Kotak Mahindra General Insurance Overview
Kotak Mahindra is known to be 100% subsidiary of Kotak Mahindra Bank Ltd. The company was founded to serve the non-life insurance needs of the people. The insurer strives for quality customer support, innovation and reliability above everything else. The company caters to the different insurance needs of people by offering an array of no-life insurance products such as Motor, Health and insurance for commercial entities.
Kotak Mahindra General Insurance company Limited has its presence with 13 branches spreading in India, with a workforce of354professionals, as of 2017. As a practice, the company seeks to provide a distinguished value proposition through customized products & services leveraging state of the art technology & digital infrastructure.
Awards & Recognitions
Kotak Mahindra Group has been recognized with many awards and recognition at domestic as well as international platform. Their innovation and excellence are paid off in many ways.
- Best Private Bank, India by Euromoney Private Banking Survey, 2018
- Leading Asian Private Banker's AUM league table of top 20 private banks in India
- Lifetime Achievement Award' at Financial Express' Best Banks' Awards 2015-16
- Business Leader at the Lakshmipat Singhania IIM Lucknow National Leadership Awards 2017
- Uday Kotak recognised as 'Banker of the Year' by Businessworld Magna Awards 2018
- Best Mid-Sized Bank at Business Today Best Banks Awards 2018
Kotak Mahindra General Insurance Facts
- Founded in the year 2015
- 100% subsidiary of Kotak Mahindra Group
- Headquarter is in Mumbai
- MD&CEO is Mahesh Balasubramanian
- The parent organisation is Kotak Mahindra Bank
- The company received IRDAI approval to start insurance business in the year 2015
Kotak Mahindra General Insurance Vision and Values
Living up to their pledge of trust and respect, Kotak Mahindra General Insurance tries sticking to their values:
- Down to earth and approachable
- Passion to achieve new heights
- Mutual respect and transparency
- Entrepreneurial approach
- Ethical with a governance mindset
Products and Services
Kotak Mahindra General Insurance Products
Kotak Mahindra General Insurance offers a range of non-life insurance products such as motor insurance, health, insurance for commercial vehicles, group health insurance etc. let’s have a brief look at the products:
- Kotak Mahindra Motor Insurance: Motor insurance for both two and four wheelers by Kotak Mahindra General insurance is worth your investment. Given the poor road conditions and traffic indiscipline, accidents have become a frequent occurrence. By insuring your vehicle against those eventualities, you can save a huge chunk of money. Kotak Mahindra General insurance offers cashless services at their network garages, where the insured can avail the services without paying single Moreover, if they avail the services from their preferred garages which are not included in the insurer’s list of network garage, the reimbursement of the expenses is ensured easily. With Kotak Mahindra car insurance or two wheeler insurance, you can feel safe anytime you hit the road.
- Kotak Mahindra Health Insurance: The rapid rise in the medical treatment cost has become a matter of concern these days. With this, even a single hospitalization for a minor injury or illness can lead to huge financial stress for the person with no health insurance. Considering this, health insurance is one of the major offerings under Kotak Mahindra General insurance. Life is full of uncertainties where you can catch with an illness so easily. At times the treatment expenses are beyond your imagination. In such a case, with Kotak Mahindra health insurance, you can ensure enough to be covered during a medical emergency.
- Kotak Mahindra Group Health Insurance: Group policy under Kotak Mahindra General insurance is designed for various organisations to deal with the risk associated with their employee's health which covers the medical expenses incurred towards a hospitalisation. This policy is offered as a perk to retain talent. The coverage also extended towards personal accident covering disability and death out of an accident.
- Other Insurance offered under Kotak Mahindra General Insurance Kotak Mahindra general insurance company limited also offers Third Party Liability Only Policy to cover the legal liabilities arising out of an accidental injury, property damage, disability or death of a third party, where the insured vehicle is at fault.
