a reimbursement claim or opt for the cashless claim. Furthermore, one can track Kotak Claim Status online.

Health Insurance Claim Process

The Kotak Mahindra insurance claim offers policyholders two options: Cashless and Reimbursement claims. However, when it comes to hospitalization, it often falls under Planned or Emergency. It is imperative to understand the difference between the two terms, Planned and Emergency. However, in both cases, the insurer must be intimated at the earliest.

Planned Hospitalization

Planned hospitalization is treatment at the hospital that is scheduled beforehand in consultation with a physician.

  • The policyholder must visit the cashless helpdesk at the hospital 48 hours ahead of hospitalization.
  • The policyholder must fill-up the pre-authorization form.
  • The form must be submitted for approval.
  • If the insurer approves the request, the policyholder can take free treatment when admitted on schedule.

Emergency Hospitalization

In the event of an accident, or medical crisis, when the patent needs to be admitted immediately, is referred to as emergency hospitalization.

  • Intimate the insurer 24 ahead of hospitalization.
  • The policyholder should fill up the pre-authorization form along with ID proof.
  • If the insurer approves the request, the expenses incurred can be settled with the hospital directly.
  • The deductible and charges not covered by the policy need to be paid at the time of discharge.
  • In a case out of pocket expenses were made during the hospital stay, the policyholder can file a claim for reimbursement within the stipulated period.
  • The Kotak general insurance claim status can be tracked online.

Premium Payment Process of Kotak Mahindra Policies

The premium payment process for Kotak General Insurance can be done offline and online. To pay, the policyholder can visit the official website of paisawiki.com. One can pay the amount using a credit/debit card or using Net banking. The online transaction is safe to use and helps keep the information confidential.  

Online Mode of Payment

The insurance company allows many payment modes for the policyholders to pay the premiums, which have been mentioned below:

  • Credit card or Debit Card
  • Mobile Banking or NetBanking
  • NEFT or RTGS
  • Other electronic payment modes

An online receipt will be immediately issued to the policyholder through email and message.

Offline Mode of Payment

On the contrary, the policyholder can visit the nearest insurance branch of the company and make a manual payment through cash, cheque or DD. He can also take the assistance of a professional representative or an agent of the company.

Awards and Achievements

Over the years, Kotak Mahindra Group has received recognition in the form of awards both at the international and national levels. The industry has appreciated the group's performance and innovation-driven approaches.

  • The Asset Country Awards, Best Bank, Domestic Award, 2019
  • Lifetime Achievement Award at Magna Awards by Businessworld, 2019
  • Uday Kotak received the ‘Best CEO in Banking Sector’ at Business Today’s CEO Awards, 2019
  • Adjudged the Best Private Bank India by Euromoney Private Banking Survey, 2018
  • Business Leader recognized at IIM Lucknow National Leadership Awards, 2017
  • Lifetime Achievement Award at Financial Express’s Best Banks Awards, 2015-16

FAQs

Written By: Paisawiki - Updated: 19 November 2020

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