Things to know about Kotak Health Insurance Plan

 Kotak Health Insurance Plans started in the year 2015 after getting the license from IRDI. Kotak Insurance came up with a host of plans which had something or the other for every age group. Due to these plans, Kotak Health Insurance has established its wide presence across the country. The company comes up with a wide spectrum of non-life insurance plans that are designed with the intention of meeting each and every requirement of the customer. This includes health insurance plans, car insurance plans and bike insurance plans.

What are the tax benefits of Kotak health Insurance ?

Under Kotak Health Insurance, a person gets many tax benefits –

Deduction as per Section 80D: Medical Expenses Deduction

·       80D deduction is applicable only for medical insurance policies. These deductions are mentioned as follows:-

·       If you pay insurance premiums for yourself, your spouse and your children, you can claim a maximum tax deduction of ₹25,000 per year. In case of senior citizens, this limit is ₹50,000 per annum.

·       If you pay health insurance premium for your parents, you can claim a maximum tax benefit of ₹25,000 per year.

·       If your parents are senior citizens, however, you can claim tax benefits of up to ₹50,000 per year if your parents are below 60 years of age.

Section 80d limit

• For self and family: ₹25,000 tax deduction + ₹5,000 health check-up, up to ₹30,000.

• For self, family and parents: ₹ 50,000 tax deduction + ₹ 5,000 health check-up exemption, which comes to ₹ 55,000

• For self, family and senior citizen parents: ₹75,000 tax deduction + ₹5,000 health check-up exemption, which takes the total tax deduction to ₹80,000.

• For self (senior citizen), family and senior citizen parent: ₹1 lakh tax deduction + ₹5,000 health check-up exemption, which increases the deduction amount to ₹1.05 lakh.

How to renew a kotak health insurance policy?

Health Insurance Renewal Online is the most convenient and easy process to renew your policy. Nowadays policy renewal with Kotak General Insurance can be done in just 4 simple steps:-

·       Visit the official website of the insurer and navigate through the 'Renewal' option.

·       Provide all the necessary details of your policy. In case of port, provide details of previous insurer and other necessary details.

·       Calculate premium using health insurance calculator and pay the amount using debit/credit card/net banking etc.

·       On successful payment of premium, you will receive a digitally signed copy of the policy.

·       At the time of renewal, a User ID and Password is provided to complete all the renewal formalities related to Kotak Health Insurance.

What is the claim process (Online and offline) ?

Kotak  makes sure to provide claim settlement to its customers. The claim settlement process of Kotak  is as smooth as you would expect. The insurance company has a dedicated team for claims settlement, which ensures that all claims are settled expeditiously.

·       Online

Cashless claim is where you can avail cashless healthcare services without paying a single penny. This facility will have to be taken in a network hospital only.

Step 1: If it is a planned hospitalisation, fill the acceptance form seeking permission from the insurer before 48 hours of hospitalisation. In case of urgent hospitalization, fill the Admission Form within 24 hours of hospitalization by contacting the helpdesk in the hospital.

Step 2:  If the request is approved, get treated at any of the registered hospitals of Kotak  General Insurance. Use the Kotak  Policy Certificate to avail the facility.

Step 3: On submission of documents through TPA, the cost of hospitalization is settled directly with the hospital sanctioning authority.

·       Offline

When the insured receives healthcare facilities from a hospital other than a network hospital, he/she will have to pay the hospital expenses and make a claim for the same later.

Step 1: Inform the insurer immediately after hospitalization by calling the toll-free number 18002664545.

Step 2: Pay the medical bills directly with the hospital after treatment. Do not forget to collect all the necessary documents, especially the original bills.

Step 3: The maximum window to claim is within 30 days from the date of discharge. Submit the claim form along with all the documents. If the claim meets all its requirements, the insurer will compensate the amount.

Required documents

You will need to submit the following documents while making a Kotak  health insurance claim :

• Duly filled and signed claim form

• Discharge Certificate from Hospital

• Stamp and signature on hospital bills

• Medicine Bill

• Police FIR in case of accident

• Other documents as per insurer norms

How to calculate the kotak health insurance premium ?

Health insurance premium plays an important role in availing the policy benefits. The amount of cover you can get under a health insurance policy depends on the premium you pay. Premium is the cost that you pay annually. However, there are certain factors which are taken into consideration while calculating your health insurance premium.

 

·       Age of the person taking the insurance

In the case of health insurance, the age of the person taking the insurance plays an important role when it comes to calculating your premium. The younger you are, the less likely you are to get sick. This means that the associated risk in your younger age is no greater than in your older age. Hence, when you buy insurance at a young age, the insurance company charges a lower premium.

·       Current Health status

The second most important aspect is the medical history of the insured. A person with any pre-existing disease or poor health record pays higher premium or vice-versa. The insurer considers a person with any such condition to be more vulnerable to risk, hence charges a higher premium.

·       Location of the person taking the insurance

Insurance companies charge higher premium for a person living in a metro city as compared to a person living in a rural area. Health care expenses in metro cities are also much higher than in a rural area. Hence, hence the premium has also been kept higher for the metro city dwellers.

·       Tobacco habits

A person with a smoking habit will have to pay a higher health insurance premium. Tobacco in any of its forms can cause serious diseases like cancer. Due to its higher risk coverage capacity, the insurer charges a higher premium.