Kotak Mahindra General Insurance Plans
The products offered by Kotak Mahindra General Insurance come with a variety of insurance plans to cater to the different needs of people. Some of them can be categorized like below:
Kotak Mahindra Motor Insurance Plans
Motor insurance offered by Kotak Mahindra General Insurance is extended to Cars, Two Wheelers, Personal Accident and Commercial Vehicles. The various types of motor insurance plans of Kotak Mahindra General Insurance include:
The car insurance offered by Kotak Mahindra General insurance is tailor-made for offering optimum protection to the vehicle. The coverage offered by this policy is of two types:
While third-party insurance only covers the legal liabilities arising towards a third party, the comprehensive cover includes both third party and damages to the insured vehicle or owner. The basic features of this policy include:
- Coverage for the damages caused by man-made and natural calamities
- Personal accident and passenger cover
- No Claim Bonus
- Third party liability
- Enhanced protection through optional add-ons
- Cashless service at network garage
Kotak Mahindra two wheeler insurance ensures your joyrides never end. When you get the freedom to traverse distances, the risk factor shouldn’t be ignored. With Kotak Mahindra two wheeler insurance you can be covered for third party liability as well as the loss caused to the bike due to natural calamities such as fire, explosion, earthquake self-ignition, lightning, , flood, hurricane, typhoon, storm, tempest, cyclone, inundation, landslide,hailstorm, frost, rockslide, etc. It also covers man-made disasters that can cause damage to your bike such as strike, riot, burglary, malicious act, terrorist activity etc. the basic features of this policy are:
- Offers comprehensive and third party liability coverage
- Coverage to damages caused to the vehicle
- Man-made and natural damage cover
- Fast renewal of the policy
- Hassle-free claim settlement
- Long-term policy benefits
3. Personal Accident Cover for Owner Driver
This policy covers you for the accidental loss up to Rs. 15 lakh, while driving, mounting or demounting by the insured vehicle. Kotak Mahindra General insurance offers optional personal accident cover for co-passengers as well.
4. Kotak Mahindra Commercial Vehicle Insurance
As commercial vehicles are an important asset to a business, breakdown of which can cost dearly to the owner. Considering the risk associated with these commercial vehicles, Kotak Mahindra General insurance offers a range of commercial vehicles insurance plans to mitigate the financial burden in case of damage or loss. The commercial insurance offered by Kotak Mahindra General Insurance is of following types:
- Passenger Carrying Vehicle Insurance
- Miscellaneous Vehicle Insurance
- Passenger Carrying Vehicle Insurance
- Goods Carrying Vehicle Insurance
Commercial vehicle insurance plans provides coverage to natural and man-made calamities, third-party legal liabilities, coverage to electrical and non-electric accessories, No Claim Bonus, cashless services at network garages etc.
Kotak Mahindra health insurance plans are designed to meet the insurance requirements of different people. Most of these plans cover the insured for pre and post hospitalisation while some also come with a maternity benefit. Hospital cash benefit, convalescence benefit, daily cash, home nursing facility, compassionate visit, air ambulance cover etc. are some of the attractive features of Kotak Mahindra health insurance. The different types of health insurance offered by Kotak Mahindra General insurance are:
- Kotak Secure Shield: It is a popular critical illness plan that helps you stay financially protected in the hour of need. The policy ensures a lump sum amount at the time of diagnosis of the illness. The amount can be used either for treatment or repay the other dues.
- Kotak health Care: It is a comprehensive health insurance plan that ensures quality healthcare in case of hospitalization. Health is wealth and Kotak Mahindra General insurance has proved this in a right away by ensuring the safety of your health.
- Kotak Accident Care: This policy covers the insured and its family against any eventuality arising out of an accident. A wide range of policy coverage to choose from where one can be assured for personal accident.
- Kotak Health Super Top-up: This is a top-up plan with higher health coverage to ensure full protection.
- Kotak Health Premium: This policy comes with multiple benefits such as protection plus rewards and values added
Kotak Mahindra General Insurance also extends its insurance coverage to employer-employee groups and non-employer-employee groups such as educational institutes, credit societies, travel companies, banks etc. Given the potential risk they are exposed to, the employer owns this policy for the employers. Group health insurance offered by Kotak Mahindra General insurance cover the accidental and health-related expenses incurred by the employee. The premium of this policy is decided by the employer and based on the size of the group and coverage opted.
Here's a quick look at various group policies offered by Kotak Mahindra General Insurance
- Kotak Group Accident Care: This policy covers the insured for accidental injury or death. It comes in handy to cover the expenses for treating an accidental disability, permanent partial disability, temporary disability, burn, broken bones etc.
- Kotak Group Health Care: This policy is famous for providing customized health insurance by covering the employee or group members for healthcare expenses. The coverage is also extended to dependents as well. The rising medical cost is a concern for everyone. In that case, if your employer covers you for the hospitalization expenses, nothing can be more exciting than this. This way the employer can retain the talents as well. This policy covers the insured for inpatient expenses, pre-hospitalisation, domiciliary hospitalization, emergency ambulance cost, day care treatment, post hospitalization expenses etc. the additional benefit offered by this policy include alternative treatment, daily cash allowance, convalescence, home nursing benefit etc.
- Kotak Group Secure Shield: This policy is designed to cover certain specific illness, in other words, the lifestyle diseases which can pose a threat to your life. A lump sum amount is released at the time of detection of the illness. This policy can be bought by banks or financial institutions to cover the loan liability of the customers. In case the loan holder detects with a critical illness or death due to the illness, the policy will bear the loan liability. It usually covers the insured for critical illness, accidental disability of different types like permanent total disability, educational benefit, loss of job etc.
