Kotak Mahindra Health Insurance Portability

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      Kotak Mahindra Health Insurance Portability

      Discover the ease of switching to Kotak Mahindra Health Insurance Plans online! Policyholders with other insurance companies can seamlessly port to a Kotak Mahindra health policy. They can benefit from enhanced insurance benefits from their new health plan while retaining their accumulated benefits from the earlier one. Eligible individuals can port around 45 days before the renewal date of their current policy.

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      Benefits of Porting to a Kotak Mahindra Health Insurance Policy

      Below are some of the key advantages associated with porting to a Kotak Mahindra health insurance policy:

      • Policy Customization– Policyholders with other health insurance providers can switch to Kotak Mahindra health insurance plans for a better scope of coverage and services, all without incurring additional costs. For example, individuals can switch to a Kotak Mahindra health insurance policy to avail of features like maternity cover, nominee change, unlimited restoration benefits, annual health check-ups, and more.
      • Cumulative Bonus – The portability feature ensures that the accumulated No Claim Bonus (NCB) remains intact when policyholders switch to a Kotak Mahindra health policy. For instance, if the NCB under the previous policy stands at 20%, the same percentage will be preserved and carried forward to the Kotak Mahindra health insurance policy.
      • Continuation of Completed Waiting Periods – The waiting periods completed under the previous policy continue while porting to a Kotak Mahindra health insurance plan. As a result, after porting to a Kotak Mahindra health insurance policy, customers need to serve the remaining waiting periods.
      • Pay Lower Premiums – Through portability, individuals can switch to a Kotak Mahindra health insurance policy with a reduced premium if their current policy, offering similar coverage, has become costlier due to factors like age or the insurer's underwriting.

      How to Port to a Kotak Mahindra Health Insurance Policy?

      Here is a step-by-step guide for porting to a Kotak Mahindra health insurance policy online on Policybazaar.com:

      Step 1: Choose the Kotak Mahindra health insurance plan you wish to purchase.

      Step 2: Initiate a porting request with Policybazaar approximately 45 days before your existing policy's expiry date, expressing your intention to port to a Kotak Mahindra health policy.

      Step 3: Complete and submit the online proposal and portability forms to Policybazaar.

      Step 4: Make the necessary premium payment for the selected Kotak Mahindra health policy.

      Step 5: Policybazaar will forward your porting request to Kotak Mahindra General Insurance.

      Step 6: Kotak Mahindra General Insurance will contact your current insurer to gather relevant details such as claim history, medical documentation, etc. This information may also be sourced from the IRDAI website.

      Step 7: Within 7 working days, your current insurer will furnish the requested information to Kotak Mahindra General Insurance via IRDAI's common data-sharing portal. Any delays in data sharing might lead to a temporary hold on the decision-making process for your porting request.

      Step 8: Kotak Mahindra General Insurance will review the documents received within 15 days to approve or decline your porting request. Without0020a decision within this timeframe, your portability request will be automatically accepted.

      Documents Required for Kotak Mahindra Health Insurance Portability

      Refer to the following list of documents required for a successful porting to Kotak Mahindra health insurance:

      • The most recent renewal notice prominently displays the No Claim Bonus (NCB).
      • Copy of medical insurance policies from the previous year.
      • Comprehensive records of claim history in prior policies.
      • Relevant medical documents, such as hospital discharge certificates, test reports, etc., especially in the context of claims.

      How Does NCB Work Under Kotak Mahindra Health Insurance Portability?

      The No Claim Bonus (NCB) works differently when an existing policy undergoes porting to Kotak Mahindra health insurance. Let us dive into each of these scenarios for a deeper understanding:

      Scenario 1: When the policyholder selects a Kotak Mahindra health policy with the same base sum insured, the number of policy years for which the claim has not been filed.ie. the waiting period will be considered.

      For instance, Consider Rahul, who has a Rs. 15 lakh health policy with an NCB of Rs. 5 lakh. If he opts to port to a Kotak Mahindra health insurance policy of Rs. 15 lakh, the waiting periods from his previous policy will be carried forward. This ensures he can access coverage benefits without encountering additional waiting periods.

      Scenario 2: When the policyholder ports to a Kotak Mahindra health policy with a base policy amount equal to the combined value of the previous policy's base coverage limit and the NCB, the waiting periods already served are counted.

      For example, consider Rahul, who holds a Rs. 15 lakh health policy with an NCB of Rs. 5 lakh. If he decides to port to a Kotak Mahindra health insurance policy of Rs. 20 lakh, the waiting periods from his previous policy will continue. This is because the sum of his previous policy's base (Rs. 15 lakh) and the NCB (Rs. 5 lakh) equals the new base sum insured (Rs. 20 lakh).

      Scenario 3: When the policyholder chooses a Kotak Mahindra health policy with a higher policy amount than the aggregate of the base sum insured and the NCB of the current health plan, waiting periods apply to avail any additional coverage amount.

      For instance, consider the scenario of Rahul, who holds a Rs. 15 lakh health policy with an NCB of Rs. 5 lakh. If he wishes to port to a Kotak Mahindra health insurance policy of Rs. 25 lakh, the waiting periods served under the previous policy are adequate for Rs. 20 lakh coverage. However, standard waiting periods are applicable to claim the additional Rs 5 lakh.

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