Kotak Mahindra Insurance Policy Vs Tata AIG Insurance Policy
Kotak Mahindra Insurance
Kotak Mahindra General Insurance is a wholly-owned subsidiary of India’s fastest-growing bank, Kotak Mahindra Bank Ltd. The insurance firm was founded in 1985 to satisfy the needs of people in India’s rapidly developing non-life insurance segment. Health insurance plans, auto insurance plans, bike insurance plans, house insurance plans, and business insurance plans are among the non-life insurance products offered by the general insurance company, which strives to serve a wide range of customer groups and regions.
TATA AIG Insurance
The TATA Group and the American International Group have partnered to form TATA AIG General Insurance Company Limited (AIG). With its extensive range of products and unmatched services, the company has become a household name for insurance needs over the years. TATA AIG General Insurance offers a variety of health insurance policies for individuals, families, women, and older citizens, as well as plans for specific diseases and critical illnesses. To ensure a quick, efficient, and hassle-free claim settlement procedure for its consumers, the insurer maintains tie-ups with more than 3,000 hospitals in its network of cashless hospitals.
Benefits of Insurance Plans
Kotak Mahindra Health Insurance Plans
- Lifetime Renewability Benefit: Kotak Mahindra General Insurance’s health insurance products include lifetime renewability advantages. This implies that there is no maximum age for renewing insurance, and you can have coverage for the rest of your life as long as you pay your premiums on time.
- Benefits of Portability: Kotak Mahindra General Insurance provides policyholders with the benefits of portability. This means that if you are dissatisfied with your current health insurance coverage, you can transfer to a Kotak Mahindra General Insurance health insurance plan.
- Cumulative Bonus: Under Kotak Mahindra General Insurance’s health insurance policies, the insured can get up to 50% or 100% of the sum insured, depending on the health insurance plan selected, in the event of a claim-free year at a rate of 10% every year. In the event of a health insurance claim, the cumulative bonus will not be reduced.
- Restoration Benefit: If the base sum insured and the cumulative bonus is insufficient owing to past claims, Kotak General Insurance’s health insurance policies provide a restoration benefit of 100% of the base sum insured once every policy year. The restoration benefit applies to accident-related claims from the first claim.
TATA AIG Health Insurance Plans
- No Co-Payment: A co-payment is the policyholder’s part of the claim amount. TATA AIG’s health insurance policies do not include a co-pay component, therefore policyholders are relieved of this responsibility.
- Sum Insured Restoration Benefits: In the event of a medical emergency, the TATA AIG health insurance policies’ sum insured can be restored after it has been deleted.
- LifeLong Renewal: When it comes to TATA AIG health insurance coverage, there is no maximum age at which the policy can be renewed. With TATA AIG health insurance policies, you can renew your policy for the rest of your life.
Health Insurance Claim Settlement Ratio
The total number of claims resolved by an insurance company versus the total number of claims received during a financial year is referred to as the Claim Settlement Ratio (CSR) in health insurance. For example, if an insurance firm’s Claim Settlement Ratio is 80%, it means that for every 100 claims received during a financial year, the company has settled 80 of them. CSR is one of the most significant factors to consider when purchasing health insurance coverage because it indicates how well an insurance company settles claims.
The Claim Settlement Ratio of Kotak General Insurance for FY 2019-20 is 75.45% whereas TATA AIG Health Insurance had a Claim Settlement Ratio of 76.04% in the financial year 2019-20.
Network Hospitals of Health Insurance
A network hospital has a contract with an insurance provider that allows policyholders to receive cashless care up to the amount of their insurance policy. It is preferable to choose an insurance company that has a large number of network hospitals close to your home so that you may receive care quickly in the event of a medical emergency.
Kotak Mahindra General Health Insurance
If you receive treatment at a network hospital, the insurance company will pay for the treatment without you having to pay anything at the hospital. Kotak Mahindra General Insurance has a large network of over 4,000 hospitals across India where you can receive treatment without paying anything.
TATA AIG Health Insurance
In the case of a cashless claim, the insurance company pays the insured person’s or policyholder’s medical expenses straight to the network hospital following thorough verification. TATA AIG Health Insurance offers a network of nearly 3,000 hospitals.
What health insurance policies does Kotak General Insurance provide?
Kotak General Insurance offers products including Kotak Secure Shield, Kotak Health Premier, Kotak Health Care, Kotak Accident Care, and Kotak Health Super Top Up under its health category.
What are the benefits of purchasing a TATA AIG health insurance policy?
TATA AIG Health Insurance offers a comprehensive health plan with a variety of add-on features and perks.
Is critical illness insured by Kotak General Insurance?
Yes, under its Kotak Secure Shield policy, Kotak General Insurance provides complete coverage for 18 types of critical illnesses.