- Kotak Group Accident Protect: this is a comprehensive policy take to cover every member of an organisation against the unforeseen risks due to accident leading to injury or death. It safeguards the interest of the insured in case such a situation arises. The policy coverage extends towards accidental death and disability like partial disability, permanent total disability, accidental hospitalisation, compassionate visit, repair of the vehicle involved in the accident etc.
- Kotak Group Hospital Cash: this policy provides a fixed amount on a daily basis up to a certain period, irrespective of the expenses incurred towards hospitalisation. This policy comes in handy to cover those medical and non-medical expenses that are not covered by a regular health insurance policy. It covers hospital daily cash benefit, ICU daily cash benefit, accident daily cash, day care procedure, surgery benefit etc.
- Kotak Group Smart Cash: similar to group hospital cash, this policy also provides a fixed amount towards each day of hospitalisation. It covers incidental and ancillary expenses including alternative treatment cover, worldwide cover, hospital daily benefit, accidental daily cash, ICU daily cash etc.
Kotak Mahindra Other Insurance Plans
Apart from the mainstream insurance products, Kotak Mahindra General Insurance also offers Third Party Liability Only Policy, which is designed to benefit the third party in case of a crash.
- Covers death of the third party due to the accident
- Bodily injury to a third party
- Third party property damage
- Personal Accident Cover to owner drive
The types of Kotak Mahindra Third Party Liability Insurance Includes:
Kotak Mahindra General Insurance provides several types of Third Party Liability Insurance policy. Take a look at the various Kotak Mahindra Third Party Liability Insurance policies:
- Liability to Third Party Policy - This policy covers the insured against any third party liabilities that may arise for causing accidental bodily injury or death of another person or damage to a third party property.
- Liability Only - Private Car Policy - This Liability Only policy protects the insured from any third party liabilities arising for causing bodily injury or death of another person or damage to a third party property by the insured car.
- Liability Only - Two Wheeler Policy - This policy offers the insured protection against any third party liabilities that may arise for causing accidental damage to a third party property or bodily injury or death of another person by the insured two-wheeler.
- Liability Only - Misc D Policy - This Liability Only policy covers the insured commercial vehicle plying on roads against any third party liabilities arising due to causing accidental bodily injury or death of another person or damage to a third party person.
- Liability Only - PCV Policy - This policy covers the insured PCV or Passenger Carrying Vehicles against any third party liabilities that may arise for causing accidental damage to a third party property or bodily injury or death of another person.
- Liability Only - GCV Policy - This Liability Only policy covers the insured GCV or Goods Carrying Vehicles against any third party liabilities arising for causing accidental bodily injury or death of another person or damage to a third party person.
- Liability Only - New Private Car Policy - This is a long-term third party policy that protects the insured for a period of three years if his new car causes any accidental damage to a third party property or bodily injury or death of another person leading to third party liabilities.
- Liability Only - New Two Wheeler Policy - This is a long-term policy that covers the insured if his new two-wheeler causes any damages to a third party property or bodily injury or death of another person for a period of five years.
Kotak Mahindra General Insurance Renewal
In order to ensure availing the insurance benefits uninterruptedly, it is essential to renew the policy before the due date expires.
Renewing Kotak Mahindra Car Insurance Renewal
When it comes to staying charged with seamless car insurance protection, timely renewal is highly appreciated. You can ensure a hassle-free car insurance renewal with Kotak Mahindra General Insurance Company Limited. The insurer offers online renewal which ensures instant renewal of car insurance. Just visit the official website of the insurer, mention the policy number or customer ID and make the payment after your ID is verified. Thus, ensure an instant car insurance renewal with Kotak Mahindra General Insurance.
Renewing Kotak Mahindra Health Insurance
It is imperative to keep your health insurance active to make the most out of Kotak Mahindra health insurance. Moreover, you can also enjoy a cumulative bonus of 10%, at the time of renewal as long as the policy is not claimed. The cumulative bonus can be earned up to a maximum of 50% by remaining stringent about not claiming it. So, renewing your policy is equally important as buying health insurance. Like car insurance, you can renew the policy online by providing the policy details and other relevant information and making an online payment of premium.
Kotak Mahindra General Insurance Claim Process
When it comes to claiming your insurance, Kotak Mahindra General Insurance follow a transparent claim process. It’s not just about the money involved but helping the person out from the loss. They also ensure that the process and lengthy paperwork don’t come in the way of a smooth claim settlement.
Car Insurance Claim
A car insurance claim can be initiated in two ways-cashless and reimbursement claim. In case of a cashless claim, the settlement of expenses incurred for the repair or replacement is done directly with the workshop. This benefit can be availed at a network garage only.
On the other hand, if the insured avail the repair work from his/her preferred garage which is not listed in the network garage list, the payment has to be done by the insured initially, where a request for reimbursement should be submitted to claim the expenses.
