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Kotak Mahindra Health Insurance Renewal Process in India

Kotak Mahindra General Insurance Co. Ltd. is one of the most reputable general insurance firms in India. Kotak Mahindra General Insurance received IRDAI approval for the insurance vertical in the year 2015, following which, they started offering a range of insurance products including health insurance policies with critical illnesses and accident insurance coverage.

 

With its headquarters located in Mumbai, Kotak Health Insurance has over 4000 hospitals in their network, where they provide cashless treatment and maintain a 98.50 percent claim resolution ratio.

A variety of Kotak Mahindra Health Insurance Plans include:

 

Kotak Health Insurance Plan Online Renewal

If you are an existing policyholder of any Kotak health insurance plans, here are the steps that need to be followed to renew your policy online.

Kotak Health Insurance Plan Online Renewal

  • Step 1: Visit the official website of Kotak General Insurance, kotaklife.com
  • Step 2: Select the option ‘Pay my premium’ located at the bottom of the page.
  • Step 3: Enter the required information in the spaces provided along with personal details such as date of birth and click on continue.
  • Step 4: Choose the appropriate policy and click on make payment to complete the payment process. Once the payment is completed, your policy will be renewed and you will receive an email confirming the successful renewal.

 

Kotak Mahindra Health Plan Offline Renewal

Kotak Mahindra medical insurance renewal is also possible through offline mode in addition to the online procedure, wherein the policyholder may visit their nearest branch and make the payment. Alternatively, you may also make a phone call to the toll-free number on 1800 209 8800 (8:00 am to 10:00 pm), who will guide you through the offline renewal process. You can also let them know all of your requirements or send an email to their support team.

What happens if you fail to renew your health insurance plan?

Health insurance renewals are required regularly before the end of the renewal date that has been set at an end. Because health insurance plans offer permanent renewals, you can benefit from continual coverage at the end of your life when you renew your health insurance on time.

If, on the other hand, you fail to renew your Kotak health insurance policy in time, you could encounter the following issues:

1. Loss of no-claim bonus: When you don’t make claims under your Kotak Mahindra health insurance plans, you are awarded a no-claim bonus. The bonus is cumulative and can be accumulated throughout your policy. But, if the policy isn’t renewed, it will expire. If you do not renew the policy, all the no-claim bonuses could get forfeited and end up with no use.

2. No reduction in waiting time: Pre-existing diseases are covered in Kotak medical insurance after a waiting period. The waiting period decreases with every renewal. If you don’t renew your policy on time, the waiting time doesn’t decrease. Even if you purchase a new plan, your waiting period will be applied from the beginning.

3. No insurance coverage: The non-renewal of health insurance will result in loss of coverage and you will be unable to enjoy coverage for a long time after the policy expires.

Things to Consider at the Time of Renewal

If you’re deciding to renew your Kotak Mahindra mediclaim policy you must be cautious regarding the following:

1. Due Date: You should be aware of the due date for renewing your insurance plan. You must renew your policy before the deadline. In the event of missing it, a grace period of 30 and 120 days is provided, within which one has to renew to continue using the benefits that are part of the plan. Therefore, make sure to renew your policy before the deadline or during the grace time.

2. Cumulative Bonus: One can earn a cumulative bonus each time they renew their insurance without claiming within the previous policy period. Look for the applicable cumulative bonus. Find out if the plan offers the sum insured to increase or a premium discount instead of a no-claim bonus and make use of these facilities.

3. Increase in Sum Insured: Every time you renew your policy, be sure that the amount covered by the health insurance plan is at its highest. If your needs for a living have changed and you’ve added more people to your policy, you should try to increase the amount insured. Sum insured enhancements are offered only upon renewals. Try to boost your sum insured when you think that the coverage amount you have currently is not enough.

4. Addition or removal of members from your policy: If you are covered by an insurance plan for your family, be sure to determine if any family member has to be added or removed from the plan. If you’re expecting an infant and wish to cover your baby or include your parents who are dependent on you in the plan, you can add them during renewals. In addition, the removal of family members such as the parents of dependents or children could also be performed at renewal time.

5. Portability: The final aspect to be inspected during renewals is the possibility of portability. Health insurance portability lets you switch between health insurers without losing out on the benefits accumulated from your previous insurer. Therefore, when you are due for renewal, you should compare the available plans to your existing ones and if need be, switch to a superior plan immediately.

The Conclusion

With ever-changing circumstances, regular checks on your health policy are vital. It is essential to determine if the insurance plan you pick can pay for medical expenses in the future, considering the rising costs of medical treatments in India. For this, it is essential to prepare yourself before the expiration date of your insurance plan to determine whether you’d like to stay with the same insurer or switch to a different policy that offers more benefits.

FAQs

How can I renew my Kotak Mahindra Health Insurance Policy?

1. You can renew your Kotak Mahindra health insurance policy in the following ways.
2. Visit the official website of the company
3. Now, select the renewal option on the right side of the page
4. Provide all the details like the policy number, mobile number, date of birth, pin code etc.
5. Once all information will be given, click on submit to process the renewal premium payment
6. After the completion of the payment, your policy will be renewed and you will get the confirmation in your email
You can renew your Kotak insurance policy offline by dialling the toll-free number 1800-266-4545.

How do I renew my Kotak health insurance after it expires?

1. Kotak health insurance offers a grace period of 30 days within which you need to clear your outstanding premium.
2. If you want to renew your Kotak insurance policy within six months after the date of lapse, you need to contact the company and pay the outstanding premiums along with the interest.
3. If you want to revive the policy after six months, you need to pay the overdue premium, interest, and penalty.

Can we renew Kotak mediclaim policy online?

Yes, by visiting the official website of the insurance company, you can renew your Kotak insurance policy.

How do I claim a Kotak health insurance policy?

1. You need to contact the insurance company at care@kotak.com or 1800 266 4545.
2. Collect all the bills of the hospital and other relevant documents
3. Submit all the documents along with the claim form within 30 days of discharge from the hospital.
4. After verification, your claim will be disbursed within 15 days

What is the grace period for the renewal of Kotak Mahindra health insurance?

The grace period for the renewal of Kotak Mahindra health insurance is 30 days.

How can I check my Kotak health insurance policy status?

Step 1: Visit the official site of https://www.fhpl.net
Step 2: Click on Logins on the home page.
Step3 : For Retail Health Product
Click on Individual
Login
Username: Your UHID is your username.
Password: Your date of birth is your password.
For Group Health Product
Click on Employee/ Ecard
Login
Username: Empid@Corporatename (e.g if the employee ID is 12345 and the corporate name is Kotak Mahindra General Insurance. Then the user ID would be 12345@KMGI)
Password: Your date of birth (in DD/MM/YYYY format) or password will be sent to you at the time of policy purchase

When should I renew my Kotak Mahindra health insurance?

You must renew your health insurance policy within the grace period (30 days for Kotak Health insurance) to enjoy continuous services.

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