In both cases, the simple claim process includes:
Intimate the Insurer
It is the initial stage of claiming your insurance. You should immediately inform the insurer in case of an accident and register the claim. It is essential the inform the insurer in order to avail cashless benefits. If the cashless claim is not possible, repair the vehicle from outside and file a reimbursement claim. The sooner you register a claim, the sooner the claim will be settled and the vehicle will be repaired.
Submit the Claim Form
Submit the claim form explaining the incident along with the other necessary documents such as:
- Registration Certificate
- Car insurance policy
- Driving license of the person driving the vehicle
- Valid ID proof
Send the Vehicle for Inspection
Within 24 hours of claim request, a vehicle inspection will be done by a surveyor. The surveyor will access the damages and estimate the loss.
Based on the report of the surveyor, the claim will be settled accordingly. The surveyor may inspect the vehicle again once it is repaired. You can take the delivery of the vehicle after making the payable share and deductible if any and by signing the customer satisfaction voucher. In case of reimbursement claim, upon submission of original repair bills along with a claim form and documents, the insurer will reimburse the claimed amount.
Health Insurance Claim
Health insurance claim with Kotak Mahindra General Insurance can be ensured for planned and emergency hospitalisation, where you can register for either cashless or reimbursement claim.
When it is a planned hospitalisation just
- Visit the cashless helpdesk of the insurer 48 hours prior to the hospitalisation.
- You’ll need to fill a pre-authorisation form and submit along with a valid ID.
- If the insurer approves the request, avail the treatment free of cost by being admitted on the scheduled date.
In case of an emergency hospitalization-
- Intimate the insurer within 24 hours of hospitalisation and approach the helpdesk or TPA in the hospital.
- Fill a pre-authorisation form and submit along with the ID proof
- In case the request is approved by the insurer, the incurred expenses are directly settled with the hospital authority.
- The inadmissible expenses and deductible have to be paid at the time discharge.
- In case of reimbursement case, the hospital expenses are to be paid by you initially and register a reimbursement claim later.
Premium Payment process
Similarly, as you can buy Kotak Mahindra General Insurance online or offline, you can also make the premiums online as well. At the time of renewal, simply visit the official website of the insurer and pay the premiums by using Credit/Debit Card or Net banking. The insurer keeps your information confidential so the online transaction is purely safe.
Kotak Mahindra General Insurance FAQs
Ans: A pre-authorisation form is a compulsory requisite to avail cashless treatment. This form needs to be filled by the insured at the time of availing cashless services under Kota k Mahindra General Insurance. You can avail this form at the helpdesk/cashless counter in the network hospital.
Ans: Network hospital refers to all such hospitals/nursing homes in which the cashless facility may be availed by the insured for treatment as provided herein. The list of network hospitals is subject to amendment from time to time and shall be available with the Company.
You will need to carry the following documents in order to avail cashless benefits
- Health card issued by Kotak Mahindra General Insurance
- All pre-hospital medical papers, reports, and prescription
- Commencement date of the illness
- Copy of Kotak Mahindra health insurance copy
- ID proof such as PAN card, Passport, Adhaar Card, Voter ID, Driving License, Employee I etc.
Ans: Yes, even if you avail healthcare treatment from a hospital other than the network hospital, you will be covered under reimbursement claim. Under this clause, the insured has to pay for the medical bills initially and file a reimbursement claim. On submission of original bills and other relevant documents, the insurer pays the amount.
Ans: Roadside assistance is an additional cover offered under a car or two wheeler insurance, where the insured can avail assistance from the insurance company in case the vehicle breaks down in between. The services usually include towing to the nearest garage, refill of fuel, the arrangement of keys, battery jump start, flat tyre repair, breakdown support over the phone, minor repairs, taxi benefit etc. however. The coverage may differ from insurer to insurer.
Ans: IDV or Insured Declared Value is the maximum sum insured fixed by the insurance company at the time of policy initiation. It is the value of the car, which relates to the current market value of the vehicle. At the time of a claim, the insurer approves the claim up to the IDV only. Even in case of total loss, the insurer compensates up to the IDV. The IDV is also very much influenced by car depreciation, which is due to normal wear and tear and age of the vehicle.
Ans: An endorsement is a written proof towards an agreed change in case of policy terms.
Ans: Typically, health insurance policies come with one-year tenure. However, it is advised to sure with the insurer about the policy tenure and renewal process. Even your policy fine print comes with a detail of the tenure.
Ans: For any claim related query, you can call on the toll-free number of the insurer at 1 800 266 4545. The helpline number is open from 8 a.m. to 8 p.m. A claim executive will guide you through the process in terms of the respective claim. Post submission of the relevant documents along with the claim form, the claim request will be processed.
Ans: You can reach to them anytime by calling on the toll-free number at 1800266 4545 between 8 a.m. to 8 p.m. or write them at care[@]kotak[.]com.
Written By: PolicyBazaar